Phillip Osborne and Geoff Boxer, National Tax and Accountants’ Association - Talking Business 2013 Ep 29

Summary: Leon and Garry talk to Phillip Osborne and Geoff Boxer about how the accounting industry has adapted to the Government's financial planning reforms. For information on RMIT's RG 146 Financial Compliance course, which can be done online, visit http://bit.ly/17no3wT or call +61 3 9925 8111. Leon and Garry discuss issues including: · The US Congress being urged to raise the limit of its debt ceiling which it will hit in mid-October · More signs of recovery in the US with home prices in 10 major US cities increasing 11.9 per cent in the year ended in June and consumer confidence rising · China's government trying to reassure companies and its public about the economy's health, saying growth is stabilising after a lengthy decline and should hit the official target of 7.5 per cent for the year. · Tony Abbott abandoning his intention to return the budget to surplus in the first term of a Coalition government, saying instead voters would know before the 2016 election when the economy would be back in the black. · The coalition finding $31.6 billion of savings over the next four years. · The coalition's promise not to touch the goods and services tax (GST) looking set to come under fire within weeks if it is elected at the federal election. Conservative states including New South Wales, Victoria and Queensland will push for almost immediate changes to the design and state distribution of the tax. · Businesses and consumers wanting to pay for their own fibre connection facing costs of more than $4000 up front and $800-a-year rental under the Coalition's "fibre-on-demand" plan for the National Broadband Network. · Labor saying it will secure 1,750km of rail corridor for a high-speed rail network from Brisbane to Melbourne, via Sydney and Canberra, and pledging an initial $52 million for the planning stage of the project if it is re-elected · Corporate insolvencies reaching record highs as the mining boom continues to unravel · Several of Australia's biggest mining companies intensifying cutbacks by axing dividends to investors, in a move that underscores how few in the industry expect global commodities demand to recover any time soon. · Moody’s slashing the credit rating of National Australia Bank's troubled British division, saying it has an "uncertain" future. · BHP Billiton Ltd chief executive officer Andrew Mackenzie seeking to emulate the group's partnership with Rio Tinto Ltd in a copper mine joint venture, with a strategic partner in its $US15 billion Jansen Canadian potash project. · Mark Bouris ramping up his tilt against Australia Post for a share of the online shopping delivery business, signing up a string of retailers to an alternative delivery route - parcel lockers made by his technology company TZ. · In the year to June 30, Billabong posts a net loss of $859.5 million, a 211.8 per cent widening on the $275.6 million loss recorded in fiscal 2012. · Other companies announcing results including Caltex, Boart Longyear, NIB Holdings, Beach Energy, Seven Group, Flight Centre, Noni Group, Wotif, Woolworths, Transfield, Flight Centre and Whitehaven Coal