Business News Tax time 2013 is here, get online Courtesy Sudesh Aggarwal IT’S time for 12.4 million Australians to start lodging their income tax returns and the ATO is offering improved services to help. “One of my first priorities is to deliver better, more contemporary services for the community,” said Tax Commissioner Chris Jordan. “This year we’re offering practical ways to make it easier for people to meet their obligations. “Doing business on mobile devices and online is nothing new and it’s what the community expects. That’s why we’ve focussed on delivering a mobile app, digital magazine, and an improved website to help people this tax time.” The new app, ATO Tax 2013, is available free from the Apple Appstore and Google Play. It provides information on lodging your return, answers frequently asked questions and lets you monitor the progress of your return. Taxtime magazine is also available from app stores and provides an interactive online alternative to paper tax return instructions. See ato.gov.au/taxtimemagazine The ATO’s website, ato.gov.au has a new look to make it easier for people to find what they’re looking for this tax time, and allows them to log on to online services to manage their tax and super information. “These products mean all the information
people need to complete their tax return is at their fingertips. Instead of having to wade through a lot of written information, links to practical YouTube videos will help speed things up and ease the burden,” said Mr Jordan. “When it comes to completing and lodging your return e-tax, our free online service, is the easiest way. Last tax time 2.6 million people used e-tax. Download etax at ato.gov.au/etax “It can automatically fill in some of the information for you and contains easy to use tools and calculators. “And finally there’s good news for patient Mac users - e-tax is now available. It’s been a long time coming, but Mac users can now take advantage of this free online service. “We’ll continue to build on these services to deliver more contemporary services in a form the community expects.” There are a few changes this tax time that you need to be aware of. For the first time, you need to include details of your spouse’s income and provide a bank account for electronic payment of refunds. You have until 31 October to lodge your own return or register with a tax agent. For more information on completing tax returns, go to ato.gov.au/Individuals/Lodging-your-taxreturn If you do not speak English well and want to talk to a tax officer, phone the Translating and Interpreting Service on 13 14 50 for help with your call.
Australia to co-fund innovative project to tackle the growing infrastructure needs of APEC economies AUSTRALIA will contribute $3million towards a pilot Public Private Partnership (PPP) Centre in Indonesia to help address the growing infrastructure needs of the APEC region. The PPP Centre that we will co-fund will make use of the private sector’s expertise to find new ways to facilitate investment and deliver critical infrastructure. The Centre will help the Indonesian public sector identify and target their infrastructure problem. It will build their expertise in designing and managing Public Private Partnerships to deliver the infrastructure quickly and more affordably. The pilot Centre will be established in Jakarta and will be supported by an expert panel from APEC member economies, business and development banks. Australia’s $3 million contribution will be sourced from an existing AusAid Asia Development Bank Trust Fund, which supports infrastructure in Indonesia. If successful, it could be the first of several PPP centres throughout the region.
Building infrastructure builds economies. More than $8 trillion worth of infrastructure has been identified within the APEC region that needs to be development by 2020 and Australia can play a role in turning this backlog into economic opportunity. This will provide opportunities for Australia’s education, engineering, construction and finance sectors to help in developing the APEC region. The infrastructure needs of the APEC economies are simply too large for stretched government budgets to afford on their own. Finding ways to encourage stable private investment will be critical in delivering future projects so that our cities move faster and are more productive. I want to be known as an infrastructure Prime Minister by building vital projects that Australia needs, including the roads of the 21st century. By addressing the infrastructure needs of our region we can create more opportunities for Australian trade and investment that can help our economy grow even stronger in the years ahead.
Changes to private health insurance rebate Courtesy Sudesh Aggarwal What is the private health insurance rebate? The private health insurance rebate is a contribution the government makes towards the cost of your private health insurance. What are the changes? From 1 July 2012, the private health insurance rebate is income tested. This means that the amount of rebate you are entitled to receive now depends on your income or family income. Each adult on the private health insurance policy will receive a statement from their insurance provider showing details of their share of the policy at the end of the financial year. You will need your statement to complete your tax return. How do the changes affect me? If you are single with an income of $84,000 a year or less, or a couple or family with a combined income of $168,000 a year or less, you are not affected. If your income is above these amounts, the rebate you receive may be reduced. The Australian Taxation Office (ATO) will work out your rebate entitlement when you lodge your tax return. Remember, if you don’t have a suitable level of private hospital cover, you may be
charged the Medicare levy surcharge. How do I avoid a private health insurance liability? Most people claim their rebate as a reduction in the amount they pay their private health insurer. If you claim too much rebate as a premium reduction, there is no penalty, you just have to pay back the excess rebate claimed as a liability in your next tax return. To avoid paying back excess rebate, contact your private health insurance fund to nominate a different rebate amount. To determine your rebate entitlement, visit ato.gov.au/privatehealthinsurance and search for ‘private health insurance rebate calculator’. Where do I go for more information? If you have any questions about your private health insurance policy, contact your private health insurer. For more information in English about private health insurance thresholds, eligibility and tips for correct lodgment, visit ato.gov.au/privatehealthinsurance or phone us on 13 28 61. If you do not speak English well and want to talk to a tax officer, phone the Translating and Interpreting Service on 13 14 50 for help with your call.
