ASIC DROPS CIVIL CASE AGAINST LM INVESTMENT DUO

ASIC DROPS CIVIL CASE AGAINST LM INVESTMENT DUO

TWO directors of failed Gold Coast funds manager LM Investment Management (LMIM) have been spared further proceedings by the corporate watchdog after it dropped a civil action against them. However, the Australian Securities and Investments Commission is still pursuing the matter against three others, including former CEO Peter Drake (pic...

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TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

INTERNATIONAL tourists flocked to Australia in FY16 with the tourism industry growing three times faster than the broader economy. Figures from Tourism Research Australia show there was a record 7.2 million international visitors in the 12 months to June 30, up 10 per cent on the previous year. The level of spending grew at a faster r...

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SURFSTITCH SHARES HALVED AS LOSS HITS $155M

SURFSTITCH SHARES HALVED AS LOSS HITS $155M

ONLINE actions sports retailer SurfStitch (ASX:SRF) endured another day of pain on the stock market as its shares more than halved on news that its annual loss has blown out to $154.7 million. The FY16 result by the Gold Coast-based company, a former subsidiary of Billabong (ASX:BBG), has been impacted by $99.3 million in goodwill impairm...

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G8 SHARES STILL TENDER AFTER WILD RIDE

G8 SHARES STILL TENDER AFTER WILD RIDE

SHARES in Australia's largest listed childcare centre operator G8 Education (ASX:GEM) edged lower today after briefly recovering from a $400 million rollercoaster ride in the wake of a disappointing profit result yesterday. The stock dipped as much as 6 per cent in morning trade, but it was a far cry from the 30 per cent thumping give...

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VILLA WORLD JOINS PROPERTY PROFIT RUSH

VILLA WORLD JOINS PROPERTY PROFIT RUSH

HOUSING developer Villa World (ASX:VLW) has joined the profit rush across the property sector by posting a record $33.7 million profit for FY16. The result, up 32 per cent from last year, was underscored by an underlying pre-tax profit of $47.2 million which exceeded the company's forecasts and delivered on a strategy that CEO Craig T...

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GOLD COAST SECURITY BUSINESS HIT WITH RECORD FINE

GOLD COAST SECURITY BUSINESS HIT WITH RECORD FINE

GOLD COAST business Step Ahead Security Services has been slugged with a record fine of $308,000 in Federal Circuit Court for underpaying employees. Judge Michael Jarrett ordered owner Owen Ivor Jennings to personally back-pay eight security guards a total of $22,779 for work completed over three months in 2014. The Fair Work Ombudsma...

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CHEAPER FARES IN QLD PUBLIC TRANSPORT CRACKDOWN

CHEAPER FARES IN QLD PUBLIC TRANSPORT CRACKDOWN

COMMUTERS are set to benefit from cheaper fares following a major overhaul in south-east Queensland's public transport system. Under the Palaszczuk Government's Fairer Fares package, single zone travel during peak time will be reduced from $3.35 to $3.20 from next year. Customers will be able to travel further within a zone, w...

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BUDGET 2016: WHAT IT MEANS FOR BUSINESS

BUDGET 2016: WHAT IT MEANS FOR BUSINESS

BUSINESS is at the forefront of the 2016 federal budget, with SMEs set to see their company tax rate fall to 27.5 per cent from July 1 this year. Treasurer Scott Morrison announced the company tax break in his first budget overnight, a further 1 percentage point reduction for small businesses with annual turnover less than $2 million. ...

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LENDERS 'VULNERABLE, DOWN A BLACK HOLE'

LENDERS 'VULNERABLE, DOWN A BLACK HOLE'

THE corporate watchdog put a spotlight on the cash loan market when it ordered Nimble Australia to repay borrowers $1.5 million last month over allegations that it was not adhering to responsible lending obligations. But now the National Credit Providers Association (NCPA) has launched its own offensive against the authorities, blaming lo...

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ATO TARGETS HIDDEN CASH ON THE GOLD COAST

ATO TARGETS HIDDEN CASH ON THE GOLD COAST

GOLD Coast restaurant operators have been put on notice by the Australian Taxation Office that they could get a knock on the door from its agents as part of a national program that has already targeted Sydney, Melbourne and Adelaide. The ATO says it will be visiting about 250 restaurants, cafés and take-away shops, as well as hair ...

