Thursday, 23 February 2017 Sydney

Invest In Australia Blog::

  • New strategy to grow the defence industry across NSW

    A new strategy has been launched to drive growth across the NSW defence industry.

    The Strong, Smart and Connected strategy will provide a major boost to regional NSW, strengthen the economy and further support Australia’s defence needs.

    The key strategy areas are:

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  • ACCC releases Statement of Issues on South32 Ltd’s proposed acquisition of Metropolitan Collieries Pty Ltd

    The Australian Competition and Consumer Commission has issued a Statement of Issues on the proposed acquisition by South32 (ASX:S32) of Metropolitan Collieries (Metropolitan), currently owned by Peabody Energy.

    South32 and Metropolitan are two of the largest producers of coking coal in the Illawarra region and the two largest suppliers of coking coal to Australian steelmakers.

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  • Rates Decision a Shot In The Arm For Small Business

    A reduction in Sunday and public holiday penalty rates in select industries will help ensure small business owners in these sectors can operate longer hours, offer their staff more work, and in doing so meet consumer expectations, Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said.

    “Today’s decision by the Fair Work Commission to reduce rates in the retail, hospitality and fast-food industries is a win for common sense that will ultimately boost jobs and stimulate growth across the economy,” Ms Carnell said.

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  • Petrol prices were the highest in more than a year in December quarter

    The Australian Competition and Consumer Commission’s ninth quarterly report on the Australian petroleum industry has found that the December quarter 2016 had the highest quarterly average price since the June quarter 2015. This coincided with unprecedented growth in popularity of fuel price comparison apps and websites as motorists seek out the cheapest fuel in their area.

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  • Good News for Small Business Retailers in NSW

    Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell has welcomed the passage of legislation providing enhanced protection for small businesses in New South Wales when negotiating retail tenancy leases.

    “Ensuring small businesses have the ability to trade on their merits and operate on a level playing field is vital for the growth of the sector,” Ms Carnell said.

    “The changes made to the NSW Retail Leases Act embody this idea by helping increase transparency and protection for small businesses when working out the details of a lease agreement with their landlord.

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    The Reading Writing Hotline together with the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell, is today launching a joint campaign to support and encourage small business employees who are looking to improve their reading, writing, numeracy and digital literacy skills.

    A pharmacist by trade, Ms Carnell said she once owned and operated a number of small businesses and knows first-hand the importance of workplace literacy for employers and their staff.

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  • Lumo energy pays penalty of $10,800 for representations about retail gas tariff increase

    Energy retailer Lumo Energy Australia Pty Ltd (Lumo) has paid a penalty of $10,800 following the issue of an infringement notice by the Australian Competition and Consumer Commission.

    Lumo call centre staff made representations to a number of consumers in February 2016 that the Australian Energy Regulator (AER) was responsible for increases to Lumo’s retail gas tariffs when the rise was due to a commercial pricing decision made by Lumo.

    “It’s important that energy retailers take responsibility for their commercial decisions, especially those which may be detrimental to consumers, rather than attempting to shift blame onto regulatory organisations like the AER,” ACCC Chairman Rod Sims said.

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  • Incorrect R&D claims in the ATO’s sights

    The Australian Taxation Office (ATO) and Department of Industry, Innovation and Science (DIIS) are continuing their joint efforts to curb the incorrect use of the Research & Development (R&D) Tax Incentive program with the release of a further two taxpayer alerts.

    Speaking on behalf of the ATO, Deputy Commissioner Michael Cranston said that these new alerts related to behaviours noticed in the agricultural, software and IT industries where ordinary business activities were being incorrectly claimed as R&D activities and R&D expenditure.

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    In order to truly instil confidence among small business owners, all politicians must embrace the proposed tax cut for businesses with a turnover of up to $10 million, allowing the sector to grow and thrive well into the future.

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  • 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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