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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VECCI has welcomed the Commonwealth Government’s announced measures to support a fairer marketplace and assist Victorian small business growth. 

"The extension of unfair contract term protections for small business recognises that small businesses often do not have the time, legal expertise or bargaining power to scrutinise and negotiate contract terms that bigger businesses have," VECCI Chief Executive Mark Stone said.

"The new protections will enable the courts to declare void a contract term that is unfair for the small business, such as those allowing a bigger business to unilaterally change the prescribed price or main terms of the agreement.

"We commend the Commonwealth Government for conducting a public consultation process prior to this announcement, as it is important that such reforms sensibly balance the interests of both small and large sized businesses," he said.

"With small businesses in Victoria accounting for 98 percent of all businesses in the state, and almost half of all private sector jobs, small business growth is vital to job creation.

"We look forward to the release of further information on how this important reform will be implemented."

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

vecci.org.au

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THE Department of Defence and Austrade will appear at a public hearing tomorrow of the Defence Sub-Committee of the Joint Standing Committee on Foreign Affairs, Defence and Trade. The two key departments will give evidence on the accomplishments and challenges relating to Australia’s defence industry exports.

Defence is the main promoter and controller of Australian exports of defence equipment, including advanced weapon platforms, systems, components and technologies. In conjunction with Defence, the Australian Trade Commission (Austrade) supports companies seeking opportunities in international defence markets.

Austrade notes that the technologies and products of the defence sector are transferable to civil applications and it has developed initiatives to highlight Australia’s advanced manufacturing capabilities to potential customers.

Chair of the Defence Sub-Committee, Senator David Fawcett (SA), said the inquiry provides an opportunity to identify barriers to the export of defence goods and services by Australian companies.
 
“Defence industry should be seen as a fundamental input to Australia's defence capability which means we need it to be innovative and sustainable. One way to achieve this is for the Government to encourage, and where appropriate facilitate, export to suitable nations," Senator Fawcett said.

The inquiry's terms of reference include identifying barriers and impediments to the growth of Australia's defence exports; how Government can better engage and assist Australian defence industry to export its products; the operation of the Defence Export Control Office; and assessment of the export support given to defence industry by governments of comparable nations.

The inquiry's terms of reference are available on the Committee’s website.

Public hearing
Date/Time:  Tuesday, 24 March 2015, 5.40 pm
Location:  Parliament House Committee Room 1R1
Organisations: Department of Defence and the Australian Trade Commission (Austrade)

The hearing will be audio broadcast live at www.aph.gov.au/live.

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VECCI Chief Executive Mark Stone said - VECCI welcomes the Commonwealth Government’s announcement of a further $305 million, in addition to the $2.1 billion previously announced, in net red tape reduction measures that will be of great benefit to Victorian business.

Mr Stone said highlights for business include:

• Improvements to the ATO website, estimated to benefit six million Australians who will be able to find relevant tax information more quickly.
• Implementing easier monthly Pay As You Go (PAYG) tax instalments for certain businesses, meaning participants will only need to calculate their actual instalment income on a quarterly basis.
• Lowering the amount of surplus capital that private health insurers need to maintain and simplifying their reporting requirements.
• Reducing duplicate assessments for Australian manufactured medical devices, putting Australian manufacturers on an equal footing with their overseas competitors regarding regulatory assessment requirements.

"VECCI also welcomes the Commonwealth Government’s efforts to measure, and report to Parliament, the total cost of federal regulations, estimated at $65 billion per annum," Mr Stone said. "This portfolio by portfolio stocktake highlights key regulatory hotspots and can be used to target future deregulatory reforms.

"VECCI recognises that well-designed regulation is beneficial for business and the wider community because it improves economic stability, provides operational certainty and increases consumer confidence.

"However, because regulations affect all facets of business, including inputs, prices, and output, unnecessary, complex and poorly designed regulations also constrain the ability of business to provide the best product or service at the lowest cost.

"VECCI has been a consistent supporter of the Commonwealth Government’s repeal agenda and applauds the priority given to red tape reform.

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

vecci.org.au  

The House of Representatives Agriculture and Industry Committee will conduct a public hearing tomorrow, Thursday, 19 March 2015, for the inquiry into circumvention of anti-dumping laws.

Appearing at the hearing for the inquiry will be the Australian Forest Products Association and two major Australian steel producers.

