Small business to take tax-break hit

The government is dumping an asset write-off for small businesses that was linked to the mining tax. Source: AAP

THE federal government is setting a "tax trap" for small business by drastically reducing a tax break before legislation for it has passed, the opposition claims.

Small Business Minister Bruce Billson's office has confirmed that the $6500 instant asset write-off introduced by the former Labor government will end from January 1.

Instead, businesses will be able to get instant tax break for assets worth up to only $1000.

The tax break was linked to the mining tax.

Its formal dumping is contained in the mining tax repeal bill, currently stuck in the Senate, but legislation for tax measures can be applied retrospectively.

Acting opposition leader Penny Wong said it was a "tax trap for 2.7 million Australian small businesses and sole traders".

Shadow treasurer Chris Bowen said it was highly unusual for a government to make tax such changes and not publicise them.

"Have we seen any information campaign for small business saying listen, if you want to make an investment you'd better make it now because your tax write-off ends on 1 January? No," he told reporters in Sydney on Tuesday.

"I don't think they're very proud of this change."

Dropping the level of the instant asset write-off was part of the coalition's election commitments.

Information on the Australian Taxation Office's website, dated December 18, says the change is "expected to come into effect" on January 1.

Business representatives - the Australian Chamber of Commerce and Industry and the Australian Industry Group - have told the government that they'd like to see the asset write-off funded in the next federal budget.

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Private sector credit growing modestly

Credit growth was moderate in November as consumers and business are wary about taking on more debt. Source: AAP

CREDIT growth was moderate in November as consumers and business are still wary about taking on more debt.

The amount of private sector credit issued by banks and other lenders was up 0.3 per cent in November, after rising by the same about in October, seasonally adjusted data from the Reserve Bank of Australia (RBA) shows.

Over the 12 months to November, total credit rose 3.8 per cent.

Commonwealth Bank senior economist Michael Workman said record low interest rates are not having the desired affect on spending.

"It's not just about interest rate levels. In our view, moderate credit growth indicates that consumers and businesses remain cautious about increasing leverage because of uncertainty over job security and profitability," he said.

"To be fair, the consumer and business (confidence) surveys are gradually improving. Better news on jobs and the growth outlook are required."

Housing credit went up 0.5 per cent in November, and rose 5.1 per cent over the year to November.

Mr Workman said firm growth in home lending is being offset by relatively high repayment rates.

"Mortgage payers have been reluctant to reduce their repayments in line with lower mortgage rates over the past two years," he said.

"Some recent RBA research has indicated that households appear to have used about two thirds of the savings from lower interest rates to repay debt.

"In some respects it negates the effectiveness of monetary policy. While housing lending has responded to lower interest rates, some of the more interest rate sensitive areas of the economy, like non-mining business investment, remain subdued."

Business credit decreased 0.1 per cent in November, after a 0.1 per cent rise in October, and over the year to November it was up 1.9 per cent.

Other personal credit was unchanged in November, after decreasing 0.1 per cent the month before and rose 0.8 per cent in the 12 months to November.

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Vic govt's 2014 wish is to win election

Victorian Deputy Premier Peter Ryan says the thing he wants most in the new year is to retain power. Source: AAP

AFTER a year in which his boss was sacked, he lost the police ministry and a rogue MP was calling the shots, all deputy Victorian premier Peter Ryan wants for 2014 is to stay in government.

Ted Baillieu quit as premier in March, having lost the confidence of his colleagues, and his replacement Denis Napthine relieved Mr Ryan of the police portfolio.

With the state election due on November 29, Mr Ryan said his priority for the new year was to remain in government for another four years.

"With the prospect of that election now 334 days away, we of course as the government, are very, very keen to be able to win that election," he told reporters on Tuesday.

The government will begin 2014 from a tough position, with Labor holding a healthy lead in two-party preferred terms according to both Newspoll and Fairfax/Nielsen.

But before the election campaign begins, the government will have to deal with parliament, and with two Labor MPs set to return from suspension in February, the opposition will potentially have the numbers to challenge its authority.

The coalition holds 44 of the 88 seats in the lower house to Labor's 43, but cannot necessarily count on independent MP Geoff Shaw's support to maintain an outright majority.

