Skip to main content

Business News Releases

Reckon and IPA strengthen partnership with industry-first initiative

AUSTRALIAN accounting software provider Reckon (ASX:RKN) has bolstered their partnership with the Institute of Public Accountants (IPA), expanding the distribution of IPA books+ cloud accounting solution to boost small business productivity.

This first of its kind industry initiative will provide IPA members with access across the board to simple, powerful online accounting software as part of their membership.

With 38,000 IPA members servicing the small business sector, the partnership will provide every public practice member with five cloud accounting books; enabling them to better cater for the needs of Australian small business. 

In addition, for just $7 per month, members can expand the number of books to service additional clients. This initiative was member-driven with in-depth feedback following the launch of IPA Books+, a white labelled version of Reckon’s flagship cloud accounting solution Reckon One.  Put simply, members vocalised the desire to make running their business and those of their clients easier.

“The continued move to the cloud is a key focus for our members and the small business community they serve” said IPA chief executive officer, Andrew Conway.

“The IPA and Reckon are committed to ensuring small business has access to cloud accounting solutions to facilitate a transition to online accounting, Single Touch Payroll compliance and facilitate enhanced efficiencies. By providing five books per IPA practice we hope a small business that is currently outside the cloud considers contacting an IPA practitioner to take advantage of this partnership.

“Recent updates from the ATO suggest that over 35 percent, or roughly 300,000 businesses, that employ staff are yet to adopt online accounting, which is required to submit payroll information to the ATO as part of the upcoming 1 July 2020  Single Touch Payroll reporting deadline.

“With this change coming into play, the time has come for IPA to make it even easier for members to offer IPA Books+ as the easy and most affordable solution for clients.  Importantly, when it comes to business disaster recovery, retrieval from the cloud plays a vital role, and our members therefore can better assist clients in emergency situations," Mr Conway said.

Sam Allert CEO of Reckon, said, “This strengthened partnership with the IPA delivers a unique and compelling proposition to public practice members and their clients. The bundling of accounting software as part of the membership helps the IPA with its stated purpose of enhancing the life of small business; which includes more than 75 percent of its member base being involved in small business.

“These bundled software benefits will also be enjoyed by members of the Institute of Financial Accountants (IFA) in the UK (a member of the IPA Group), aligning to Reckon’s expanding presence in this market.”

As with all Reckon products, IPA Books+ is approved for the Australian Taxation Office’s Single Touch Payroll reporting requirement. Mr Allert noted that with the long tail of thousands of small businesses with 19 or less employees looking to get compliant come July 1, this presents a massive opportunity for both organisations.

About 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 38,000 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.

About Reckon

Reckon is an ASX listed and Australian owned company with over 30 years’ experience delivering market leading solutions to accountants and bookkeepers, legal professionals and small to medium sized businesses.  Reckon’s software services are designed to make accounting faster, easier and more productive. Find out more at www.reckon.com.

ends

 

Vessels from China breaching 14-day travel ban raise coronavirus fears

MARITIME workers fear they are being put at risk of exposure to the deadly coronavirus as a result of the arrival of container vessels from Mainland China, which in some cases are docking in breach of the Federal Government’s 14-day travel ban.

Workers at Melbourne’s Webb Dock were alarmed following the arrival of the Hong Kong-flagged Cosco Thailand container vessel. An inspector from the Maritime Union of Australia was initially told it had sailed from another Australian port, but it was subsequently discovered that the vessel had actually departed Ningbo in mainland China.

Coronavirus warning signage has now been installed on the gangway, with access to the vessel limited, visitors required to wear face masks at all times, and maritime workers warned not to shake hands with the crew.

In Darwin, workers demanded a delay to the planned docking of the Singapore-flagged Kota Nebula yesterday, with the vessel having departed a port in mainland China on February 3.

While the Australian Government has imposed a ban on foreign nationals entering Australia “for 14 days from the time they have left or transited through mainland China”, the Kota Nebula was granted permission to dock in Darwin just 11 days after its last potential coronavirus exposure.

