Tuesday, 21 February 2017 Sydney

Invest In Australia Blog::

  • SMSF Association and ATO announce strategic partnership

    The SMSF Association and Australian Tax Office (ATO) have announced a three-year strategic partnership, effective 15 February 2017.

    In a statement of intent released today, the Association and ATO outlined their intentions to work together to ensure effective regulation and integrity of the SMSF sector.

    SMSF Association Managing Director/CEO Andrea Slattery says the partnership is a landmark agreement between the key regulator in the SMSF sector and the recognised peak body.

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  • Bank Code Review Supports ASBFEO Recommendations

    An independent review of the banking code of conduct has reinforced the findings of Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell’s recent bank inquiry report, which highlighted the need for a code with ‘teeth’, including greater emphasis on small business lending.

    The independent review conducted by Mr Phil Khoury, into the Australian Bankers’ Association’s (ABA) Code of Banking Practice, gathered feedback from the sector – including from the ASBFEO – and recommended a variety of changes to ensure greater coverage in the Code for small business customers.

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  • Asbfeo In Sa For Small Business Feedback

    Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell is reminding small businesses across South Australia to have their say on payment times and practices, ahead of the deadline for submissions to the ASBFEO’s inquiry into the issue.

    In Adelaide to attend a small business roadshow with Federal Small Business Minister Michael McCormack MP, Ms Carnell said small businesses have until the end of the month to share their experience when it comes to the amount of time they’re left waiting for big businesses – and some governments – to pay their invoices.

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  • Modern business services exports to ASEAN may be greater than you think

    Modern business services is a term that encompasses a range of professional services such as Financial Services, Insurance and Pension Services, Telecommunications, Computer and Information Services and Other Business Services.

    In a recent blog, my colleague Tim Quinn distinguished these from more traditional services exports such as tourism and other travel related services (including transport).

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  • Parliament Responds To Asbfeo Call For Small Business Focus

    Ensuring small businesses have access to justice, particularly in cases where there's an imbalance of bargaining power, is one of the key principles outlined in the ASBFEO’s small business reform agenda, released just last week.

    "It's certainly pleasing to see all sides of politics are hearing our message on the need for low-cost and timely access to justice for small business owners, whether it be in relation to anti-competitive behaviour, or regarding a dispute with their financial lender,” Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said.

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  • The Daily Telegraph: Banking On Small Business Getting A Fair Go

    What if I told you it was possible for a bank to default on a small business loan, even though the borrower has an impeccable loan history and has made each and every payment like clockwork?

    It seems illogical but that has been the reality for some small business owners who have entered into loan contracts with their banks.

    During our inquiry into small business loans, we heard heartbreaking accounts from business owners who wound up in dire financial straits, brought about by contract terms that give banks total control.

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    A new sheep and lamb saleyard is set to be established at Crystal Brook, with support from a $115,000 Upper Spencer Gulf and Outback Futures Program grant.

    The new auction site will be leased by the Combined Independent Agents Association (CIAA). It will cater for demand from the prospering independent livestock agent sector.

    The new saleyard – which will have the capacity to conduct individual sales of around 10,000 head of livestock comfortably – will draw stock from Eyre Peninsula, the northern agricultural zone and pastoral areas.

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  • Research to strengthen opportunities for Australian sorghum

    Research is underway to help Australian farmers better understand Chinese customers’ needs for sorghum, the key ingredient in baijiu, China’s national drink and the world’s top-selling spirit.

    Researchers from the Australian Export Grains Innovation Centre (AEGIC), the Queensland Alliance for Agriculture and Food Innovation – an institute of the University of Queensland jointly supported by the Queensland Government – and the Functional Grains Centre at Charles Sturt University are working to identify the quality and varieties of sorghum that are best suited to the China market.

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  • Australia’s US$1.6 trillion pension (superannuation) system is the fourth largest in the world

    Last year, Australia not only became the world’s fourth largest pension (locally called ‘superannuation’) market valued at US$1.6 trillion but also experienced one of the highest growth rates of pension fund assets in the world, according to the Willis Towers Watson Global Pensions Asset Study - 2017[1]. The latest figure for Australia’s pension assets represented a compound annual growth rate (CAGR) of almost seven per cent between 2006 and 2016 (in US$ terms). This rate was well above the global average of four per cent over the same period.

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  • Mining Lease Granted to Stellar Resources

    There is no greater or more consistent supporter of Tasmania’s mining industry than the Hodgman Liberal Government.

    Today, I was pleased to approve a mining lease for Columbus Metals Limited, a subsidiary of Stellar Resources, over an area of Crown land at Zeehan on the State’s West Coast.

    Stellar has undertaken extensive exploration activity through its Heemskirk Tin Project and is planning a “fast start” underground development.

    Eventually, this could see the mine employing up to 180 people, which would be a great outcome for the industry and for the region.

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