Mr Ryan said it was up to the Labor party to behave themselves over the final 42 sitting days before the election to ensure parliament remains workable.

"The parliament can and does function fine if it is that Labor chooses to conduct itself in a responsible manner," he said.

"We are looking forward to the events on the 29th of November next year, and we will have plenty to say about it over the next 334 days."

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Fortescue receives reprimand after deaths

A man has died in an accident at Fortescue Metals' Christmas Creek mine in Western Australia. Source: AAP

FORTESCUE Metals Group has been ordered to improve its safety procedures by the mines regulator following the death of a man at its Christmas Creek mine.

The 23-year-old contractor was carrying out maintenance on a surface miner, a large piece of mining machinery, in the Pilbara mine's heavy vehicle workshop when the accident occurred overnight on Monday.

It is the second death at the iron ore mine in less than five months.

The WA Department of Mines and Petroleum (DMP) has issued special directions ensuring that Fortescue tightens safety procedures at all of its operations, including lock out/tag out procedures, ahead of a safety audit in the new year.

Surface mining operations at Christmas Creek have been suspended as DMP inspectors carry out a site investigation.

"The inspectorate has so far determined that a number of recent incidents at Fortescue Metals Group mine sites appear to have involved an ineffectual isolation and lock out/tag out process," State mining engineer Simon Ridge said.

"This may or may not be a contributory factor in this most recent incident."

He said the legal directions would remain in place until Fortescue could ensure lock out/tag out procedures were effective.

Staff at Christmas Creek have been offered chaplains and other counselling services following the man's death.

His name is yet to be released by police.

Unions are concerned the company's efficiency program is being prioritised over safety.

CFMEU Construction Division WA secretary Mick Buchan said his union had received complaints about safety concerns at Christmas Creek in recent months, including anonymous emails from workers who were worried about identifying themselves.

"We want the full gamut of potential contributing factors to be examined in detail, including potentially unsafe working hours on site, the capacity of unions to access the site to assess safety, the replacement of experienced workers with cheaper alternatives - the lot," Mr Buchan said.

He said the death was a huge alarm that something was wrong on the site.

"We need to get to the bottom of it quickly and accurately before anyone else is killed or hurt."

Fortescue said another worker had suffered leg injuries in the incident.

The man's death comes four-and-a-half months after electrician Kurt Williams, 24, was crushed to death while carrying out maintenance work on a large motor in the crushing plant at Christmas Creek.

Mr Williams' death broke a two-year fatality-free run at Western Australia's mines.

At the time, Electrical Trades Union WA secretary Les McLaughlan said the union had raised concerns about safety practices and specific concerns about the kind of work Mr Williams was undertaking.

In October, truck driver had his leg amputated after being crushed at the Christmas Creek mine.

Earlier this month, a contract construction worker Stephen Hampton was killed at Newcrest's Telfer gold mining operations when a large piece of pipework rolled onto him.

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All set for party of the year

Australia's skies are set to explode with colour this New Year's Eve, the biggest party of the year. Source: AAP

AUSTRALIANS are preparing to celebrate the biggest party of the year, with the skies above the nation's capital cities expected to explode with colour on New Year's Eve.

At the country's drawcard event in Sydney, seven tonnes of fireworks will light up the sky on Tuesday in the form of 11,000 aerial shells and 25,000 shooting comets launched from seven barges spread across six kilometres of Sydney Harbour.

For the first time in a decade, 1000 fireworks will also be shot from the top of the Opera House, as well as from the Harbour Bridge and jet skis stationed in the harbour.

Organisers expect die-hard revellers to start arriving at the iconic new year's locale between 5am and 6am, Sydney New Year's Eve producer Aneurin Coffey said.

"They are the really die-hard fans that get there early and then another group come about 8am," he told AAP.

Keen boaties won't be taking any chances, with more than 2000 vessels expected to vie for an ideal spot from about 10am, he said.

Sydneysiders will share the new year with more than 2,500 police officers expected to be deployed in the city on the night.

Victorians will ring in the new year with a fireworks show promised to be seen from anywhere that has a view of the city skyline.