The Cosco Thailand was likewise allowed to dock less than 14 days after departing China, with workers, including pilots, tugboat crews, linesmen, and other port workers coming into direct contact with the crew of the vessel without being made aware of the potential risk of coronavirus exposure.

The Maritime Union of Australia said both incidents highlight the failure of the Australian Government’s self-reporting system, which relies on shipping companies disclosing potential coronavirus risks and untrained seafarers identifying possible infections.

“The Australian Government has imposed strict travel restrictions that prevent air travel by anyone who has been in mainland China in the previous 14 days, yet these vessels are being allowed to dock less than a fortnight after leaving Chinese ports,” MUA national secretary Paddy Crumlin said.

“The reason for the 14 day travel ban is that the incubation period for the coronavirus is two weeks, so it is completely possible that crew members from these vessels may be infected but not yet show symptoms.

“Local maritime workers, including those who board the vessel to pilot them into port and those working to unload them, are all being put at unacceptable risk of exposure through the decisions to allow these vessels to dock in breach of the travel ban.

“The broader community are also being put at risk by the failure to implement proper quarantine measures for commercial vessels, which provides a direct route by which this disease could enter Australia.

“There have been numerous confirmed cases of coronavirus among seafarers departing China, which is why it is so important that this vessel not be permitted to dock.”

Mr Crumlin said it was alarming that the Australian Government was still relying on merchant vessels self-declaring any biosecurity threats, including suspected coronavirus cases.

“The Australian Government sat on its hands for weeks following the outbreak, saying virtually nothing about one of the most vulnerable biosecurity areas: ports and shipping,” he said.

“Despite the Health Department finally putting out guidance, including additional measures for vessels that departed mainland China from February 1, these rules are not being enforced.

“What measures are occurring appear to be driven by individual port management, rather than a coordinated national biosecurity response," Mr Crumlin said.

“The failure to implement one of the most important guidelines — a 14 day exclusion for people departing mainland China — is placing the local maritime and transport workforce at risk, and by extension the general public.

“Merchant vessels don’t have doctors on board, and we are not seeing health checks being undertaken by Australian authorities before they dock, meaning the identification of this major health threat is being left to untrained seafarers.

“The Australian Government needs to urgently rectify this situation, enforce the requirement that any vessel that has departed China wait 14 days before docking in Australia, and conduct proper health checks on all crew before they make contact with any Australian maritime workers.

“The Australian public deserve to know that biosecurity on our maritime borders is being exercised properly and transparently, providing the protection they need from this growing pandemic.”

ends

 

Ladbrokes, Neds issued NSW's largest fine for 'illegal gambling advertising'

IN THE BIGGEST fine of its kind ever issued in New South Wales, Ladbrokes and Neds have been convicted and ordered to pay a total of $207,500 for offering illegal gambling inducements to NSW residents.

Under current NSW law, wagering operators found guilty of promoting inducements to gamble, face fines of up to $110,000 per offence and company directors can be criminally prosecuted.

Following an investigation by Liquor and Gaming NSW, Ladbrokes, which owns Neds, was fined in Downing Centre Local Court for each of four Ladbrokes and two Neds advertisements they ran across Channel 7, Instagram and Facebook in 2018.

The advertisements offered bonus bets for a smaller deposit, such as a deal to 'Deposit $50, get $250 in bonus bets'.  

The court found these bonus bets only applied to people who opened new betting accounts.

Liquor and Gaming NSW assistant director of compliance, Dimitri Argeres, said the clear inducements to gamble and open a betting account were accessible to all users on social media.

“Inducements are known to increase the risk of gambling harm and these advertisements reached a broad segment of the population,” Mr Argeres said.

“In NSW such advertisements are restricted to registered betting account holders. This record fine should serve as a reminder that betting operators have an obligation to ensure their gambling advertising complies with NSW laws.

“Penalties of this magnitude are not easily absorbed into running costs.”

Under the NSW Betting and Racing Act, it is an offence to publish a gambling advertisement that includes any inducement to participate or participate frequently, in any gambling activity.

