MINISTER for Defence Industry, Christopher Pyne MP, has welcomed awards to recognise and reward Australian companies and individuals at the forefront of naval and commercial maritime innovation.

Nominations are open for the Maritime Australia Industry Innovation Awards, which will be awarded at the 2017 Pacific International Maritime Exposition in October.

“There are so many small-to-medium enterprises that have developed world-leading products that have not only met Australia’s defence needs but achieved success internationally,” Minister Pyne said.

“These awards are about celebrating, recognising and rewarding the skills and expertise that exists within Australia.

“I strongly encourage companies and individuals to put their nominations forward.”

Innovation is at the forefront of the Government’s principal defence industry and innovation initiatives, a key driver to generate new defence capability.

The Next Generation Technologies Fund will invest around $730 million over the decade in technologies that have the potential to deliver game-changing capabilities for the ‘future force after next’.

The Defence Innovation Hub is investing around $640 million over the decade into maturing and developing technologies that have moved from the early science stages into the engineering and development stages.

“Innovation in defence capability is fundamentally important to maintaining a warfighting advantage and capability edge,” Mr Pyne said.

"The front door for doing business with Defence, the Centre for Defence Industry Capability, is available to provide practical advice and assistance needed to working with Defence."

The awards have been developed by the national not-for-profit foundation Industry Defence and Security Australia Limited.

o enquire about the awards and for more information, visit http://www.pacific2017.com.au/innovation-awards/index.asp or contact Gregor Ferguson at This email address is being protected from spambots. You need JavaScript enabled to view it. or 0414 803 717.

For more information about the Centre for Defence Industry Capability visit business.gov.au/cdic

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THE Federal Government has released a discussion paper for public consultation as part of the 2017 review of climate change policies.

The discussion paper follows the Government’s commitment to review its climate change policies when it set Australia’s target to reduce emissions by 26 to 28 per cent below 2005 levels by 2030.

The discussion paper can be accessed via: www.environment.gov.au/climate-change/review-climate-change-policies

The Government invites submissions on the discussion paper by 5 May 2017.

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SMALL businesses around Australia need to make the most of the $20,000 instant asset write-off while it’s still there, according to the Institute of Public Accountants (IPA).

“The IPA had long advocated for the write-off initiative but unless the time limit is extended in the upcoming Federal Budget, the door will close on 30 June 2017 and the limit will revert back to $1,000,” said IPA chief executive officer, Andrew Conway.

“The increase in the accelerated depreciation write off threshold to $20,000 has been a great assistance to small business cash flow.

“This initiative is bringing forward the tax deduction that would have been deductible over a number of years.

“Entities with turnover up to $10 million can now also avail themselves of this initiative if the amended Enterprise Tax Plan is passed by Parliament when it next sits.

“If this initiative reverts back to $1,000, there will be negative impact on the broader economy as the incentive for small businesses to reinvest in their future will be taken away; restricting potential growth, employment and prosperity.

“We are urging the Government to keep this forward thinking initiative alive come Budget night,” said Mr Conway.

publicaccountants.org.au

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THE Institute of Public Accountants (IPA) has welcomed a new global study conducted by the International Federation of Accountants (IFAC) which aims to reduce corruption within economies globally.

“Corruption is an economic cancer and this global report support our long-standing perspective that accountants can and do play a key role in combatting the disease,” said IPA chief executive officer, Andrew Conway.

“The report also highlights the significant importance of good governance across all organisations.  The accounting profession’s skills ensures that accountants continue to play a pivotal role in the fight against corruption but we acknowledge it’s not a solitaire battle to be won.

“The IPA Group has continued active participation in consultations to further embed Anti-Money Laundering measures in Australia and our regional contributions through our involvement in and leadership of the development initiatives within the Asia Pacific through the Confederation of Asian and Pacific Accountants (CAPA) Professional Accountancy Organisation Development Committee.

“Collaboration across all sectors of our economy to create a culture of highest standard governance is critical to success,” said Mr Conway.

Fayez Choudhury, IFAC Chief Executive Officer, said, “The accountancy profession is a crucial part of strong national governance architectures that confront corruption, in partnership with good government and strong businesses. And vitally, the study shows professional ethics, education, and oversight—at the core of the global accountancy profession—are key to the profession’s positive impact in tackling corruption.”

Among the key findings, the study reveals that a higher percentage of accountants in the workforce strongly correlates to better outcomes in Transparency International’s Corruption Perceptions Index.

Highlighting the importance of strong cross-sectoral governance structures, the study found the profession’s impact was significantly greater in G-20 countries and member nations of the Financial Action Task Force.

“When public accountants such as our members are present in an economy, the positive correlation rises even further. Our members adopt the global profession’s ethical, educational, and investigation and discipline requirements,” said Mr Conway.

More information on the IFAC report can be found at: The Accountancy Profession—Playing a Positive Role in Tackling Corruption

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 35,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.  The IPA was recognised in 2012 as Australia’s most innovative accounting organisation and listed in the top 20 in the 2012 BRW Most Innovative Companies List.  

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

publicaccountants.org.au

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