Infrastructure NSW has made 30 investment recommendations on the next round of critical infrastructure for NSW—set out in the ‘State Infrastructure Strategy Update 2014’, published today.

The recommendations are for infrastructure projects and programs valued at $18.9 billion.

Independent modelling by Deloitte Access Economics has found that if implemented effectively the

recommendations would increase the Gross State Product by $30.9 billion and add 122,000 more jobs.

Infrastructure NSW’s report targets three priority areas: Global Sydney’s competitiveness; supporting population and economic growth in Greater Sydney, including Parramatta and Western Sydney; and ensuring productive regional industries and connected regional communities.

The ‘State Infrastructure Strategy Update 2014’ was prepared by Infrastructure NSW at the direction of the Premier to guide how proceeds from the Rebuilding NSW initiative could be spent.

Infrastructure NSW Chairman Graham Bradley said that accelerating much needed infrastructure has the potential to deliver significant economic and social benefits to the community.

“There is considerable capacity to deliver elements of the Government’s infrastructure program sooner—in transport, health, water and culture, sporting and environmental infrastructure,” he said.

“The 30 major projects and programs we have recommended are strategically important and
economically sound. They should be brought forward, with final business cases prepared over the next 18 months.

“This will allow the NSW Government to take budgetary decisions in a timely fashion, after the proposed Rebuilding NSW transaction.

“The investments proposed must be complemented by continued intensive use of existing assets to

make the most of past investments".

“Working with the private sector, given the breath and pace of delivery, to maximise value for money

outcomes, will also be critical to success,” Mr Bradley said.

Key investment recommendations include:

• Increasing Sydney’s global competitiveness
  
• • $8 billion to deliver a step-change in capacity and reliability of Sydney’s rail system:
  • • Western Sydney Rail (Sydney’s Rail Future Stage 2) $1 billion
    • Sydney Rapid Transit $7 billion
  • $6.3 billion to expedite critical motorways to be funded as toll roads including:
  • • WestConnex Northern and Southern Extensions $1.8 billion
    • Western Harbour Tunnel $4.5 billion
  • $1 billion to reduce congestion in the road network:
  • • Urban Pinch Point Program $300 million
    • Expanded Clearways Program $100 million
    • Smart Motorways $400 million
    • Transport management systems $200 million
• Supporting population and economic growth in Greater Sydney, including Parramatta
  
• • $600 million for the Parramatta CBD Public Transport Improvement Program
  • $300 million Bus Rapid Transit and Bus Priority Program
  • $300 million Pinch Point Upgrade Program Sydney – Illawarra
  • $100 million Corridor Preservation Program
  • $1.4 billion for Education and Health facilities in Greater Sydney:
  • • Schools Growth Program $700 million
    • Hospitals Growth Program $600 million
    • Care Co-location Program $100 million
  • $1.2 billion for cultural and sporting investment for Global and Greater Sydney:
  • • Cultural Infrastructure Program $600 million
    • Sports Stadia Infrastructure Program $600 million
• Ensuring a competitive and connected regional economy
  
• • $3.1 billion for efficient freight transport to ports and markets:
  • • Freight Road Corridor Program $2 billion
    • Bridges for the Bush $200 million
    • Fixing Country Roads $500 million
    • Fixing Country Rail $400 million
  • $1 billion Regional Growth Roads Program
  • $1 billion Regional Water Security and Supply Fund
  • $300 million Regional Schools Renewal Program
  • $300 million Regional Multi-Purpose Health Facilities Program
  • $300 million Regional Environment and Tourism Program

Some of the other key reforms recommended include:

• Improving passenger rail journey times between Sydney and Parramatta, as well as the Central Coast and Illawarra
• Review options for Beaches Link with a view to implementation in 10 to 20 years’ time
  
• Comprehensively plan for Sydney’s second airport at Badgerys Creek
  
• A number of freight corridors are identified for investigation
  
• Identify funding sources to implement flood mitigation and evacuation options for the Hawkesbury-Nepean Valley
• Develop a whole of sector cultural infrastructure strategy.
  