Ladbrokes and Neds have the right to appeal the decision.

ends

Veteran census will facilitate enhanced service delivery

RSL QUEENSLAND has welcomed the Federal Government’s announcement that veterans will be counted in the 2021 Census.

RSL Queensland general manager for Veteran Services, Rob Skoda said accurate demographic data about Australia’s Defence community would facilitate enhanced support services targeted to veterans’ unique needs.

“For the first time, we’ll have a clear picture of exactly how many veterans there are among the Australian population, as well as demographic data such as their ages and locations,” Mr Skoda said.

“Greater clarity about the veteran population and their needs is critical to ensuring adequate resources are deployed where veterans are located, and that our services meet their needs more effectively.”

He said RSL Queensland provided a comprehensive range of services, including:

  • help finding civilian employment
  • scholarships for tertiary or vocational education
  • support for homeless veterans
  • assistance with DVA claims.

www.rslqld.org

ends

Committee to hear from civil society and communications industry peak body on data retention

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) will hold a public hearing for its Review of the mandatory data retention regime.

The chair, Andrew Hastie MP, said, "This hearing will allow the committee to hear from further interested civil society stakeholders as well as the communications industry peak body on the mandatory data retention regime. We will consider these issues closely and carefully."

The mandatory data retention regime is the legislative framework which requires carriers, carriage service providers and internet service providers to retain a defined set of telecommunications data for two years, ensuring that such data remains available for law enforcement and national security investigations

Further information on the inquiry can be obtained from the Committee’s website.

Public hearing details

Date: February 14, 2020
Time: 8.30am – 12.20 pm
Location: Committee Room 2R1, Parliament House, Canberra

A full program for the hearing can be found here.

ends

Four days of 5G: examining the future of the internet

An inquiry into 5G mobile technology in Australia will take evidence across Australia, with hearings in Perth, Adelaide, Melbourne and Sydney next week.

HOUSE of Representatives Communications and the Arts Committee chair David Gillespie said the hearings would give start-ups, small business and big business a chance to talk about how they want to use 5G mobile technology.

"We want to hear what 5G can do for business. 5G is a brand name, and it will be up to Australian companies to decide what they want out of it and develop use cases as the technology develops," Dr Gillespie said.

"We’re travelling around Australia to hear about innovation. The committee wants to hear how 5G and the Internet of Things will allow new ways of working in the automotive, agricultural and of course telecommunications industries."

The committee will also have the opportunity to hear from people who have concerns about the deployment of 5G.

Information about the inquiry, including the public hearing programs, may be found on the committee’s webpage.

Public hearing details

  • Perth: Monday, 17 February 2020 – Committee Room 1, Parliament of Western Australia, 10am to 12.45pm
  • Adelaide: Tuesday, 18 February 2020 - Balcony Room, Parliament of South Australia, North Terrace, 9am to 12.45pm
  • Melbourne: Wednesday, 19 February 2020 - Room G1 –Ground Floor, 55 St Andrews Place, East Melbourne, 11.30am to 1.45pm
  • Sydney: Thursday, 20 February 2020 – Pollard Room, Wesley Conference Centre, Sydney, 9am to 2.45pm.

The hearings will be broadcast live at aph.gov.au/live.

ends

House committee to examine homelessness in Australia

MORE THAN 116,000 people were estimated to be homeless in Australia on Census night in 2016. Among them were people living in severely crowded dwellings, people living in temporary accommodation, and rough sleepers.

To examine this issue, the House of Representatives Standing Committee on Social Policy and Legal Affairs has launched an inquiry into homelessness in Australia.

Chair of the committee, Andrew Wallace MP, said the inquiry would seek to understand the factors that contribute to people becoming homeless, identify opportunities to prevent homelessness, and examine ways to better support the homeless and those at risk.

"Sadly, each night in Australia there are tens of thousands of people experiencing homelessness," Mr Wallace said. "We know that there are many pathways that can lead to homelessness, and through this inquiry we are hoping to understand how we can better support those who face it, and help some of the most vulnerable in our community.

"There is a range of services available to support people who are homeless or at risk, and the committee is particularly interested in hearing from communities around Australia about approaches that are working well, and ideas for improvement."

