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Capital gains tax disappointing for business

Key areas of the Tax Working Group Final Report released today were disappointing, says Canterbury Employers’ Chamber of Commerce Chief Executive Leeann Watson. One of the most important and contentious elements of The Report, aimed at addressing the structure, fairness and balance of the New Zealand tax system, was around capital gains tax. Ms Watson says the proposed capital gains rules should not be implemented because of the significant impact on small and medium-sized enterprises (SMEs). “We support the Government’s review to ensure that our tax system is fit for purpose for a changing business environment. However, there is very real concern that taxing both shares and business assets under a comprehensive capital gains tax regime would create double taxation. “This could disadvantage New Zealanders owning shares in New Zealand and create inconsistencies around overall taxation on investment.” Ms Watson says a capital gains tax would be unlikely to achieve the desired outcome for business. “There is concern around the effect for capital markets in a capital constrained economy with a long-term savings deficit. Adding further tax on the savings and investment of those New Zealanders in the middle-income bracket won’t drive the deepening and broadening of the capital base that we need for business investment, which is higher productivity and wages. “While the impetus behind the changes are aspirational, there is little to indicate they would significantly reduce overinvestment in housing or increase ‘tax fairness’. In addition, there is concern that additional administration costs and investment distortions could outweigh any benefits and potentially discourage much-needed investment and innovation by locking businesses into current asset holdings. “It is vitally important that we remain competitive as a country and are not continuing to add further compliance for business and in particular small business, who represent 97% of all businesses in our […]

How much do robots affect jobs and productivity?

Robots’ capacity for autonomous movement and their ability to perform an expanding set of tasks have captured writers’ imaginations for almost a century. Recently robots have emerged from the pages of science fiction novels into the real world, and discussions of their possible economic effects have become ubiquitous (see e.g. The Economist 2014, Brynjolfsson and McAfee 2014). But a serious problem inhibits these discussions – there has so far been no systematic empirical analysis of the effects that robots are already having. Industrial robots increase labour productivity, total factor productivity, and wages. At the same time, while industrial robots had no significant effect on total hours worked, there is some evidence that they reduced the employment of low skilled workers, and to a lesser extent also middle skilled worker. A first glance What exactly are industrial robots? A machine is an industrial robot if it can be programmed to perform physical, production-related tasks without the need of a human controller. (The technical definition refers to a “manipulating industrial robot as defined by ISO 8373: An automatically controlled, reprogrammable, multipurpose manipulator programmable in three or more axes, which may be either fixed in place or mobile for use in industrial automation applications”.) Typical applications of industrial robots include assembling, dispensing, handling, processing (for instance, cutting), and welding – all of which are prevalent in manufacturing industries – as well as harvesting (in agriculture) and inspecting of equipment and structures (common in power plants). From 1993-2007, the ratio of the number of robots to hours worked increased on average by about 150%. The industries that increased robot use most rapidly were the producers of transportation equipment, chemical industries, and metal industries. Addressing reverse causality Could it be that higher productivity growth causes a larger increase in robot use, rather than the other […]

Putting you in control of difficult materials

Dormer Pramet has launched several high-performance grades for milling hard materials and for precision thread turning. The new milling grades – M4303 and M4310 – provide durability and reliability in semi-finishing and finishing applications. Each is designed for high speed milling for the die and mold segment, offering consistent wear and longer tool life. An ultra-thin PVD coating increases cutting edge toughness, while its substrate provides high hardness and strength of cutting edge, preventing fracture by chipping. Created within the company’s Pramet range, the M4303 replaces the previous 7205 grade and provides superior wear resistance. It has been developed for hardened steel above 55HRC and cast iron, but can also be used for machining steels and non-ferrous metals. The M4310 takes over from the existing 7215 grade and offers an optimum balance of toughness and wear resistance in hardened steel and cast iron. It can also be used for machining stainless steel, steels and non-ferrous metals. Dormer Pramet also has a high wear resistant grade for thread turning. The new T8010 is ideal for continuous high precision thread turning of steels, stainless steel, cast iron and super alloys. It further extends the company’s Pramet assortment in this application area and supports the universal grade T8030. Offering excellent wear resistance while ensuring operational reliability, the T8010 has enhanced plastic deformation resistance which provides a stable cutting edge and allows for increased speeds. A gold finish on the insert provides a simple wear indicator, while a hard substrate and PVD coating has been optimized to deal with interior residual stress, helping to improve tool life. To find out more about all the latest indexable products launched, contact your local Dormer Pramet sales office or visit www.dormerpramet.com to download the new Pramet product brochure.

Pipe bevelling machine for hard alloys

A portable pipe bevelling tool is ideally suited for machining hard alloys typical of subsea applications and pulls a thick chip without cutting oils. The Millhog Commander I.D. Clamping Pipe Bevelling Tool features large clamp pads with six contact points to evenly spread their holding forces and mount rigidly. Ideal for making precision joint preps on Super Duplex, P-91, and other high alloy pipes, this vibration-free pipe machining tool pulls a thick chip without cutting oils and transfers heat away from the pipe surface which prolongs blade life. Only requiring one mandrel and seven sets of clamps for the entire range of the tool, the Millhog Commander I.D. Clamping Pipe bevelling Tool can prep all schedules of pipe from 95.25 mm I.D. to 355.6 mm O.D. This tool can perform 37-1/2 bevels, compound, counterbore, and J-preps. A 3HP pneumatic motor is standard; an 1800W electric and hydraulic motors are optional.