The recommendations in the Update were prepared for the NSW Government for its consideration in

developing plans for infrastructure investment. The State Infrastructure Strategy Update 2014 is

available at www.insw.com.

Parramatta Road urban renewal strategy The community is being asked to provide comment and feedback on proposed plans to reinvent one of Sydney's most infamously congested road corridors – Parramatta Road. We are committed to considered, sensible revitalisation of this corridor, which has been an eyesore in our global city for too long. The 20-year urban transformation of Parramatta Road will help create up to 50,000 jobs and 50,000 new homes. We are focused on improving the supply of homes near jobs and near public transport and other infrastructure – these plans deliver on that commitment.

 

Family-owned Inbound Tourism Operator and Corporate Travel Agent JC Travel Professionals have been recognised for their contribution to the NSW tourism industry at the annual Awards night held on Thursday, 27 November at the glittering Dockside Pavilion, Darling Harbour.

Founded by Egyptian immigrants Freddy and Sahar Mikhael in 2004, JC Travel Professionals has grown to overtake their nearest competitors as Australia’s largest inbound tourism operator for the Middle East, responsible for bringing tens of thousands of visitors to Australia each year.

The founder and Managing Director of the family-owned, Sydney Hills-based agency, Freddy Mikhael, said that winning the gold award was both an incredible achievement and a stunning motivation to grow bigger and better.

“Winning is an incredible feeling.  This is our first time here and we were excited just to be a finalist among so many amazing businesses and organisations,” he said at the Awards Event held in Darling Harbour’s glittering Dockside Pavilion.

“But this is the start of more hard work and we want to prove we deserve this and we will be back next year having grown even bigger and better,” said Mr Mikhael.

“When we came to Australia as a family in 2002 we had one goal; make a difference to our adopted country, our lives, and the lives of our wonderful team.”

This win comes not long after winning the title of Most Outstanding Travel Agency at the Sydney Hills Local Business Awards in 2014.  As winners of their category at the NSW Tourism Awards, JC Travel Professionals are now automatic finalists at the Australian Tourism Awards, the ceremony of which will be held in Adelaide in April 2015.

Rosehill Gardens is the perfect venue for all your new year Business and Event needs, offering a wide selection of versatile indoor and outdoor spaces.  

 

 

Greater Sydney’s prestigious racecourse has the ability to cater for a diverse range of conferences, product launches, gala dinners and corporate hospitality. 

 

 

Paul Carabetta has recently joined Rosehill Gardens as Business Development Manager – Corporate and brings to the table a wealth of knowledge, experience and well established connections throughout the Greater Western business community.

 

 

Previously the Food and Beverage Operations Manager of the Riverside Oaks Golf Resort, Paul will assist in finding the right solution with you to make your event seamless at Rosehill Gardens.

 

 

Paul looks forward to connecting with you:

 

P: (02) 9760 6255

 

M: 0418 250 584

 

E: pcarabetta@australianturfclub.com.au

The launch of Twilight Racing at Rosehill Gardens is set to quench Sydney’s thirst for end-of-week late lunches, ‘Thank God It’s Friday’ cheer and end-of year-catch-ups with work mates and friends. This is your first and only chance this season to enjoy balmy evenings on the trackside lawns, so book today to celebrate the festive season with live music, great food and entertainment.

 

To book your hospitality please contact Anthony Nicolaou, Business Development Manager – Commercial on:

 

P: (02) 9760 6215

E: anicolaou@australianturfclub.com.au

 

For more information please visit www.theraces.com.au

What do you think is the biggest challenge facing businesses in Western Sydney? 

 

“We need it to be a true regional centre and not an outlying Sydney suburb”.
 

 That’s what one of the many participants in our research told us. Do you have a different view?

 

Your opportunity to participate and join over 200 other businesses who have had their say closes on Monday 1 December. 

 

Please take 10 minutes to share your insights by completing our online survey before it closes.