The committee will accept written submissions until April 9, 2020.

Further information about the inquiry, including the terms of reference, is available on the inquiry webpage.

Information about making a submission is available on the Parliament of Australia webpage.

ends

GSMA cancels Mobile World Congress 2020 after health fears

THE GSMA has cancelled Mobile World Congress (MWC) Barcelona 2020.

"Since the first edition of Mobile World Congress in Barcelona in 2006, the GSMA has convened the industry, governments, ministers, policymakers, operators and industry leaders across the broader ecosystem," a spokesperson said.

"With due regard to the safe and healthy environment in Barcelona and the host country today, the GSMA has cancelled MWC Barcelona 2020 because the global concern regarding the coronavirus outbreak, travel concern and other circumstances, make it impossible for the GSMA to hold the event.

"The host city parties respect and understand this decision," the spokesperson said.

"The GSMA and the host city parties will continue to be working in unison and supporting each other for MWC Barcelona 2021 and future editions.

"Our sympathies at this time are with those affected in China, and all around the world."

Further updates from the GSMA, are on the website  www.mwcbarcelona.com.

About the GSMA

The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators and nearly 400 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organisations in adjacent industry sectors. The GSMA also produces the industry-leading MWC events held annually in Barcelona, Shanghai and Los Angeles, as well as the Mobile 360 Series of regional conferences.

www.gsma.com. Twitter: @GSMA.

Shape Capital Advises SQID Technologies Ltd Listing on CSE

CORPORATE advisory and investment firm Shape Capital announced today that its Brisbane based client SQID Technologies Limited successfully completed listing on the Canadian Securities Exchange (CSE) on January 21, 2020 under the symbol CSE:SQID.

SQID is a payment processor enabling merchants to receive debit or credit card payments. For the fiscal year ended June 2019, SQID reported total transaction value of $163 million and revenues of $5,403,525 and profit before income tax of $1,147,722 reflecting a 72 percent increase in revenues and 85 percent increase in its profit before income tax over the same period for the fiscal year 2018.

A team of advisors handled the listing with Shape Capital acting as the Australian corporate advisor to the transaction in collaboration with TriPoint Global Equities/BANQ® in NY and Australian based First Growth Funds Limited.

"Listing Australian companies on the CSE is cost effective and a more streamlined process compared to listing on the ASX. The CSE provides Australian companies with a great launch pad into North America to gain market exposure, access to new investors and help create shareholder value," said Anoosh Manzoori, CEO of Shape Capital.

SQID's technology provides merchant services and transaction processing to business merchants and ecommerce customers across both ‘business to business'; (B2B) and ‘business to consumer'; (B2C) segments to bridge both retail and wholesale transactions through its platform.

Its technology is powerfully structured to allow layered access to payment and merchant transaction data, and integrates these retail and wholesale layers (creating many separate customer nodes within the network), providing split settlements between each layer. This provides a broad platform for commission structures and transaction-based rewards that are settled at the same time as the underlying transaction is settled. The business model is applicable to significant business channels including affiliate marketing, rewards programs, franchises, marketplace apps, agencies and more.

SQID has established itself as a relationship payment provider and payment facilitator in the Payment Processing industry, which specialises in delivering ecommerce solutions to businesses that have their ‘card-not-present' commercial outcomes dependent on two or more businesses. This has delivered sizeable growth in revenue as the model is based on engaging one referrer who then refers additional merchants. The company has concentrated on building relationships with merchants and providing incentives to merchants for referrals to new business opportunities. This has resulted in substantial growth with minimal overhead and resources.

The SQID business has a proven business model of delivering sustained profitability over time. Revenue growth has been achieved through strong growth from merchants in industries related to training and education.

www.sqidpay.com.