More than 500,000 revellers are expected to pack the city centre, with 7.5 tonnes of fireworks to be launched from 22 locations, including city rooftops, by a team of 44 pyrotechnists.

Brisbanites will see the state's largest fireworks show yet to welcome the new year.

The skies above the river city will be lit up with five tonnes of fireworks, or 30,000 pyrotechnic effects, fired from three barges and three city rooftops at 8.30pm and midnight.

In Tasmania, tens of thousands will converge on the waterfront and Salamanca, where the state's biggest food festival, Taste, combines with the finish to the Sydney to Hobart yacht race.

Fireworks will explode over the docks at 9.30pm and midnight as foodies gorge themselves.

More than 70,000 revellers are expected at South Bank Parklands, Kangaroo Point, the Botanic Gardens and Eagle St Pier.

SA will beat the new year's drum with some live music in Adelaide's Elder Park, where local bands will provide the entertainment on top of fireworks.

Western Australia will largely leave its patch of sky alone on the night, with Perth saving up its pyrotechnics display for Australia Day.

But for those not keen to cross the country for Sydney's spectacular display, there are still a few places to ring in 2014 with a bang, including Rockingham and the Shelley foreshore.

A key draw promises to be the headline act for the Salt on the Beach NYE party at North Fremantle, New York hip-hop trio De La Soul.

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NSW workers comp changes for 2014

INJURED workers and children attending childcare will be among the winners and losers at the start of 2014, as new laws kick in across NSW.

Among the raft of new legislation to come into effect on January 1 are controversial changes to workers compensation introduced by the O'Farrell government to rein in a $4 billion budget blowout.

Up to 20,000 injured workers across the state who need ongoing medical treatment will lose out in 2014 due to the changes, the Law Society of NSW says.

"For example a worker with an amputation injury who has, up until now, been having their artificial limbs replaced by the insurer will now lose this entitlement," President John Dobson said.

Meanwhile kids will no longer be able to enrol into a childcare facility unless their parent or guardian provides an immunisation record.

Parents or guardians reluctant to vaccinate on religious or other grounds or due to medical conditions will also have to produce documentation.

"No longer will it be at the discretion of child care operators to accept or deny children who aren't immunised," Health Minister Jillian Skinner said in a statement.

"By law these operators will be unable to do so and should they do so they can be fined."

People looking to swap the city for the country air will be some of the winners in the new year with a number of grants rolling out.

From Wednesday a move to regional NSW for full-time employment will see eligible people pocket $10,000.

An existing $7000 grant to city homeowners purchasing properties in regional areas will be extended to include long-term renters in metropolitan Sydney, Newcastle and Wollongong who make the country change from January 1.

"This is about attracting much-needed skills to our regions and developing sustainable and more vibrant regional communities," Deputy Premier Andrew Stoner said.

Meanwhile the tax free threshold for land tax will increase from $406,000 to $412,000.

For those into combat sports, such as boxing, cage fighting and Ultimate Fighting, stronger health and safety requirements will come into effect, including that combatants comply with protective clothing or equipment.

The NSW Civil and Administrative Tribunal will also commence in 2014.

The tribunal is billed as a one-stop shop for 22 state tribunals, which the government says "will improve their quality, consistency and transparency".

"NCAT enables these services to exist as a network, rather than in isolation, which will improve their quality, consistency and transparency," acting Justice Minister Michael Gallacher said in a statement.

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Icebreaker on track to reach stuck ship

An Aussie icebreaker is about 100 nautical miles from a ship trapped in sea ice near Antarctica. Source: AAP

FEDERAL authorities say a rescue mission by an Australian icebreaker remains on track as it closes in on a ship wedged in sea ice near Antarctica.

A group of scientists, explorers and tourists has been stuck on the Russian research ship MV Akademik Shokalskiy about 1500 nautical miles south of Hobart for the past five days.

Although the expedition's leader says spirits among those on the ship remain high, a retired Brisbane teacher aboard as a tourist says frustration is building.

Two icebreakers have given up on efforts to push through the thick and dangerous ice floes near Antarctica to try to free the trapped research vessel.