As part of Western Sydney Business Connection's continued engagement with the businesses of Western Sydney and as a valued contact of WSBC, you are invited to have your say on the big issues affecting businesses in Western Sydney.

Developed and led by WSBC gold member William Buck and in conjunction with WSBC, “Making Western Sydney Greater” is a research initiative designed to identify the most important issues for businesses in Western Sydney, and to drive positive change. 

The research is proudly supported by WSBC Platinum Partners St George Bank and The University of Western Sydney.

 

The results from this research will enable us to:

• Inform government on the key issues you identify
  
• Create seminars and training targeted to your needs
  
• Arrange networking opportunities for local businesses with common opportunities, interests and challenges
  
• Develop resources to directly support Western Sydney businesses
• And more ...

As a participant you will receive a full copy of our findings from this research and priority access to any seminars, networking opportunities and the like that are held. 

 

In conjunction with the Federal Government’s Industry Innovation and Competitiveness Agenda released in October 2014 was an announcement of a reform program for Employee Share Schemes (ESS).  No legislation has yet been released and there is a consultation process underway to ensure that key aspects, which were not in the original announcement, are appropriately covered when the legislation is released.

 

In terms of measures announced, there are changes to the taxation of options that will impact a broader range of employers. From 1 July 2015, the taxing point of options will be the time of exercise. This is a positive change to the current rules and should make options a more attractive form of rewarding employees - the taxing point will once again align with the time the employee is able to realise a gain on the options. 

Perhaps the most publicised part of the announcement is the proposal to provide assistance to start-up companies.  The current proposals provide that, to qualify as a start-up, companies must: 

     i.          not be a listed company;

       ii.          have an aggregate turnover less than $50m; and

      iii.          have been incorporated for 10 years or less. 

Any shares and options granted under an ESS will only qualify for concessional treatment provided: 

·       Options: the exercise price is not less than market value of the shares at the date of grant;

·       Shares: the discount granted must not be more than 15% at date of purchase.

Once a company satisfies the conditions to qualify as a start-up, any qualifying shares and options granted under an ESS will receive the following advantages:

·       The first taxing point for both shares and options will be deferred until the shares are  sold, with a 15 year time limit suggested in the Government’s media release; and

·       The entire gain made on the sale of shares will be taxed as a capital gain. Provided the asset (either the shares or options) disposed of has been held for more than 12 months, the gain should qualify for the 50% CGT discount. 

ASIC has recently announced changes to its employee incentive scheme class order relief, that, once effective, will reduce the administrative burden of implementing some employee share schemes. However, it is not yet clear how ASIC may address the need to simplify the regulatory requirements for start-ups as contemplated in the latest proposals. The timing of ASIC’s changes provides an opportunity for the Government to establish a tax, reporting and regulatory framework that will encourage wider implementation of ESS plans. 

The announcements present an opportunity for corporates to re-examine remuneration structures and how they look to incentivise their employees. There is clearly food for thought as it is clear that some companies will have the capacity to provide significant value to their employees.

Author: David Pring, Partner, KPMG’s Private Enterprise.

 

 Deloitte Private Connect  Entrepreneurs

WSBC presents the first in a series of three articles from Platinum Partner Deloitte on the power of the Cloud and accounting solutions.

The many benefits of the cloud are well understood by most entrepreneurs. The total cost of IT as a percentage of revenue is reduced and the savings can be reinvested in growing the business. But, for an entrepreneur, while the IT savings can be compelling, the biggest benefit of cloud computing is the agility it enables. Importantly, it gives the enterprise the flexibility to take advantage of opportunities and scale up effectively as the business takes off.

 

Of course, alongside all the benefits of the cloud, there are two downsides we often see. One is highlighted in a recent study by Intermedia and Osterman research that shows the average small business is drowning in cloud applications, causing inefficiencies, lost productivity and data integration issues. The report found that, on average, small businesses use 14 individual cloud applications and that each user interacts with more than five software applications. 

