EOA has been at the forefront of Government Lobbying in Employee Ownership Reform
In March EOA was asked by the Hon Tony Smith MP (the chair of this group) to present to the Federal Government’s Economics and Finance Committee in Canberra. This was a very timely and useful dialogue to have with a number of supporters in the back bench of the Federal government. One of the clear requests was to call for a taskforce to be set up to help work with industry to create changes.
In June delegates of EOA and the expert Panel met with policy advisors in the Department of Industry, the Department of Innovation and Treasury to discuss reform in this area and seek to progress the consultation process for start-ups.
The EOA expert’s panel had numerous conversations with the ATO around TR 2014/D1, specifically excluding Division 83A plans from the ruling’s ambit. This led in an ATO announcement at our conference that the TR would not apply Division 83A plans.
Our Inner Circle Company Group
In March this year we set up our Inner Circle Group made up of companies committed to employee ownership. There are two Inner Circle groups, one targeted at private and unlisted companies and one targeted at listed entities.
We will hopefully hear more about this group later in the year.
EOA has continued to stay in contact with Graeme Nuttall in the UK and Loren Rodgers in the US. Late last year we started connecting with the International Association for Financial Participation and met with them in London.
Engagement with other peak bodies
We have been meeting with other peak bodies to find areas of agreement and support and made a joint press release with AusBiotech in this area.
We have also been working with BCCM (business Council of Co-operatives and Mutuals) on a Public Sector Mutuals Green and White Paper to drive employee ownership in this space. The White Paper will be completed during the Government recess period and released the week Government returns on 26 August, 2014.