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Woolworths and Qantas has announced their loyalty partnership which allows customers to earn Qantas Frequent Flyer points as part of their everyday shopping. Woolworth customers who link their Everyday Rewards and Qantas Frequent Flyer accounts will earn one Qantas Frequent Flyer point for every dollar spent above $30 in one transaction, when they present their Everyday Rewards card.

The offer will be available to Woolworths Supermarket and Liquor customers from 22 June and to BIG W customers from 16 July. Offers will also be launched in coming months for customers of BWS, Dick Smith and participating Caltex Woolworths co-branded fuel outlets.

The four cents per litre fuel discount will also continue to apply to purchases over $30 in Woolworths supermarkets and BIG W, continuing to provide further value to shoppers.  Customers who link their Everyday Rewards and Qantas Frequent Flyer membership accounts and choose to pay for their shopping with a credit card that earns Qantas Frequent Flyer points will still earn those points and will also earn one point for every dollar spent above $30 in one transaction, making rewards even easier and faster to attain.

(Read the article)

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ASIC (Australian Securities and Investments Commission) has announced that it would lift it’s ban on covered short selling of financial securities from Monday, 25 May 2009.  But Naked short selling remains banned.

ASIC has reviewed market conditions and considers that the balance between market efficiency and potential systemic concern has now moved in favour of the ban being lifted. ASIC notes that the global financial crisis and global recession continues to place pressure on Australia’s markets. ASIC will not hesitate to reimpose the ban immediately (using its enhanced and clarified powers under the Corporations Short Selling Act 2008) and without consultation if it considers market conditions warrant such action. ASIC will, in its monitoring of the market along with ASX, pay particular attention to short selling activity by participants  including activity by hedge funds and similar institutions, which could potentially harm Australia’s financial system.
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The 2009 Federal budget has resulted in some changes that could provide your small businesses with a 50% tax deduction on new car or equipment purchases. This is in addition to the usual tax deductions available on depreciating assets. Here are the key points to note:

• Businesses with an annual turnover of less than $2 million could benefit from an extra 50% tax deduction on new eligible depreciating assets costing $1,000 or more. The asset must be acquired by 31 December 2009 and installed ready for use by 31 December 2010.
• Businesses with an annual turnover of $2 million or more could benefit from an extra 30% tax deduction on new eligible depreciating assets costing $10,000 or more. The asset must be acquired by 30 June 2009 and installed ready for use by 30 June 2010.

The allowance should apply to investments of $1,000 (GST excl) or greater (if your business has a turnover of less than $2m) or $10,000 (GST excl) or greater (if your business has a turnover of $2m or more). Investments are “new tangible assets used in carrying on a business” — specifically, those which qualify for a deduction under the core provisions of Division 40 of the Income Tax Assessment Act (ITAA). Most kinds of plant and equipment should qualify, including cars and other vehicles.

The tax deduction is not expected to apply to investments in: (Read the article)

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Qantas said today that as previously announced it has been exploring a minority Initial Public Offering (IPO) of the Qantas Frequent Flyer business.

The Board, at a meeting this week, decided that in this period of heightened market volatility, it would be appropriate to defer the IPO. (Read the article)

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ASIC restrict short selling in Australia Stock Exchange . The Australian Securities and Investment Commission has made the following decisions to apply from the opening of the market on Monday, 22 September 2008:

1. Naked short selling banned
2. Covered short selling banned (subject to limited authorised market-maker exemption)
3. ASIC will reassess and advise the market in 30 days, whether or not it will at that time, or at a later date, reopen covered short sales for non-financial stocks.

ASX will implement the changes by removing all stocks from the permitted list of naked short sales. (Read the article)

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