The other, perhaps more frustrating downside is that even when a business has made the right application choices, some are still using pre-cloud accounting practices. So while these businesses have come some way along the cloud journey, they still need to walk the final mile to get the full benefits of this exciting technology shift.

 

Let me explain. While many businesses have migrated their financial information to the cloud, they’re still working on a quarterly reporting timeframe – sometimes longer. Typically, businesses that do this have their bookkeeper or accountant produce a financial report for the previous quarter when their Business Activity Statement is due – which is almost three months after the end of the reporting period.

 

These businesses operate in a financial information vacuum from one reporting period to another. They don’t have information about their present financial position at their fingertips which, when used to its full potential, is exactly what the cloud enables.

 

In contrast, businesses that are taking full advantage of cloud accounting services can see their accounts receivable and accounts payable in real time. They can produce an up-to-the minute profit and loss statements and balance sheets. Then they can use this information to make strategic decisions about the future of their business.

 

One of our star clients, Crisp Creative Salad’s founder Ted Tolfree, is an entrepreneur who is harnessing the full potential of the cloud in his business. Having completed a full migration of his financial information to the cloud, all the business’s invoicing and accounting is done electronically, which reduces the potential for human error.

 

“Being able to see our overall spending and reporting whenever we want gives us the oversight and control I need as a business owner. So when we meet with our Deloitte Private advisor we talk about the plans for the business, instead of the day-to-day accounting. It’s taken the relationship to a new level,” Ted explained in a recent blog post. 

 

“We use other cloud-based software that integrates well with Deloitte Private Connect, so we can see the full picture across all aspects of our business,” he says. 

 

For entrepreneurs, having access to real-time financial information is absolutely vital.

 

• It gives founders confidence in the business’s financial figures when talking to potential investors.

 

Early stage ventures are by their nature risky enterprises. But there are ways that entrepreneurs can manage these risks. Having live financial information available is one of the best ways to do this.

 

Related: hear Ben’s thoughts on the ‘Inevitable Shift to Fixed-Fee Advisory Services for Accountants’ published on Digital First.

 

WSBC Gold Member University of Western Sydney announce a unique dining experience for 10 cricket fans to raise money for two scholarships awarded to students who would otherwise not be able to attend university. 

 

Join UWS on 2 December for a memorable evening with cricket legend and former West Indies Cricket Team Captain Brian Lara and help two deserving students realise their educational dream.

Attendees will also meet two of UWS’s brightest students and hear what a difference a scholarship makes to their education and their lives. UWS Chancellor, Prof Peter Shergold, will also join the evening to liven up the dinner in his own entertaining way.

There are only ten places available at $5,000 each.*

You don’t need to be a cricket tragic to enjoy this exclusive invitation. To secure one of only ten places, book now by contacting Rita Jaber :

 

E: r.jaber@uws.edu.au

P: 02 9685 9511

 

Event Details:

 

Date:     2 December 2014 

Time:     6.30 pm for 7.00 pm 

Venue:  Gilbert + Tobin, Level 37, 2 Park Street Sydney

 

* All guests will receive a tax deductable receipt for $4,750.00 per seat.

Changes to CBD car parks are being introduced as part of Parramatta City Council’s vision for a vibrant business hub with more commercial and residential development to boost job creation and economic growth. 

 

The three single-level public car parks making way for new development are: 

 

·         The temporary 81-space car park at Smith St, which closed in November to make way for the start of work on UWS’s new campus on Parramatta Square.

 

·         The 200-space car park at 189 Macquarie St, which closed in early December to allow for a new 26-storey commercial and residential development featuring a new 700-space car park to open in 2017. 

 

·         The 75-space Lennox Bridge car park, which will close in early 2015 to allow for construction of the new Riverside Tower development including a Council-owned Discovery Centre and exhibition space.        

 

Other CBD car parks have substantial spare capacity to accommodate motorists who park at these three affected sites.  

 

Detailed information and maps to advise car park users on how they can best find alternative parking is at www.parracity.nsw.gov.au/changesahead.