THE Business Innovation and Investment Programme (the Programme) should undergo a comprehensive examination by the Department of Immigration and Border Protection, according to a new report.

Federal Parliament’s Joint Standing Committee on Migration last night tabled the report for its inquiry into the Programme, which aims to attract investors and company owners who have demonstrated a history of success in investment, innovation and management of a business, to work and live in Australia.

The Programme offers various opportunities to help contribute to the Australian economy. Committee Chair, Mrs Louise Markus MP, said that it is important that Australia’s migration programme meet Australia’s business and economic needs.

“In order to compete in the global market and stimulate our economy, Australia needs programmes like this that encourage the creation of genuine and sustainable business opportunities,” Mrs Markus said.

“It is vitally important that the Business Innovation and Investment Programme is effective and meets its objectives. The committee has therefore recommended that the Department of Immigration and Border Protection examine the Programme with a focus on the suitability and attainability of the Programme’s objectives, the role states and territories have in administering the Programme, and how to best collect, disseminate and evaluate data on the Programme.”

The committee also recommended that the examination focus on: the promotion and marketing of the Programme; application processing and service standards; English language requirements; innovation points test; and attracting investment in regional Australia, graduates, early-stage entrepreneurs, and venture capitalists.

The full report can be found at the committee’s website: http://www.aph.gov.au/mig

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THE Australian Retailers Association (ARA) said retailers are relieved to hear that penalty rates in South Australia (SA) will be abolished on Saturdays and halved on Sundays in exchange for a higher base rate of pay and other improved conditions for employees.

ARA Executive Director Russell Zimmerman said the ARA has been leading the penalty rates case for a long time and was open to working with the Shop Distributive and Allied Employees’ Association (SDA) as part of its case to Fair Work to facilitate this agreement and broaden it across the country.

“It is very encouraging to see that the SDA has recognised that the current Sunday penalty rate is too high.

“The ARA welcomes any move that better aligns penalty rates with the modern retail industry. Changes like this allow businesses to respond to their customers needs, rather than having to try to fit their allocation of labour to an antiquated system.

“There is a real opportunity here to support the struggling retail sector and stimulate jobs growth. In order to create more employment opportunities for Australians, retail wages need to be flexible.

“We are hopeful that this agreement has a flow-on effect across Australia,” Mr Zimmerman said.

Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia.

Visit www.retail.org.au or call 1300 368 041.

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THE Government’s Intergenerational Report (IGR) indicates the need for better retirement planning and therefore, appropriate financial advice is essential, says the Institute of Public Accountants (IPA).

“The Intergenerational Report concludes that there will only be 2.7 working Australians to support every Australian over the age of 65 by 2055. Competent and affordable financial advice will be an essential ingredient in paving the way to sustainable retirement incomes and to help alleviate over-reliance on government funded pensions," said IPA chief executive officer, Andrew Conway.

“Allowing Australians to claim a tax deduction on financial advice will ensure better retirement outcomes and keep advice accessible and affordable.

“The IPA believes there is a strong case to support the tax deductibility of all of the costs of financial planning advice.

“Currently, a fee for service arrangement for the preparation of an initial financial plan is not tax deductible as it is not considered to be an expense incurred in producing assessable income.

“Changes to conflicted remuneration arrangements and the introduction of the best interests duty for the financial advice sector as part of the Future of Financial Advice reforms strengthen the case for the provision of deductible financial advice.

“The cost to Government will not be significant as these costs were previously fully deductible as commissions when paid to the financial planner.

“The tax deductibility of financial advice would considerably increase financial literacy, boost affordability and accessibility and reduce demands on public funding. It would encourage a larger numbers of Australians to seek financial advice. 

"The costs of a capped tax deductibility limit for financial planning advice will be significantly outweighed by the longer term benefits of assistance provided to tax payers as they plan for independent retirement,” said Mr Conway.

The IPA has made this recommendation in its pre-Budget submission 2015-16.  Further detail can be found at www.publicaccountants.org.au/2015budget

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THE Australian Retailers Association (ARA) said over two million small businesses in Australia are likely to benefit from Minister for Small Business Bruce Billson’s decision to extend unfair contract term protections to small business.

ARA  Executive Director Russell Zimmerman said the retail industry has welcomed the Ministers announced provisions to further protect small businesses from unfair contract terms.

"Consumers are protected against unfair contract terms, however, small businesses have always struggled for the same level of protection.

“In simple terms, any proposal that protects small businesses against unfair terms in low-value standard form contracts is a positive step, as most small retailers have similar resources to consumers when it comes to protection.

“We are pleased to see the aim of this move is to support time-poor small businesses entering into contracts for everyday transactions, while not second-guessing their ability to manage their business.

“The Government and Minister Billson should be congratulated on this move, especially given all the disparate commercial forces and potential road blocks,” Mr Zimmerman said.

Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia.

Visit www.retail.org.au or call 1300 368 041.

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