Revitalising the Australian Shipping Industry through Tax Reform: Alchemy or Piracy?

The Australian Federal Government has recently passed reforms to the shipping industry. These reforms are aimed at removing barriers to investment in Australian shipping, fostering global competitiveness and securing a stable maritime skills base. The shipping reform package adopts a two pronged approach designed to achieve its stated goals by providing both a ‘stick’ and ‘carrot’ to industry participants. First, the ‘stick’ is delivered via the provision of tighter regulation of coastal trading operations through a new licencing system, along with the introduction of a civil penalty regime and an increase in existing penalties. Second, the ‘carrot’ is delivered via taxation incentives available to vessels registered in Australia where the registrant meets certain specified criteria. These incentives, introduced through amendments to the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 and contained in the Tax Laws Amendment (Shipping Reform) Act 2012, provide five key tax incentives to the shipping industry. From 1 July 2012, amendments give effect to an income tax exemption for qualifying ship operators, accelerated depreciation of vessels, roll-over relief from income tax on the sale of a vessel, an employer refundable tax offset, and an exemption from royalty withholding tax for payments made for the lease of certain shipping vessels.

Small business entity tax concessions : through the eyes of the practitioner

Australia’s small business sector has pursued often-competing imperatives of simplicity, equity and efficiency in the income tax regime (particularly focusing on the notion of simplicity) over the last decade. In 2001, there was an attempt to provide such simplification and reduce the compliance burden faced by Australian small businesses through the ‘simplified tax system’ (‘STS’). However, despite amendments over the years, the regime is much criticised. This article explores how the STS (now known as the ‘small business entity’ regime or ‘SBE’) is utilised from the perspective of tax practitioners, by analysing their recommendations to small business clients in respect of the regime. The results indicate that practitioners believe the regime did nothing to simplify the tax system for small businesses or reduce tax compliance costs. Indeed, the practitioners believed that the introduction of small business concessions had actually achieved the opposite result — it had increased tax compliance costs for their small business clients. However, tax practitioners still recommend the regime highly because it minimises their client’s tax liability.

Linking Karumba : Creating Sustainable Connections

Linking Karumba: Creating Sustainable Connections This exhibition showcases the work of 3rd -4th year undergraduate landscape architecture, architecture, Industrial Design, Environmental Engineering, Civil Engineering students in response to issues of sustainability in the Gulf of Carpentaria town of Karumba. It presented the work to the Karumba and Carpentaria Shire community. 16 students and four staff set off on a 2488km journey to undertake the first half of the Carpentaria Project: a fortnight-long strategic planning project entitled Linking Karumba to encourage social, economic, environmental and cultural linkages across the town. Karumba, along with the nearby town of Normanton, is one of Queensland’s most remote settlements. Its economy is based on fishing, tourism, and mining. It has two centres, 2.5km apart by river, or 9km by road. This physical disconnect was identified by Carpentaria Shire Council (CSC) and the Karumba Progress Association (KPA) as a source of socio-cultural disconnection, which formed the basis of our project brief. Student designs were highly responsive to the character of Karumba’s culture and environment, indicating remarkable levels of immersion, and attracting $830 000 in Qld. state government funding for implementation. The Exhibition Four groups of four students produced four strategic planning and design options toward this future: Make the Switch: Alice Anonuevo, Michael Marriott, Carla Priestley & Grant Harvey Realigning the Systems: Claudia Bergs, Rebecca Stephens, Anna Coulson & Lois Kerrigan Diversification of Experience: Rebecca North, Kyle Bush, Debra Sullivan & Jenna Green The River is the Main Street: Ashley Nicholson, Monica Kuiken, Dean Bowen & Bill Schild

QUT Linking Karumba Project

QUT Linking Karumba Project This exhibition showcases the work of 3rd -4th year undergraduate landscape architecture, architecture, Industrial Design, Environmental Engineering, Civil Engineering students in response to issues of sustainability in the Gulf of Carpentaria town of Karumba. It presented the final, polished set of work to the Karumba and Carpentaria Shire community, following revisions in line with feedback from the 2008 exhibition. 16 students and four staff set off on a 2488km journey to undertake the first half of the Carpentaria Project: a fortnight-long strategic planning project entitled Linking Karumba to encourage social, economic, environmental and cultural linkages across the town. Karumba, along with the nearby town of Normanton, is one of Queensland’s most remote settlements. Its economy is based on fishing, tourism, and mining. It has two centres, 2.5km apart by river, or 9km by road. This physical disconnect was identified by Carpentaria Shire Council (CSC) and the Karumba Progress Association (KPA) as a source of socio-cultural disconnection, which formed the basis of our project brief. Student designs were highly responsive to the character of Karumba’s culture and environment, indicating remarkable levels of immersion, and attracting $830 000 in Qld. state government funding for implementation. The Exhibition Four groups of four students produced four strategic planning and design options toward this future: Make the Switch: Alice Anonuevo, Michael Marriott, Carla Priestley & Grant Harvey Realigning the Systems: Claudia Bergs, Rebecca Stephens, Anna Coulson & Lois Kerrigan Diversification of Experience: Rebecca North, Kyle Bush, Debra Sullivan & Jenna Green The River is the Main Street: Ashley Nicholson, Monica Kuiken, Dean Bowen & Bill Schild

Tax Expenditure Management : A Critical Assessment

A tax expenditure is a 'tax break' allowed to a taxpayer or group of taxpayers, for example, by way of concession, deduction, deferral or exemption. The tax expenditure concept, as it was first identified, was designed to demonstrate the similarity between direct government spending on the one hand and spending through the tax system on the other. The identification of benefits provided through the tax system as tax expenditures allows analysts to consider the fiscal significant of those parts of the tax system which do not contribute to the primary purpose of raising revenue. Although a seemingly simple concept, it has generated a range of complex definitional and practical issues, and this book identifies and critical assesses the controversial aspects of tax expenditure and tax expenditure management.