About Shape Capital

Shape Capital is an investment and corporate advisory firm that positions, prepares and shapes clients for specific events, including mergers and acquisitions, capital raisings and IPOs. As an independent advisory firm, Shape Capital advises private and public companies and has extensive experience in cross-boarder transactions with a strong focus on the technology sector. Shape Capital works with high growth companies to assist with strategy, timing, structure, valuation, and provides access to a large global network of investors. Shape Capital holds an Authorised Corporate Representative of an Australian Financial Services Licence (AFSL) with head office in Melbourne, Australia. http://www.shape.capital 

ends

Unions support victims of natural disasters

UNION members are playing a vital role in the recovery process of bushfire affected communities.

Unions NSW secretary Mark Morey said unions were offering their members support to cope with the trauma they had experienced, as well as providing practical support rebuilding communities.

“This work will be needed not just for a few weeks but for a few years. It’s up to the union movement to make sure affected workers and their communities remain at the forefront of everyone’s mind,” Mr Morey said.

Morey launched the innovative online professional development carried out by the IEUA NSW/ACT Branch to provide online trauma advice to 480 teachers and support staff, 350 of whom actively participated. Many were from the south coast of NSW, which was severely impacted by fires.

“This is a model for the type of support unions can offer their members. This initiative is bringing people together in an innovative way through a huge online union meeting. These innovative strategies enable workers to form connections and network with each other,” Mr Morey said.

“It’s particularly important that teachers and school support staff, who are central to the recovery process moving forward, are offered this type of assistance.”

The course, Responding to Bushfire Trauma,  was conducted, free of charge for non government school staff who are members of the IEU, by Professor Lisa Gibbs and Jane Nursey of the University of Melbourne, authors of the study Delayed Disaster Impacts on Academic Performance of Primary School Children (2019).

IEUA NSW/ACT Branch secretary Mark Northam said it was important for school staff to attend to their own wellbeing so they could provide the best possible support and education for their students.

“Schools and early childhood services are important community hubs during crisis, and we are doing our best to make sure teachers and support staff are supported and can continue to provide a safe haven for children,” Mr Northam said.

IEUA NSW/ACT Branch is also claiming up to five days paid leave per year for employees, unable to attend work due to a natural disaster, in its current negotiations for the NSW and ACT Catholic Systemic Schools Enterprise Agreement 2020-2022.

Morey said all future awards and enterprise agreement negotiations should include considerations of our changing climate, with flexible arrangements to allow employees to deal with emergency situations such as the recent bushfires.

New guidelines on how to deal with hazards such as poor air quality are also required, he said. The ACTU is now examining all these issues.

“Unions will take  a holistic approach to dealing with all aspects of climate change. Our members are at the front line  when it comes to tackling natural disasters,” Mr Morey said.

ends

  

FSC publishes pre-Budget submission

THE Financial Services Council (FSC) has today published its submission on the 2020–21 Budget, which outlines a solution to a long-standing problem: how to modernise legacy products in financial services.

FSC CEO Sally Loane said many Australians are being substantially disadvantaged by being locked into out-of-date legacy financial products that lack the better returns, better features and easier access of more modern products.

“Financial services businesses including superannuation funds and life insurers are unable to move customers into more modern products for a raft of complex reasons, including large tax or social security penalties. Despite widespread recognition of the need for a modernisation scheme, no noticeable progress has been made in more than 15 years,” Ms Loane said.

“To expedite the modernisation of legacy products, the FSC recommends the Government explore an institutional mechanism, such as a tribunal, where independent experts could facilitate the removal of barriers that have long prevented consumers from being rolled into modern products.

“This would help address the concerns of both consumers and industry by providing greater certainty, transparency and timeliness around a process that has historically proved difficult to negotiate.

“The Productivity Commission (PC) in its 2019 report into the superannuation industry found there was $162 billion invested in legacy superannuation products, which is 10 percent of the total assets held in large superannuation funds," she said.

“We are talking about significant amounts of money trapped in outdated products, often providing poor results for consumers – we are urging the Government to implement this already existing commitment to fix this, which is now clearly overdue.

“A modernisation scheme would be a win for the community, a win for the economy, and a win for Governments who would have a long-term boost to tax revenue while saving on Age Pension spending.”

Read the submission in full here: https://fsc.org.au/resources/1928-fsc-submission-budget-2020-21/file

ends

More Articles …