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Your Future, Your Super bill passes Senate

THE Federal Government’s signature ‘Your Future, Your Super’ reforms that were passed by the Senate on Thursday, and are expected to be passed into law by the House of Representatives shortly, represent a significant win for superannuation consumers.

The reforms include the Royal Commission’s ‘stapling’ recommendation which will ensure consumers have a single, high-quality fund that they are able to take with them from job to job, like a bank account or a tax file number.

Financial Services Council (FSC) CEO Sally Loane said, "The FSC has been a vocal and long-term advocate for stapling and our analysis shows that having a single superannuation account will save Australian workers up to $1.8 billion in fees over the first three years.

“This is an important milestone in our $3 trillion mandatory system, ending the scourge of unintended multiple superannuation accounts which have cost Australians billions of dollars in duplicate fees,” Ms Loane said.

The ‘Your Super’ reforms will also introduce new performance benchmarks for superannuation products, an ATO comparison tool to help consumers choose a better performing fund, and strengthen the requirements for trustees to act in the best financial interests of superannuation consumers.

“The new performance assessment will work alongside stapling to give Australians confidence that their superannuation is generating ‘best in show’ investment returns throughout their working lives. If a consumer is concerned their fund’s returns are substandard the ATO comparison tool will be available as an impartial source of information to help consumers choose a better fund.

“The challenge now for the regulators and Government is to ensure performance assessments use rigorous and comparable data for all products so that comparisons are undertaken on a ‘like-for-like' basis.”

The FSC also welcomed the Senate’s passage of the ‘More Flexible Super’ reforms.

“The changes to contribution arrangements for older Australians will make it easier for them to manage their superannuation and retirement planning,” Ms Loane said.

“We were also pleased to see the government support amendments tabled by Pauline Hanson’s One Nation to allow individuals who withdrew superannuation during the COVID-19 crisis to recontribute those amounts without being penalised. This is consistent with FSC advocacy as part of a holistic response to the COVID-19 early release scheme."

 

About the Financial Services Council
The Financial Services Council (FSC) has more than 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 15.6 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world. www.fsc.org.au

 

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Builders back moves to boost home ownership

THE Federal Government has announced the expansion of housing programs that, according to Master Builders Australia, are helping more people to own their first home provides and strengthening economic recovery. 

"The release of 30,0000 new places in the highly successful First Home Loan Deposit Scheme, New Home Loan Guarantee and the Family Home Guarantee will boost the economic security of thousands more people, including single parents, and continue to accelerate the recovery,” Master Builders Australia CEO Denita Wawn said.

"We know that the deposit gap is the greatest barrier to people owning their first home. Right around the country we are witnessing the success of the government’s housing policy measures to help people to bridge this gap.

“The Family Home Guarantee will mean that thousands of single custodial parents, the vast majority of whom are women, can access the life-changing benefits of homeownership. We want to this measure passed by the Parliament without delay,” Ms Wawn said.

“Providing more people with the support to make the step up to owning a home is also fundamental to a stronger economy which benefits the whole community.

“Lifting the price caps for these schemes will also make them more accessible to more people and that’s a very good outcome,”  she said.

“With every dollar spent in building new housing resulting in $3 benefit for the wider economy, it is clear why the Federal Government’s measures are having such a strongly positive effect,” Ms Wawn said.

www.masterbuilders.com.au

 

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DFAT to appear at first hearing for the Trans-Pacific Partnership inquiry

THE Department of Foreign Affairs and Trade will appear at the opening public hearing today for an Australian parliamentary inquiry looking at the merits of expanding the membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The CPTPP agreement signed in 2018 is a trade bloc of 11 countries that includes Australia and is an export market of 500 million consumers worth nearly $14 trillion.

The parliamentary inquiry will examine the scope for expanding the CPTPP beyond the existing membership of Australia, Canada, Japan, Mexico, New Zealand, Singapore, Vietnam, Brunei Darussalam, Chile, Malaysia and Peru to include new members.

Chair of the Trade Sub-Committee of the Joint Foreign Affairs, Defence and Trade Committee, Ted O’Brien, welcomed the opportunity to investigate the process of how the current members of the CPTPP can agree on expanding the trade pact to include other economies, and understanding what the benefits of new members joining will be.

"On the back of this week’s historical agreement to progress a FTA with the United Kingdom, between Prime Ministers Morrison and Johnson, it is timely to consider expanding the most comprehensive plurilateral trade agreement in existence, the CPTPP," Mr O’Brien said.