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NIMBLE ORDERED TO REPAY $1.5M TO BORROWERS

NIMBLE ORDERED TO REPAY $1.5M TO BORROWERS

PAYDAY lender Nimble Australia has been forced to refund more than 7000 customers a total of $1.5 million following a probe into its activities by the corporate watchdog. The Australian Securities and Investments Commission says its investigation was triggered by concerns that Nimble was not adhering to responsible lending obligations. ...

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EMPLOYERS URGED TO CHECK EASTER PAY RATES

EMPLOYERS URGED TO CHECK EASTER PAY RATES

EMPLOYERS are being urged to check the pay rates and entitlements that apply to their business over Easter, to avoid having egg on their face with Fair Work. Fair Work Ombudsman Natalie James says most underpayments are inadvertent and the result of employers failing to check their minimum obligations under workplace laws. "Wheth...

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ASSET 'MINER' DIGGING FOR THE NEXT BIG THING

ASSET 'MINER' DIGGING FOR THE NEXT BIG THING

THE Gold Coast investment firm that helped Brisbane-based veterinary company Greencross (ASX:GXL) float on the stock exchange is exploring opportunities as diverse as lithium, coffee and agriculture to uncover the next big deal. Strategic Equity Alliance, headed by Glenn Gaudet and Justin Broad, has appointed youthful mining industry vete...

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'DUMB' LENDING RULES GIVE FOREIGN INVESTORS THE EDGE

'DUMB' LENDING RULES GIVE FOREIGN INVESTORS THE EDGE

TOUGHER lending rules by Australian banks are giving foreign investors an unfair advantage in the property market, according to Aussie Home Loans founder John Symond (pictured). The finance industry veteran says that while he is comfortable with a broad range of initiatives introduced by the Australian Prudential Regulation Authority (APR...

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QUEENSLAND NEEDS TO SNAP OUT OF IT: DELOITTE

QUEENSLAND NEEDS TO SNAP OUT OF IT: DELOITTE

QUEENSLAND has been urged to snap out of the slump mentality and capitalise on the investment legacy created by the now defunct resources boom. Deloitte Access Economics' latest Queensland Business Outlook report says instead of looking at the boom as if it is a hole that needs to be filled, the state should be focusing on its traditi...

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TOURISM BOOM: WE AIN'T SEEN NOTHING YET

TOURISM BOOM: WE AIN'T SEEN NOTHING YET

FEARS of faltering Chinese growth and a global downturn have been downplayed by one economic forecaster who is predicting we are on the verge of a new economic boom, and one that's likely to last for some time. Dr Frank Gelber (pictured), chief economist with BIS Shrapnel, told a Brisbane briefing this week that the next growth story ...

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SURFERS RESTAURANT ADMITS UNDERPAYING STAFF

SURFERS RESTAURANT ADMITS UNDERPAYING STAFF

A SURFERS Paradise restaurant has admitted to deliberately underpaying staff tens of thousands of dollars, operating on the basis that they would not be caught. Uchouten Japanese Restaurant, located on Surfers Paradise Boulevard, told the Fair Work Ombudsman the underpayments were intentional and they hoped they would not be caught. T...

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BPS TECHNOLOGY TO FEED THE GORILLA

BPS TECHNOLOGY TO FEED THE GORILLA

BPS Technology (ASX:BPS), the company that owns Bartercard, sees itself as the 'gorilla in the room' in a trade exchange industry worth $20 billion globally. And the Gold Coast-based company is planning to feed that gorilla over the next year as its takes a bigger bite of a market it says is ripe with opportunities. CEO Trevor...

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STUDENTS REIMBURSED THOUSANDS IN UNPAID WORK

STUDENTS REIMBURSED THOUSANDS IN UNPAID WORK

A GROUP of high school students in Queensland have been reimbursed thousands of dollars for work they undertook as part of school-based traineeships. The year 11 and 12 students, aged between 15 and 18, completed work placement with local employers to attain a Vocational Education and Training (VET) qualification and Higher School Certifi...

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ROBINA YUM CHA FINED FOR FALSIFYING EMPLOYMENT RECORDS

ROBINA YUM CHA FINED FOR FALSIFYING EMPLOYMENT RECORDS

THE operators of a Gold Coast restaurant have been fined more than $23,000 for falsifying staff records, following an investigation by the Fair Work Ombudsman. Yum Cha Robina Pty Ltd, which operates the Yum Cha Robina Chinese Restaurant, was penalised $20,700 after Fair Work inspectors discovered they had been given false rosters, time sh...

