THERE IS mounting evidence that small businesses are bearing an unfair higher share of rising electricity prices.

THE Australian Retailers Association (ARA) has announced Radek Sali of Swisse as keynote speaker at the 2017 eftpos ARA Australian Retail Awards next week.

The eftpos ARA Australian Retail Awards are the retail industry’s longest running recognition of success, and this year will take place at the Great Hall, National Gallery of Victoria in front of 550 retailers on August 3 in Melbourne.

Radek Sali is an accomplished leader of international business, having made his mark as CEO of household name Swisse in his early thirties. Radek is credited to have led Swisse through rapid growth in product lines, stockists and revenue, and initiated one of Australia’s largest ever licencing deals with PGT, with plans to launch Swisse in over 30 countries in three years across Europe and Asia.

Russell Zimmerman, ARA Executive Director, said the Awards Breakfast is an opportunity for all Australian retailers to come together to celebrate the success of their peers, network, and learn from other’s experience.

The 2017 eftpos ARA Australian Retail Awards will also be hosted by esteemed ABC journalist Beverley O’Connor.

“To have Radek on board to share the journey and learnings behind his success is a real advantage, and Beverley will only add to the atmosphere of celebration and industry support we expect the 2017 Awards to provide to retailers,” Mr Zimmerman said.

With the Top 20 retailers already shortlisted for the coveted 2017 Retailer of the Year Award, tickets to attend the 2017 Awards Breakfast have already sold out, so keep your eyes peeled for the winners to be announced post event.

About the eftpos ARA Australian Retail Awards

First held in the 1970s, the eftpos ARA Australian Retail Awards are the nation’s longest running and most prestigious retail event, recognising and rewarding outstanding retail businesses, innovations, and individuals across all sectors of retail. Relaunched in 2008, the annual 2017 eftpos ARA Australian Retail Awards breakfast will commence on Thursday 3 August at Melbourne’s National Gallery of Victoria.

About the Australian Retailers Association

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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THE Institute of Public Accountants (IPA) has called for greater accountability from the ATO in light of the ongoing technology issues that have significantly impacted accountants and small businesses across Australia.

“The IPA has constantly heard the plea of our members who have suffered ongoing IT issues with the ATO,” said IPA chief executive officer, Andrew Conway.

“We know that the ATO is doing whatever it can to rectify the failing functionality of its IT systems but apologies do not undo the pain that it is inflicting.

“While some of our members have called for compensation, we are realistic in our expectations.  However, it should be recognised that accountants and tax agents have worn the brunt of this issue over many years.

“Whilst clients of tax practitioners are generally not disadvantaged, very little concessions are granted to the tax practitioners themselves.

“To give context to the significance of this issue, 74 percent of taxpayers go to a tax agent to look after their affairs and 95 percent for businesses.  Consequently, our members do the heavy lifting and are reliant on the ATO systems to service their clients.

“While the ATO is pursuing a digital by default strategy, stakeholders need systems available 24/7.

“As a result of the ongoing system issues, our members have experienced reputational damage with their clients along with loss of productivity.  These factors play a big part in the status of their mental health and wellbeing.

“When critical systems go down, client appointments get cancelled, support staff lay idle and backlogs start piling up.  When there is a major outage, everything grinds to a halt.

“We believe there should be a service commitment from the ATO; an agreement where there are specified and agreed service levels and if those service levels are not met, penalties should apply. This would be akin to arrangements that operate in the commercial world with critical service providers.

“Our members are subjected to key performance benchmarks when it comes to lodgements so it is not unreasonable to ask that the ATO has its own benchmark to improve accountability around IT service delivery,” said Mr Conway.

publicaccountants.org.au

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CHARTERED Accountants Australia and New Zealand has called on the Australian Labor Party to embrace indirect tax reform if it is to develop the sustainable tax base necessary to pay for the many important social investments outlined by Opposition Leader Bill Shorten in his speech today (July 30).

Head of Tax, Michael Croker, said Chartered Accountants ANZ would continue to advocate for a broad base, low rate personal tax system, with greater reliance on indirect taxes such as GST and stronger measures to address tax evaded in the black economy.

Mr Croker noted Mr Shorten’s references to inequality but expressed disappointment over the lack of a comprehensive plan to tackle this issue by more broadly reforming Australia’s tax and transfer payment systems.

“What we’re seeing from the major parties is a piecemeal approach, with a bit of extra income tax tacked on here and a specific deduction denied there,” Mr Croker said.

“The message conveyed is that something is being done to someone else to tax them more heavily.

“Meanwhile, Australia’s income tax system remains dangerously over-reliant on PAYG collected from Australians in the top tax brackets and company tax paid by a comparatively small group of large companies.”

Nonetheless, Chartered Accountants ANZ had already spoken to Andrew Leigh’s office and offered to work with the ALP to flesh-out its 30 percent minimum tax proposal for discretionary trusts before the next Federal Election.

“Today’s speech and accompanying Fact Sheet are light on specifics for a legitimate structure used widely for business, personal investment and family purposes,” Mr Croker said.

“Accountants and their clients seek certainty, particularly when new policies impact existing structures established in accordance with laws now described by those who enacted them as unfair.

“There are already a number of emerging questions about Labor’s model”, he said.

They include:

•   The equity of treating active small businesses differently from farmers.

•   Addressing the potential for over-taxation (compared to the tax outcome if the beneficiary simply derived the income directly), particularly for business trusts.

•   Restructuring relief for those who may wish to exit discretionary trust structures.

•   The scope of carve-outs for farm trusts, testamentary, disability and charitable trusts.

Mr Croker said Labor’s minimum tax would start many conversations, and said there could be concern in some quarters that minimum tax might be embraced for other taxpayer segments.

He said Chartered Accountants in Australia would be disappointed by the disparaging references to their profession in Mr Shorten’s speech today.

“With his parliamentary and ministerial experience, Mr Shorten knows better than most the role CAs play in helping Australians and businesses prosper. He would also know that Chartered Accountants ANZ is a highly trusted contributor to consultation forums established by government and regulatory agencies such as the ATO, advocating in the public interest.” 

www.charteredaccountantsanz.com

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