Regulators can do more for small business REGULATORS can do more to reduce the compliance and enforcement burdens they impose on small businesses, according to a report released by the Productivity Commission on 9 October. The Commission argues that regulators should ensure they understand how regulation impacts on small business and keep the compliance capacity of small businesses at the forefront of their minds. 'A regulator's culture and attitude towards business can be as important as the content of the regulation itself. There is still significant scope for improvement in the way regulators engage with small businesses' Commissioner Dr Warren Mundy said. To secure benefits for small businesses and, importantly, also for the broader community, the report proposes a suite of changes which need to be implemented by Commonwealth, state and territory, and local governments: • Regulators should adopt a multi-channel approach to communicating with small businesses with a focus on the brevity, clarity and accessibility of information. • Compliance and enforcement strategies should be proportionate to risks posed to communities and facilitate voluntary com-
pliance. • Regulators should commit publicly to target timeframes for key processes, report on their performance in meeting targets, and consider other measures to improve timeliness. • Regulators should have access to a sufficient range of enforcement tools and be resourced to do their job effectively, to avoid the shifting of direct and indirect costs onto businesses. The Commission found that leading practices in regulator engagement with small business were more commonly adopted by regulators that have implemented a risk based approach. A stronger focus on risk was found to limit unnecessary intrusion on lower risk small businesses, free up resources to improve frontline guidance and advice services and enable them to more effectively address higher risks to communities. The Commission also found that regulators with effective risk based engagement policies and procedures were more likely to be better resourced and to have senior leadership that invests in, and fosters, a business focused culture among their staff.
Choose Brisbane campaign extends its global reach LORD Mayor Graham Quirk will announced that Brisbane cervical cancer pioneer Professor Ian Frazer and Fruit Ninja game developer Phil Larsen are two of the new faces of a campaign to promote Brisbane to the world. The next phase of the Choose Brisbane campaign that has already been seen by two million people in Asia was launched in Hong Kong by the Lord Mayor during his overseas business mission last week that included the Asia Pacific Cities Summit in Kaohsiung. Cr Quirk said with the G20 Leaders Summit in November next year and the Asia Pacific Screen Awards at City Hall this December, Brisbane would be increasingly in the global spot-
light. "Choose Brisbane is all about making the most of that opportunity for economic growth," Cr Quirk said. "The Choose Brisbane campaign is really getting us noticed in Asia and the next phase takes the message event further and targets key decision makers in business investment, conventions and international education. "The campaign reinforces our place as Australia's new world city and complements our Brisbane in Asia Strategy putting us on the front foot for the Asian century." The initial Choose Brisbane campaign featured the image of United States President Barack Obama and other world leaders while this second phase features
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British Prime Minister David Cameron as well as President Obama, Russian President Vladimir Putin, Japanese Prime Minister Shinzo Abel and German Chancellor Angela Merkel. In its first six months the Choose Brisbane campaign was promoted by more than 3,000 outdoor billwww.indiantimes.com.au
board advertisements in Hong Kong, Shanghai, Paris, London and Madrid. Cr Quirk said the local Choose Brisbane advocates Professor Ian Frazer, now CEO and director of research at the Translational Research Institute, and Phil Larsen from game developer Halfbrick highlight Brisbane's growing reputation in research and innovation. Phase two also features Jonathan Roberts from CSIRO, the Gallery of Modern Art, Brisbane Airport, the BG Group, Bechtel and the Brisbane Convention and Exhibition Centre as well as Hong Kong film producer Nansun Shi and Chinese-born contemporary artist Cai Guo-Qiang. Cr Quirk said Ms Shi was
International Jury President for the Asia Pacific Screen Awards to be hosted at Brisbane City Hall this year - and Cai Gio-Qiang has a long association with Queensland and GOMA to host his first solo exhibition in Australia from November. Choose Brisbane is a three year campaign, predominantly in Hong Kong, China and Singapore but also extending into Europe, Japan and the United States over the next 12 months. Phase two includes a refreshed website (www.choosebrisbane.com) as well as billboards, digital and print media placement in the target markets,” he said. Call Trudi on 07 3356 0102