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PRIVATE EQUITY CURE FOR START-UP PAIN

PRIVATE EQUITY CURE FOR START-UP PAIN

PRIVATE equity firms will become the lifeblood of Australia's next generation of technology start-ups, providing funding, business strategy and connections, according to Dropbox Australia. Speaking at the annual AMMA Private Equity Spring Conference, Dropbox Australia country manager Charlie Wood (pictured) says there's no shortag...

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SUPERFUND GROWS WITHOUT NEED TO OFFSHORE

SUPERFUND GROWS WITHOUT NEED TO OFFSHORE

IN AN age when offshoring operations is the preferred option to enhance business growth, independent Gold Coast self-managed super fund administration business Superfund Wholesale has managed to achieve a major milestone by staying local. Superfund Wholesale has grown to administer 1000 self-managed super funds in less than five years of ...

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SOUTHPORT RANKS AS OUR TOP SPOT FOR GIVING

SOUTHPORT RANKS AS OUR TOP SPOT FOR GIVING

QUEENSLANDERS may not earn big bucks like their big-city counterparts in the south, but they are among the most generous Australians, according to new research. And the Gold Coast's commercial heart of Southport has proved to be the most giving suburb in the country's most giving state. Direct marketing group Global Interactiv...

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DON'T BANK ON A RECESSION JUST YET, SAYS FORECASTER

DON'T BANK ON A RECESSION JUST YET, SAYS FORECASTER

THE Australian economy may have hit reverse gear in the June quarter, according to BIS Shrapnel, although don't bank on a recession just yet. Despite an overall upbeat view that the housing boom still has 18 months to run and that the end of the decade will bring better times, the economic forecaster has warned of a tough three years ...

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EMPLOYEES FAIL TO MAXIMISE TAX

EMPLOYEES FAIL TO MAXIMISE TAX

AUSTRALIAN workers could be missing out on a hefty return come tax time by failing to lodge all entitlements, according to Officeworks. A survey conducted by the office supplies chain found that more than half of employees are not taking full advantage of their tax time opportunity by not collecting receipts. Young Australians make up...

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FIVE WAYS TO SAVE MONEY AT TAX TIME

FIVE WAYS TO SAVE MONEY AT TAX TIME

WITH the end of financial year fast approaching, it's time to start thinking about our finances. But with tax rules changing every year, it can be a little confusing when trying to understand what you can and can't claim. Scott Baker, director of Mobbs Baker Wealth, says a few small considerations now can help save you money and unn...

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LOG BOOKS: TIME TO TAKE A CLOSER LOOK

LOG BOOKS: TIME TO TAKE A CLOSER LOOK

ARE you maintaining your log book correctly? If you're not, you may be faced with additional tax and penalties to pay. Log books are not only important for individuals claiming motor vehicle deductions in their personal income tax returns but equally important for employers who provide vehicle's to their employee's or associat...

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GLENZEIL CREDITORS TO GET SOME PAYOUT, BUT HOW MUCH?

GLENZEIL CREDITORS TO GET SOME PAYOUT, BUT HOW MUCH?

GLENZEIL’S unsecured creditors look as though they will receive at least some payout from the company’s $10 million collapse, but there is no indication how much.

And despite company directors Ken Skrinis and Brian Gabriel lodging claims of $69,000 and $80,000 respectively in unpaid salaries, liquidator Peter Dinoris, of Vinc...

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$600M SWEETENER FOR CRUISE CONSORTIUM

$600M SWEETENER FOR CRUISE CONSORTIUM

ASF Consortium, the front-runner to build the Gold Coast cruise-ship terminal, has vowed to take up the slack for the State Government with a pledge to splash out more than $600 million in infrastructure costs should it get the nod for the $5 billion Broadwater project. The move is another salvo by ASF Consortium aimed at sweetening the pot ...

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TAX INSTITUTE PUTS PRESSURE ON GOVERNMENT

TAX INSTITUTE PUTS PRESSURE ON GOVERNMENT

 AN independent association for tax professionals, The Tax Institute, has called on the federal government to cut the company tax rate by 2 per cent. Included in the Institute’s 2014-2015 federal budget submission, was a request for a cut in the company tax rate as well as a reform of state taxes to create a more efficient tax system....

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