NATIONAL and international private sector infrastructure companies will have the opportunity to discuss pricing mechanisms for new or improved transport infrastructure projects in Sydney tomorrow as part of the inquiry into the role of transport connectivity on stimulating development and economic activity.

Chair of the House of Representatives Infrastructure, Transport and Cities Committee, Mr John Alexander MP, said that paying for new or improved transport infrastructure was one of the key questions before the inquiry.

“So far, the Committee has received a wide range of suggestions for innovative new funding mechanisms for building and maintaining transport infrastructure,” Mr Alexander said. 

"We have heard varied perspectives on the potential benefits and pitfalls of value capture mechanisms and at this hearing we will have the opportunity to discuss these mechanisms with private sector infrastructure companies that are active both in Australia and around the world,” Mr Alexander said.

In its submission, global commercial and industrial property group Goodman emphasises the role that active integrated land use planning and appropriate value capture mechanisms can play in raising revenue to help pay for the costs of transport infrastructure, noting that ‘the existence of a holistic framework for revenue raising and the allocation of funds to well devised projects will give the stakeholders confidence that the property sector can achieve, lasting and sustainable urban and regional growth in Australia.’

Hearing details
Date: Thursday, 7 April 2016
Time: 9:00 am–2:30 pm
Witnesses:

• Autodesk (Submission 56)
• Urban Taskforce Australia (Submission 66)
• Goodman Limited (Submission 65)
• Action for Public Transport NSW (Submission 60)
• Mr Rob Senior
• Centurion Group (Submission 69)

Venue: Macquarie Room, Parliament of NSW, Sydney
The public hearing will be webcast live at http://www.aph.gov.au/live

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FURTHER lowering the company tax rate for small business would help Australia drive productivity and future economic growth, according to the Institute of Public Accountants (IPA).

“The 2015 Federal budget made steps in the right direction with a 1.5 per cent corporate tax cut for incorporated small businesses.  Unincorporated small businesses also receive a tax discount of 5 per cent up to a cap of $1,000,” said IPA chief executive officer, Andrew Conway.

“Small business is still defined as using the existing $2 million turnover test which has not been indexed since it was introduced in 2007.  If this had been indexed it would now be $3 million.

“The IPA has long advocated for a concessional income tax rate for small businesses to compensate for the regressive nature of compliance costs on such entities.

“It must be recognised that the long term well-being of the nation is dependent on the productivity and growth of the small business sector. 

“A two-tier tax system is not as bizarre as some organisations have touted but can be quite the opposite in delivering a more efficient tax regime which is fairer for small business.  A lower tax regime for small business is already part of the corporate tax regime in a number of OECD countries including Canada, France and Japan.

“Whilst differential rates of taxation may add some limited degree of complexity, it is more than offset by the benefits gained by small businesses being able to reinvest cash flow savings from lower taxes to sustain their growth,” said Mr Conway.

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 with more than 35,000 members and students in over 65 countries.  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.

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CONSULTATION is underway to assess the health of Australia’s 520,000-strong heavy vehicle fleet.

NHVR CEO Sal Petroccitto said information had been released to each state and territory to measure the roadworthiness of heavy vehicles later this year.

“For the first time in Australia, we’ll be conducting a national survey of heavy vehicle roadworthiness using trained inspectors to gather consistent safety information,” Mr Petroccitto said.

“Different data is currently compiled by each state and territory which means that the roadworthiness of heavy vehicles nationally is unclear. It’s a fundamental roadblock to understanding the safety of the fleet and to achieving national consistency.

“The National Roadworthy Baseline Survey is on track to roll out in August and September and we’ll be speaking to the industry and government in the coming months to discuss the impacts.”

The survey will sample approximately 9000 heavy vehicles, including rigid, articulated, B-doubles, road trains, buses and plant equipment.

Inspections will be conducted by authorised officers at roadside check points and in depots throughout Australia. Each vehicle will have a comprehensive visual inspection, expected to take up to 45 minutes.

“For the first time all heavy vehicle inspections will rely on a consistent inspection manual, also due to be adopted nationally in the coming months,” Mr Petroccitto said.

“This health check of the heavy vehicle fleet is an important building block to a nationally consistent inspection system.”

Further information will be available at www.nhrv.gov.au

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CORPORATE services providers that establish companies in tax havens on behalf of their clients should be subject to Australia’s strict anti-money laundering laws, according to an expert in transnational corporate crime at the University of Sydney Business School.

David Chaikin, an associate professor in business law, was commenting on the so-called leaked Panama Papers through ABC-TV's Four Corners program broadcast on April 4, which revealed the extensive use of tax havens to hide personal and corporate wealth.

“Governments both Labor and Coalition, have long failed to effectively apply Australia’s anti-money laundering laws,” Dr Chaikin said.

"The Panama Papers should encourage the government to apply Australia’s laws to corporate service providers that deal with tax havens on behalf of their clients.”

www.sydney.edu.au

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