A third icebreaker, Australia's Aurora Australis, is on its way to the stranded ship and is due to arrive about 11pm (AEDT) on Sunday.

It is the last ship in the area that will be able to help.

The Australian Maritime Safety Authority (AMSA) says Aurora Australis is about 85 nautical miles from the trapped ship.

"The Aurora Australis remains on track to arrive in the vicinity around 11pm AEDT," an AMSA spokeswoman said in a statement.

If the icebreaker can't battle through the ice, AMSA says a second option may be to consider ferrying trapped passengers with a helicopter.

The locked-in ship, with 74 people on board, including several New Zealanders, sent a distress call on Christmas Day after becoming trapped in heavy sea ice.

The ship had been undertaking the Spirit of Mawson voyage, which is retracing Sir Douglas Mawson's Antarctic expedition.

Professor Chris Turney of the University of NSW is leading the expedition, consisting of scientists, explorers and enthusiasts undertaking climate research.

He insisted during several interviews with international media outlets that everyone was in good spirits despite the ordeal.

But retired Brisbane teacher Kayleen Lawson, aboard the stricken vessel as a tourist, said frustration was building.

"It was meant to be the trip of a lifetime, and it still is ... but it's turning out a little differently to what I expected," Ms Lawson told News Corp during a satellite phone interview.

The Aurora icebreaker is rated at being able to push through ice slightly deeper than one metre thick.

China's Snow Dragon icebreaker, which came within six and a half nautical miles of the stuck ship before turning back out of safety fears, is standing by in case its helicopter will be needed.

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Times Square preps for New Year's Eve bash

NEW York City's Times Square is getting ready for New Year's Eve.

The square will host millions on Tuesday night counting down the last few moments of 2013.

Starting on Saturday, six Citibikes from the city's bike share program were being installed in Times Square and connected to 12-volt deep cycle batteries.

New Yorkers and tourists will generate power by pedalling. That will help illuminate the famed ball that will descend New Year's Eve.

Each bike will generate an average of 75 watts an hour. It takes 50,000 watts to power the ball, which is lit by 30,000 LEDs.

Additionally, a giant paper shredder and a dumpster were installed in Times Square on Saturday to allow visitors to destroy bad memories of 2013.

The annual event is dubbed Good Riddance Day.

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Cyclone closer to WA's north coast

A category two cyclone off the Western Australian Kimberley coast is expected to intensify. Source: AAP

A CATEGORY two cyclone off Western Australia's Kimberley coast is expected to intensify as it heads towards the Pilbara.

Tropical Cyclone Christine was 280 kilometres off Broome at 2pm (WST) on Sunday and was moving towards the Pilbara coast about 10 kilometres an hour, the Bureau of Meteorology said.

The bureau said the cyclone was "expected to intensify further as it moves towards the Pilbara coast".

It is forecasting the cyclone to bring heavy rainfall and gales of up to 100km/h south of Cape Leveque on Sunday.

Gales are expected to extend further west along the Pilbara coast to Whim Creek late on Sunday or Monday morning as the cyclone approaches.

On Monday, the cyclone is forecast to bring "very destructive" gales and heavy rainfall to Mardie and possibly as far west as Exmouth, with winds possibly reaching 165km/h.

Coastal communities between Pardoo and Mardie have been warned of the potential for a dangerous storm tide late on Monday or early on Tuesday.

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US driver survives plunge off cliff

A driver who survived a 90-metre plunge told rescuers he intentionally drove off the ocean cliff. Source: AAP

A DRIVER who plunged 90 metres off a Southern California ocean cliff was rescued after firefighters waded into the surf to free him from the car.

KNBC-TV says the 19-year-old man, who was in hospital in a critical condition, told paramedics that he intentionally drove off the cliff.

Authorities were called to the scene at about 2am local time on Friday.

They found the car being slammed by waves.

Firefighters, lifeguards and local police helped in the rescue. The driver was finally pulled free and flown to hospital.

The crash site is on the Palos Verdes Peninsula, about 32 kilometres south of downtown Los Angeles.

* Readers seeking support and information about suicide prevention can contact Lifeline on 13 11 14 and Kids Helpline 1800 55 1800 (for young people aged 5 to 25)

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