VICTORIAN Chamber of Commerce and Industry chief executive Mark Stone said the Federal Budget is likely to boost small business prospects in Victoria.

"Tonight’s Federal Budget delivers practical measures that will help Victorian businesses to become more competitive, increase productivity and create new jobs," Mr Stone said.

"This is a sensible budget leading into a federal election. The biggest employer of people in Victoria, small business, is the significant beneficiary.

"This budget coupled with last week’s State Budget further enhances the opportunity for business in Victoria to employ more people, grow, consider export opportunities and improve competitiveness," he said.

"Initiatives to lower the company tax rate to 25 percent over the next 10 years is in line with what the Victorian Chamber and business has been calling for to boost competitiveness and encourage growth."

Mr Stone welcomed the immediate tax relief available for small and medium businesses, with a cut to the company tax to 27.5 percent from July 1, 2016.
 
"Small businesses with an annual turnover of up to $10 million will now benefit through an extension of the instant asset write off scheme," Mr Stone said. "This will allow small and medium businesses to immediately deduct the value of every asset up to $20,000, providing much needed cash flow to these businesses.

"The new $840 million national Youth Employment Package will help up to 120,000 young people secure jobs. The internship program will provide employers with incentives to give young people real work experience and wage subsidies will be provided to employers who hire young workers under the program.

"This mirrors the Victorian Chamber’s own $1 million program to support internships for Victorian businesses and our call for more support for youth employment," he said.

"The announced $2.4 billion investment in Victorian infrastructure will improve the liveability of the State through investments in Melbourne Metro Rail, Murray Basin Rail, the Monash Freeway, the upgrade of the M80 Ring Road and urban and rural roads.

"A crackdown on multinational tax avoidance through a Diverted Profits Tax will impose a 40 percent penalty rate of tax on multinational corporations seeking to avoid paying Australian taxes by shifting profits offshore. This will provide a much needed level playing field for local businesses.
 
"It is refreshing that the budget has taken a considered approach to revenue and spending with a planned return to a balanced budget by 2020-21."

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

victorianchamber.com.au    

  

THE Institute of Public Accountants (IPA) has extended a well-deserved congratulations to one of its members: Jamie Johns and his firm Sky Accountants has featured in the United Kingdom’s AVN prestigious book: The world’s most inspiring accountants.

“It is great news and we wish Jamie and his team all the very best; it is indeed a triumph to be included in a book that features only the top 60 most inspiring accounting firms in the world ,” said IPA chief executive officer, Andrew Conway.

“It is not really a surprise considering how Sky Accountants has not only embraced technology but also leading the way in cloud computing.

“Jamie and team should be an inspiration to other accountants who must embrace the ongoing technological disruption facing businesses today.

“We also recognise that this accolade comes after Sky Accountants were awarded the winner of the 2015 Most Innovative Accountants Award in the Panalitix Annual Achievement Awards; a job well done,” said Mr Conway.

publicaccountants.org.au

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THE FEDERAL Government is now taking the final step in testing the market for private sector interest to upgrade, operate and add value to the registry functions of the Australian Securities and Investments Commission (ASIC Registry).

After a successful indicative bid phase where six indicative bids were received from a broad range of private sector bidders, the final bid phase will now commence.

AUSTRALIA has overnight been approved as a member of the Generation IV International Forum (GIF), a co‑operative international endeavour, joining 12 other nations and the European Union to work together on long‑term research on advanced nuclear technologies.

The Forum develops Generation IV technology and addresses not only the construction and operation of the next generation of nuclear power reactors, but also considers fuel efficiency, reducing waste production, and meeting stringent standards of safety and proliferation resistance.

Minister for Industry, Innovation and Science Christopher Pyne said Australia’s success in gaining membership is based on the landmark research infrastructure and world-class research capabilities and expertise at the Australian Nuclear Science and Technology Organisation (ANSTO) to contribute to the GIF’s goals.

“Australia’s invitation to join this important global project marks an exciting opportunity to be at the forefront of global innovation in the nuclear industry,” Mr Pyne said.

“Inclusion in the GIF further strengthens Australia’s position as a nation that has the research muscle to deliver innovations on the global stage.

“It reinforces the Government’s $1.1 billion National Innovation and Science Agenda, encouraging our best and brightest researchers to collaborate with international experts.

“ANSTO has particular research expertise in materials used in high-temperature and highly radioactive environments and in radioactive waste forms, through the development of Synroc, a modern solution for safely immobilising radioactive waste.”

GIF research is focused on six reactor designs that will deliver safe, secure, sustainable, competitive and versatile nuclear technology.

GIF expects that some of these reactor designs could be demonstrated and commercially rolled out in around 2030-2040, and current members are already developing and constructing prototype technologies.

“Australia’s membership of GIF is an affirmation of our international credentials in high-tech science and innovation,” Minister for Foreign Affairs Julie Bishop said.

“Australia has firm non-proliferation goals and nuclear safety objectives, and contributing to the global conversation on this level is an opportunity to assist in the research that is making nuclear technologies safer around the world in the long term.

“Australia will also be helping our neighbours and partners to more efficiently secure energy resources for the future, using even safer and more sustainable technology, which is in everyone’s interests.”

“A long term commitment to international research will further cement Australia’s position as a global energy technology leader.”

Minister for Resources, Energy and Northern Australia Josh Frydenberg said that Australia’s membership will help further our expertise in nuclear science and research.

“Australia has significant expertise and established infrastructure to contribute to this important forum. In addition, we have the world’s largest known uranium reserves which are being used to fuel energy production in a number of countries,” Mr Frydenberg said.

“This forum will help develop the technologies that will be integral to the future of the international nuclear industry.”

www.industry.gov.au

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