"Before we can assess the merits of aspiring economies that could accede to the CPTPP, it is important to baseline everyone’s understanding of the agreement, and that starts today when hearing from DFAT."

Representatives of DFAT will appear at the public hearing at 9:50am, Thursday June 17 in Committee Room 1R4, Parliament House.

Further details about the about the inquiry, including terms of reference, details on how to contribute a submission and, when available, details of public hearings and roundtable discussions, can be obtained from the Committee’s website.

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Senate committee finding the balance between heritage and industry

THE Northern Australia Committee will hear from a range of stakeholders to listen to their perspectives on finding the right balance between protecting cultural heritage and allowing industry to operate in Northern Australia.

Representatives of the North Queensland Land Council, Queensland Resources Council, Quandamooka Yoolooburrabee Aboriginal Corporation, Jack Green, Nurrdalinji Native Title Aboriginal Corporation, Centre for Social Responsibility in Mining and Queensland University will be appearing.

The public hearing is part of the inquiry into the destruction of Indigenous heritage sites at Juukan Gorge and will be held by video/teleconference to continue the committee’s investigation of cultural heritage issues in Queensland and in the Northern Territory.

A key issue for Quandamooka Yoolooburrabee Aboriginal Corporation is the interaction between the Aboriginal Cultural Heritage Act 2003 (Qld) and the Native Title Act 1993, particularly the rights that should be granted once a Native Title claim is determined.

The Queensland Resources Council is determined to strike the right balance between protecting cultural heritage and providing certainty to industry.  

Committee Chair Warren Entsch is eager to engage with a broad range of stakeholders in order to ascertain how to protect cultural heritage while also giving certainty to industry.

"Bringing different stakeholders together to understand their perspectives is the only way to prevent the destruction of heritage," Mr Entsch said.

A program for the public hearing is available on the Committee’s website.

Public hearing details

Date: Friday, 18 June 2021
Time: 9am to 4pm AEST
Location: by video/teleconference

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

Further details of the inquiry, including terms of reference, can be found on the Committee’s website.

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Creative Partnerships Awards nominations extended until June 28

DO YOU KNOW a leader from Australia’s philanthropic, business or cultural community who is a champion of the arts?

Nominate them now for the 2021 Creative Partnerships Awards to see them recognised for their contribution to the arts sector.

The Creative Partnerships Awards are open to individuals from all Australian states and territories who show leadership in private giving and arts partnerships, and celebrates the commitment, dedication and contribution they make to Australia’s cultural life.

The deadline for nominations has been extended and now closes on Monday June 28, 2021, 5pm AEST. 

Head to the Creative Partnerships Australia website to learn more about the Creative Partnerships Awards and submit nominations.

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Committee to discuss Indigenous procurement policy

THE Indigenous Affairs Committee will this week conduct a roundtable discussion with representatives from the Departments of Health, Defence, Social Services, and Infrastructure, Transport, Regional Development and Communications on the Indigenous Procurement Policy (IPP) as part of its Inquiry into Pathways and Participation Opportunities for Indigenous Australians in Employment and Business.

Committee Chair, Julian Leeser MP, noted that this discussion on the implementation of the IPP, and on the Indigenous suppliers contracted through this policy, would make a valuable contribution to the inquiry.

"The Committee looks forward to discussing the goods and services that departments now procure from Indigenous businesses, and how the nature and volume of Indigenous suppliers may have changed, under the IPP," Mr Lesser said.

"We will also be interested to hear about the retention of Indigenous staff in these respective departments. It will be useful to consider how Indigenous employment opportunities could be improved across Government departments and agencies," Mr Leeser said.

Public hearing details

Date: Friday, 18 June 2021
Time: 1.30pm to 3pm AEST

A live audio stream of the hearing will be accessible at https://www.aph.gov.au/Watch_Read_Listen.

A full program will be available at the inquiry website.

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Committee focus on the national capital

THE Joint Standing Committee on the National Capital and External Territories will be briefed tomorrow by the National Capital Authority about issues relating to the nation’s capital.

The briefing will be broadcast live on the Parliament House website.

Committee Chair, Senator Sam McMahon, said, “The Committee anticipates discussing a range of contemporary matters with the National Capital Authority during the public briefing.

“The briefing process is an opportunity for the Committee to maintain an ongoing awareness of issues relating to Canberra and the National Capital Authority.”

Further information may be found on the Committee’s website.

Further information about the National Capital Authority can be found on its website.