Demand for higher quality parts and products to drive generative design

Generative design enables the design of lighter, cheaper components while maintaining strength and solidity, ultimately creating a higher quality product. For that reason, the adoption of generative design software is taking off in aerospace and defence, automotive, footwear and clothing, furniture, industrial machines, and oil and gas industries and leading to an uptick in engineering throughput in each of them, finds ABI Research, a market-foresight advisory firm providing strategic guidance on the most compelling transformative technologies. “The rise of the sharing economy and additive manufacturing will drive both demand for and the ability to produce higher-quality goods,” explained Pierce Owen, Principal Analyst at ABI Research. “Generative design expands design possibilities by creating shapes different from those that humans would create. It idealizes the design by creating something that best fits the constraints to optimise the products for various requirements.” For several years now, industrial companies have used geometric topology optimisation – eroding the geometric shape of a product given a set of constraints to improve performance – and are using it more as the use cases for additive manufacturing have increased. Generative design takes that another step by creating, or generating, the geometric shapes from an engineer’s requirements rather than changing existing shapes. Also, unlike topology optimisation, generative design creates many iterations, variations and/or alternatives for engineers to compare, rather than simply removing unnecessary pieces or particles. Additive will drive both generative design and topology optimisation as it provides greater build freedom to fulfill a wider variety of designs. Traditional Computer-Aided Design (CAD) vendors such as Dassault Systèmes, Siemens and recently, PTC, already have or will have embedded generative design capabilities within their CAD environments as plug-ins or kernels. PTC acquired Frustum in November 2018 to do exactly that within Creo. Several of Siemens products, including NX, NX Nastran, HEEDS, […]

Revolutionary power-efficient solution for network energy infrastructure

An exclusive Australian supplier of DC Power Converters and energy solutions, Powerbox Australia, recently released EnergyHub by Enatel Energy at Comms Connect Melbourne Exhibition and Conference. More than 1500 people from a broad range of industries attended this years event seeking out the very latest communications information, technologies and solutions. EnergyHub is a complete lithium-ion power solution for providers of power utilities, telecommunications and security, as well as transport operators. These industry sectors have historically relied on lead-acid battery solutions and worn the associated operation costs. Incorporating both DC rectifier technology and integrated lithium-ion battery modules, EnergyHub from Enatel Energy offers a truly dynamic li-ion solution. EnergyHub offers significant financial benefits because solutions are more efficient and less maintenance is required over the long term, vastly reducing operational costs when compared to the conventional lead-acid type batteries still widely used. As organisations begin to work with brand new EnergyHub, they will notice that this revolutionary system allows for much greater energy density and depth of discharge. “EnergyHub, which utilises li-on batteries, leaves more room for revenue-generating network equipment. Tight cell management from Enatel’s proprietary BMS in combination with the new RM848HE Rectifiers allows for optimised charging/discharging to improve system functionality,” said James Rutty, Business Development Manager of Powerbox Australia. “In addition, the EnergyHub requires zero set-up cost, can be easily scaled up to meet changing load demands and it shares a hot pluggable interface with EnergyPak battery modules to maximise usability.” According to Mr Rutty, safety of the system is ensured with the use of ‘Cold Terminal Design’, which stops voltage from travelling through the battery’s power and control pins to cut off the supply of current when it’s not connected to the charger. EnergyHub offers complete transparency of all energy data including battery cycle life, depth of discharge information, […]

Plastic packaging re-think needed

The first-ever study on NZ’s entire plastic packaging system highlights how even radically improved recycling will not solve all its problems. New Zealanders need to rethink the way we make, use and dispose of plastic packaging. It highlights how everyone has a role to play and no one entity can solve the issues associated with plastic packaging. A co-ordinated circular economy approach is required, which tackles the root causes of the problem not just individual symptoms. In a circular economy the life cycles of materials are maximised, usage optimised and at the end of life, all materials are reutilised so that nothing is wasted. This presents a viable and prosperous alternative to the dominant linear, ‘take, make, waste’ system. The study was led by James Griffin of SBN’s Circular Economy Accelerator. “There has been an explosion in the use of plastic packaging in the last 60 years because it is relatively cheap, lightweight and durable. Unfortunately, systems to properly manage it have not kept pace. This has led to a global waste and pollution crisis, including here in New Zealand. More recently, the stresses in our system were highlighted when China effectively closed its doors to the world’s waste.” The study identifies measures to significantly increase recycling rates such as reduction in the types and formats of plastics used, more on-shore processing facilities, consistent collections around the country, increasing demand for recycled materials and a container deposit scheme. James cautions that, although such measures offer opportunities to improve the situation, recycling alone cannot solve the issues associated with plastic packaging. “There needs to be a wider approach, for example, problematic and unnecessary plastic packaging needs to be identified and eliminated from our supply chains. Reuse models need to be adopted and scaled as an alternative to single-use plastics.” The SBN […]

Has your business registered for the Food Act 2014?