"The accounting conference"

The paper’s aim is to be a satirical reflection of participant experiences at an accounting conference.

Meta-regulation approach to CSR

The convergence of corporate social responsibility and corporate governance has changed the mechanism of corporate accountability, which has developed "corporate self-regulation...

Core principles of CSR approaches

CSR is increasingly an essential issue for business enterprises. It is a company and multidimensional organizational ...

Is CEO human capital related to firm performance?

The global economy experienced continuous growth from 2002 to 2007 until the U.S. subprime mortgage crisis caused instability in worldwide stock markets. Simultaneously, global CEO turnover continued to fall to 13.8 percent in 2007. In contrast, the CEO turnover rate in Australia increased to 18 percent in 2007. The purpose of this paper is to determine under what conditions a change in a CEO is associated with firm performance. Succinctly, does the firm’s decision to replace the CEO depend on the CEO’s human capital or firm performance? The empirical study of Australian listed firms (2005 – 2008) shows that firm performance is not a determinant of CEO turnover, rather a CEO with less valuable human capital is more likely to be replaced. The study also finds that merely changing the CEO is not associated firm performance. Rather, there is a positive association between firm performance and the successor’s general human capital for firms that replace the CEO. Specifically, it is the internal successor’s general human capital that is an important determinant of increasing firm performance. These results are important because they imply that CEO turnover is a result of a more active market for CEOs and contributes to explaining why firms retain CEOs despite poor firm performance.

Inside the boardroom : exploring board member interactions

This study aims to open-up the black box of the boardroom by directly observing directors’ interactions during meetings to better understand board processes. Design/methodology/approach: We analyse videotaped observations of board meetings at two Australian companies to develop insights into what directors do in meetings and how they participate in decision-making processes. The direct observations are triangulated with semi-structured interviews, mini-surveys and document reviews. Findings: Our analyses lead to two key findings: (i) while board meetings appear similar at a surface-level, boardroom interactions vary significantly at a deeper level (i.e. board members participate differently during different stages of discussions) and (ii) factors at multiple levels of analysis explain differences in interaction patterns, revealing the complex and nested nature of boardroom discussions. Research implications: By documenting significant intra- and inter-board meeting differences our study (i) challenges the widespread notion of board meetings as rather homogeneous and monolithic, (ii) points towards agenda items as a new unit of analysis (iii) highlights the need for more multi-level analyses in a board setting. Practical implications: While policy makers have been largely occupied with the “right” board composition, our findings suggest that decision outcomes or roles’ execution could be potentially affected by interactions at a board level. Differences in board meeting styles might explain prior ambiguous board structure-performance results, enhancing the need for greater normative consideration of how boards do their work. Originality/value: Our study complements existing research on boardroom dynamics and provides a systematic account of director interactions during board meetings.

Social enterprises in rural community development

Social enterprises are hybrid organizational forms that combine characteristics of for-profit businesses and community sector organizations. This article explores how rural communities may use social enterprises to progress local development agendas across both economic and social domains. Drawing on qualitative case studies of three social enterprises in rural North West Tasmania, this article explores the role of social enterprises in local development processes. The case study social enterprises, despite differences in size, structure, mission and age, are strongly embedded in their local places and local communities. As deeply contextualized development actors, these social enterprises mobilize multiple resources and assets to achieve a range of local development outcomes, including but not limited to social capital

The role of the board of directors in ensuring a culture of integrity

Corporate scandals are as old as the corporate form itself. Consider, for example, the controversies surrounding the role of one of the first modern corporations, the British East India Company, in the Bengal famine of 1770 and in the Chinese opium trade. Yet it is the increasing scale and scope of unethical acts carried out by individuals in the name, and interests, of corporations that continue to be concerning. Recent revelations surrounding the extent of bribery and covert surveillance used by News Corporation journalists in its British operations continue to shock the world and undermine confidence in that organiszation and journalists in general. Yet despite the systemic nature of many of these unethical activities, corporate leaders generally plead ignorance when transgressions come to light. During the enquity into the News Corporation scandal, Rupert Murdoch, the CEO and chairman, rejected the assertion that he was ultimately 'responsible for this whole fiasco' (House of Commons, 2011, Q.230). Instead, like many corporate leaders before him, Murdoch placed blame on the employees within the newspaper. His responses poses an increasingly important question: Do corporate leaders bear responsibility for the conduct of individuals within a corporation and, if so, why?

Christine Parker

Professor Christine Parker is a leading author in the field of legal regulation, governance, and professional ethics. She did her Bachelor of Arts with First Class Honors in 1991 and Bachelor of Laws with First Class Honors in 1992 in the University of Queensland. In 1997, she finished her doctoral dissertation and earned her Ph.D. from Australian National University.