Public hearing details

Date: Thursday 17 June 2021
Time: 11am to 11:45am

The hearing will be broadcast live at aph.gov.au/live. Due to the COVID-19 pandemic, committee hearings are not presently open for physical attendance by members of the public.

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FRV to carry out its first hybrid solar battery project near Dalby.

FOTOWATIO Renewable Ventures (FRV),  a global leading provider of sustainable energy solutions has started construction on its first 5 MWac solar-storage hybrid power plant in Australia.

Located in the Dalby region of Queensland, the Battery Energy Storage System (BESS) facility will feature 2.4 MWac of solar photovoltaic (PV) generation panels and a 2.5 MWac/5 MWh energy storage system which, once completed, will be one of the first co-located PV and BESS system greenfield developments in Australia.

The plant’s output will be connected to Ergon’s distribution network, allowing the hybrid power plant to supply and take electricity from the grid and trade in the National Electricity Market.

The plant is designed to be operated as a predictable and dispatchable generation plant, to provide a reliable energy output to Queensland customers. The system will have the ability to access the maximum number of markets and revenue streams, including arbitrage and FCAS*  services. 

Carlo Frigerio, managing director of FRV Australia, said, "Battery Energy Storage Systems are needed to support further investment in Queensland renewables and help maintain system security and reliability. This project will be critical to Queensland’s future energy supply and security as renewable energy capacity increases, with storage supporting solar and wind power coming into the market when it is most needed.

"The inclusion of PV as part of the project shows the importance of integrating solar and batteries in order to deliver dispatchable power."

Felipe Hernandez, global managing director of FRV-X, said, “FRV is already collaborating with governments, regulators, and partners around the world to lay the foundations for a new energy model. Energy storage will play a central and critical role to fully realise the power of renewable energy, and FRV acknowledges the value of this technology as a key element to achieve a decarbonised society."

This project is FRV’s ninth project in Australia becoming part of a total of about 640MWdc owned-projects’ portfolio.

Only last year, FRV reached three financial closes in Australia alone, demonstrating its continuing strong commitment to grow and consolidate its unique portfolio of solar and storage assets in the country.

The Dalby project also continues FRV’s global expansion in utility-scale storage systems. The company is aiming to further grow its pipeline of energy storage capacity and already has two battery projects in the UK; Holes Bay in Dorset, a 7.5 MW/15 MWh battery plant that has been operating since June 2020, and Contego, a 34MW/68 MWh battery project in West Sussex, that once completed in 2021, will be one of the most advanced and innovative energy storage systems in the UK. In addition to this, FRV has developed an advanced pipeline of battery projects in different countries.

The Dalby Hybrid Facility is expected to create job opportunities during construction and operations. FRV requires all construction partners working on its solar farm developments to hire local contractors and utilise local suppliers wherever possible.

Construction is expected to be completed in December 2021 and the facility has an operating life of around 30 years.

  

About FRV

Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, is a leading global renewable energy development company. In line with its ambition to continue leading the global transition to a more sustainable energy future, FRV has evolved from being just a developer to becoming an independent power producer.  www.frv.com

About Abdul Latif Jameel Energy

 

Abdul Latif Jameel Energy was established in 2012, and is now a leading independent power producer, and a premier service provider in the renewable energy sector, with interests in 16 countries around the world with capabilities in renewable energy, including solar PV, wind, waste-to-energy and environmental solutions, including desalination, water and wastewater treatment. alj.com/energy

The jig is up on the gig economy this tax time - CPAs

A GROWING NUMBER of Australian taxpayers earn income from the gig economy and must include it in their tax return, according to Australia’s leading professional accounting body, CPA Australia.

Senior manager tax policy Elinor Kasapidis said, “Lots of people turned to the gig economy to make ends meet during COVID-19.

“The ATO is aware of these ‘side hustles’ and matches data from platforms like Uber, Airbnb and AirTasker against individuals’ tax returns. This means the jig is up on the gig economy this tax time.”

Gig economy workers often work as independent contractors, but the term broadly includes people who earn income from bartering or sharing as well.

“If you drive people around, do odd jobs or freelance work, rent out your car or storage space, run social media accounts or sell products, you need to declare this income in your tax return," Ms Kasapidis said.

“The good news is that your expenses from earning this income may be deductible.”

Gig workers can claim deductions for most costs incurred in earning their income. Examples can include travel, vehicle, marketing, financing and home-office expenses.