It’s the final countdown for businesses that make, sell or transport food to meet the 28 February 2019 Food Act registration deadline. This includes food manufacturing, such as manufacturers of dried/dehydrated fruit or vegetables, confectionery, meat, poultry, fish products, dairy products and fresh ready-to-eat salads. New Zealand Food Safety (a business unit of the Ministry for Primary Industries/MPI), is urging owners/managers of all New Zealand businesses that make, sell or transport food, which have not registered yet, to find out immediately if they need to register a plan or programme under the Food Act 2014. The Food Act came into force on 1 March 2016 and introduced a common-sense, risk-based approach to food safety. New Zealand Food Safety’s Manager Food & Beverage, Sally Johnston said that under the Food Act all people growing, making, transporting and selling food had a responsibility to keep it safe and suitable. “Most New Zealand food businesses have now registered, which is excellent,” Ms Johnston said. “New Zealand Food Safety, local councils and industry organisations are working hard to help all remaining businesses to meet the 28 February 2019 deadline for registration. “If existing food businesses are not registered by the 28 February deadline, they will be operating unregistered businesses, their retail customers may refuse to accept their goods or use their services, and MPI and local councils may need to take enforcement action. So, immediate action needs to be taken to get registered. “We want make it easier for businesses to make safe and suitable food and comply with food safety requirements.” Under the Food Act, new food businesses have to register as soon as they start trading and existing food businesses (operating under the Food Hygiene Regulations 1974 or Food Act 1981) had from 1 March 2016 until 28 February 2019 to register […]

Historian berates billionaires at Davos over tax avoidance

Rutger Bregman tells panel that the real issue is the rich not paying their fair share Martin Farrer This is not rocket science’: Rutger Bregman tells Davos to talk about tax – video A discussion panel at the Davos World Economic Forum has become a sensation after a Dutch historian took billionaires to task for not paying taxes. In a video shared tens of thousands of times, Rutger Bregman, author of the book Utopia for Realists, bemoans the failure of attendees at the recent gathering in Switzerland to address the key issue in the battle for greater equality: the failure of rich people to pay their fair share of taxes. Noting that 1,500 people had travelled to Davos by private jet to hear David Attenborough talk about climate change, he said he was bewildered that no one was talking about raising taxes on the rich. “I hear people talking the language of participation, justice, equality and transparency but almost no one raises the real issue of tax avoidance, right? And of the rich just not paying their fair share,” Bregman tells the Time magazine panel on inequality. “It feels like I’m at a firefighters conference and no one’s allowed to speak about water.” Industry had to “stop talking about philanthropy and start talking about taxes”, he said, and cited the high tax regime of 1950s America as an example to disprove arguments by businesspeople at Davos such as Michael Dell that economies with high personal taxation could not succeed. “That’s it,” he says. “Taxes, taxes, taxes. All the rest is bullshit in my opinion.” A member of the audience, former Yahoo chief financial officer Ken Goldman, challenged his comments and said it was a “one-sided panel”. He argued the fiscal settings across the global economy had been successful and had created record employment. But […]

X-Frame for waste free buildings gets commercialisation boost

Clip-together modular building design can be rapidly assembled, disassembled and reused, eliminating waste during a building’s lifecycle Victoria University of Wellington PhD candidate Ged Finch is fast tracking the commercialisation of his X-Frame structural frame solution for waste free buildings with support from the KiwiNet Emerging Innovator Programme. The game-changing framing system can be disassembled and re-used at the end of a building’s useful life. Finch’s design, a self-braced interlocking wood design which clips together eliminating the need for single-use fixings, has the potential to eliminate waste and reduce the amount of raw materials being used by the building industry. Approximately half of all New Zealand’s waste—about 1.6 million tonnes every year—is generated by the construction sector. “The current widespread use of adhesive-based fixings and single-life materials means that building a single new home will create about four tonnes of waste during construction, and even more when it’s eventually demolished and taken to the landfill,” says Finch. Finch, who has been working with Viclink, Victoria University of Wellington’s commercialisation office, also secured a place on KiwiNet’s Emerging Innovator programme to help commercialise the green architectural solution. Every single component of Finch’s X-Frame design, cut by a computer-controlled router, can be disassembled and reused, so no waste is produced at any stage of a building’s lifecycle. The clip-together design allows any type of structure—floors, walls, ceilings—to be rapidly assembled and disassembled many times over, using unskilled labour and a bare minimum of tools, akin to flat-pack furniture. Adding doors or windows at a later stage is simple, and when kids leave home: “they could literally take their rooms with them, as our modular design also clips onto standard framing.” Dr James Hutchinson, CEO of KiwiNet, says: “Ged’s vision is to transition the building sector from a linear (take, make, dispose) economy to […]

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