The hearing will be held in Committee Room 1R1, Parliament House, Canberra:
 
Thursday, 19 March 2015
12.15 pm Australian Forest Products Association
12.45 pm BlueScope Steel
1.15 pm Arrium (OneSteel)
1.45 pm Close

The public hearing will be webcast live at: http://www.aph.gov.au/News_and_Events/Watch_Parliament

Further details about the inquiry, including submissions received and the terms of reference, can be obtained from the Committee’s website at: www.aph.gov.au/agind

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CHANNELADVISOR Corporation (NYSE: ECOM), a leading provider of cloud-based e-commerce solutions that enable retailers and manufacturers to increase global sales, today announced that Google and Alipay will present keynote sessions at Insite Melbourne 2015.

Taking place at the Grand Hyatt Melbourne on 19 March 2015, Insite will offer online retailers exclusive access to the industry leaders that are shaping the e-commerce landscape.

Dileep Kannan, Google Shopping lead at Google Australia, and Steve Chen, country manager of Australia and New Zealand at Alipay, will each present keynote sessions during this year’s Insite event.

Last year saw Google’s mandatory transition from Product Listing Ad (PLA) campaigns to the recently released Shopping campaigns format. Kannan’s presentation, titled “Winning in Google Shopping,” will help retailers navigate this changing Google Shopping landscape.

“The shopper journey has changed in recent years, and increasingly, we’re seeing local retail converge with online shopping,” said Kannan. “I’m excited to speak at Insite and share how Google is helping retailers change the way consumers interact with their products and discuss strategies for success using Google Shopping."

Alipay, a subsidiary of Ant Financial Services Group, is the most widely used third-party online payment platform in China, with more than 300 million registered users and 80 million transactions daily.

According to Alipay’s most recent annual spending report, the availability of online-payment services has played a major role in making goods and services widely accessible in China.[2]

In his presentation, titled Accessing China’s Mobile Consumer: Alipay as the Cross-Border Payment Solution, Chen will explain how Ant Financial uses big data and cloud technologies to create a hassle-free payment solution.

“Borders are breaking down, and there’s a wealth of opportunity for retailers to expand their businesses into new regions,” said Chen. “At Insite, my presentation will focus on the future of online payment methods and detail the ways that retailers can reach China’s mobile consumer base."

“Insite Melbourne provides unparalleled content and networking opportunities from some of the biggest names in the e-commerce space,” said Mark Gray, managing director, APAC, at ChannelAdvisor. “The theme of this year’s Insite is ‘E-Commerce Advanced,’ and Dileep Kannan and Steve Chen are ideal speakers to address online retailers ready to take their businesses to the next level.”

Insite Melbourne 2015 will be held at the Grand Hyatt Melbourne on Thursday, 19 March. For more information and to register for Insite Melbourne 2015, please visit www.channeladvisor.com.au/insitemel.

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About ChannelAdvisor

ChannelAdvisor (NYSE: ECOM) is a leading provider of cloud-based e-commerce solutions that enable retailers and manufacturers to integrate, manage and optimise their merchandise sales across hundreds of online channels including Amazon, Google, eBay, Facebook and more. Through automation, analytics and optimisation, ChannelAdvisor customers can leverage a single inventory feed to more efficiently list and advertise products online, and connect with shoppers to increase sales. Billions of dollars in merchandise value are driven through ChannelAdvisor’s platform every year, and thousands of customers use ChannelAdvisor’s solutions to help grow their businesses.

For more information, visit www.channeladvisor.com.au.

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THE Chairman and other Executive Members of the Australian Prudential Regulation Authority (APRA) will appear before the House Economics Committee this coming Friday 20 March 2015 in Parliament House, Canberra.

The Chair of the committee, John Alexander OAM MP said, "We are looking forward to continuing our scrutiny of APRA on important issues in prudential regulation including governance and accountability in the superannuation industry, the resilience of the banking sector to possible global shocks, the implications of new capital requirements for banks, and property lending standards."

Mr Alexander also commented that the potential implications for APRA of some of the recent Financial System Inquiry recommendations, if adopted by Government, were of interest to the committee.

Public Hearing Details

Committee: House of Representatives Economics Committee
Venue: Committee Room 2R1, Parliament House, Canberra
Date: Friday, 20 March 2015
Time: 9.30am to 12.30pm
Webcast: The hearing will be webcast live on www.aph.gov.au/live

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