“You can only claim a deduction for the work-related proportion of your use," she said. "Picking up an Uber fare on the way home from visiting mum doesn’t entitle you to write off all your car expenses.”

The ATO is cracking down on the cash economy. The consequences of not declaring cash income from the gig economy may include interest on an individual's tax bill and criminal and administrative penalties.

“It’s legal to receive payments in cash rather than electronically but you must report these amounts in your tax return,” Ms Kasapidis said.

"You don’t need to declare income from activities that are little more than hobbies or not intended to make a profit, but you can’t claim a deduction for them either.

“Don’t worry, the hundred bucks you earned from selling your designer handbag or off-loading your ‘barely used’ bike on eBay doesn’t need to be reported.”

COVID-19 tax issues

Ms Kasapidis said of the Covid-19 changes to earnings, “During lockdowns, some gig economy activities like ridesharing declined, while others such as food delivery skyrocketed. If your deductions are based on a representative period and your usual pattern of work changed due to COVID-19, you may need to prepare an additional record for this period.”

Contractors who received JobKeeper payments or other business grants must record these as business income in their tax return, she said.

"These are assessable and you may need to pay tax on them."

 

About CPA Australia

CPA Australia is Australia’s professional accounting body and one of the largest in the world. CPA has more than 168,000 members in over 100 countries and regions, supported by 19 offices globally. Core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest, engaging with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes.  cpaaustralia.com.au

 

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Vection accelerates European expansion via strategic acquisition

REAL-TIME software company Vection Technologies Ltd (ASX:VR1) has signed a binding agreement to acquire European technology company and Dell Platinum and OEM partner, JMC Group. 

JMC is a technology company designing, developing, and delivering high-level integrated business technology solutions for Industry 4.0, underpinned by a strong knowledge in virtual reality and augmented reality (XR), internet of things (IoT), artificial intelligence (AI) and information and communication technology (ICT). 

This acquisition will accelerate Vection's expansion within the Europe, Middle East and Africa (EMEA) region while further integrating its XR portfolio with IoT, AI and ICT towards a 360-degree product suite for Industry 4.0. JMC's strong growth history is expected to provide a more robust foundation for the combined group as it grows within the EMEA region. 

Gianmarco Biagi, managing director of Vection Technologies, commented that this transaction represented a significant step in the company's vertical growth strategy to assist companies in their digital transformation plans via next generation integrated XR solutions. 

"Vection's executive team is adhering to the stated growth strategy to establish itself as a global technology company with a strong XR foundation, deeply integrated with innovative enabling technologies (including AI) and strong vertical competences.

"Via this acquisition we gain a significant technological and geographical advantage and the addition of key management within the European region, unlocking significant global growth opportunities for the company. We remain focussed on completing our 2021 M&A acquisition strategy via the expansion in the US while progressing on our previously stated commercial objectives." 

In commenting on the acquisition, JMC's founder and CEO, Jacopo Merli, said, "We share Vection's global vision of bringing together next-gen technologies with XR to enable companies to make the leap to the fourth industrial revolution. We are truly excited to pursue this opportunity and to grow the combined business across the EMEA region and abroad in the coming months." 

About Vection Technologies

Vection Technologies Ltd (ASX:VR1) is a multinational software company that focuses on real-time technologies for industrial companies' digital transformation.Through a combination of 3D, VR, AR, IoT and CAD solutions, Vection Technologies helps companies and organisations to innovate, collaborate and create value. http://www.vection.com.au/  https://mindeskvr.com/  https://blankcanvas.studio/

 

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Scientific research improves seafood

WAYS to maximise the commercial potential of innovations in science will be discussed at an upcoming public hearing by the House Agriculture and Water Resources Committee.  

The committee will speak to the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Australian Nuclear Science and Technology Organisation (ANSTO) this Thursday as part of its inquiry into the Australian aquaculture sector. Witnesses will appear via videoconference.

Committee Chair, Rick Wilson MP, noted that both organisations are engaged in pioneering research which aims to boost the overall efficiency, sustainability, and profitability of domestic aquaculture enterprises.

"CSIRO research into marine microbes led to the development of a natural supplement which has helped Australian farmers to rear bigger, healthier prawns," Mr Wilson said. "Similarly, ANSTO has used nuclear techniques to maximise seafood growth by identifying optimal feed ingredients and percentages.

"The committee looks forward to discussing these and other emerging scientific innovations, as well as their potential commercial applications in the expansion of the aquaculture sector," Mr Wilson said.

For further information, please visit the inquiry website.

 

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