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Gale force winds tipped to hit Perth this weekend have forced two ferry operators to cancel all trips to Rottnest Island.                                                         sea storm               

The popular Rottnest Express confirmed it has cancelled all bookings from Friday to Sunday inclusive while Oceanic Cruises will not operate on Saturday or Sunday.

The third company which operates ferry trips to the island, Rottnest Fast Ferries, was already closed until July 3 for its regular winter break.

A Rottnest Express spokesman confirmed there had been “a few” bookings and all passengers would be issued refunds, while Oceanic Cruises did not have any bookings for this weekend.

Bureau of Meteorology public weather services manager Neil Bennett said waters from Yanchep to Mandurah and offshore to Rottnest Island could expect winds reaching between 30 to 40 knots on Friday and Saturday.

Mr Bennett said it was likely the Bureau would issue at least a strong wind warning but likely a gale force wind warning for the area.

Source  :   www.thewest.com.au

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The Australian Tax Office has issued a warning to self-managed super funds (SMSFs) about people offering to set up agreements between funds and related parties to purchase assets, particularly properties.

Tax Commissioner Michael D’Ascenzo says he’s concerned some of the arrangements on offer breach the in-house asset rules.

“These arrangements use a paid third party to set up an agreement, sometimes referred to as ‘a joint venture agreement’, between the fund and a related trust to purchase an asset that provides income for the trust and the fund,” D’Ascenzo says.

“This is clearly an attempt to circumvent the in-house asset rules as the transaction is really an investment by the SMSF in the related trust.”

“This alert serves as a timely reminder to trustees that we’re looking closely at SMSFs to ensure they’re meeting their obligations in relation to loans, in-house assets, borrowings and non-arm’s length transactions.”

The Taxpayer Alert (2009/16) on this issue is available from the Tax Office website at www.ato.gov.au/atp.

Source  :  www.apimagazine.com.au

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Colin Barnett is on the brink of caving in to worried Liberal backbenchers and accepting an 8pm closing for weeknight shopping rather than the 9pm time he took to the election last year.
  
The Premier has been softening the public up for an 8pm closing time in recent days and again said yesterday that it was an acceptable alternative. 
  
The West Australian understands that most Liberals don’t want 9pm and would prefer a 7pm closing time but are prepared to accept 8pm to save the Premier the embarrassment of being rolled by his own party.
  
Mr Barnett has been canvassing his MPs one-on-one in recent days and knows that 9pm is beyond his reach.

The Nationals say they will not support changes to shopping hours, which they fear would deliver a crucial blow to WA producers because it would increase the market share of big supermarkets
   
The Government will rely on Labor to get legislation on later weeknight shopping hours through Parliament but the ALP took a position of 7pm to the election and is not guaranteed to support a later closing time. A Labor spokeswoman said yesterday that shadow Cabinet and caucus would discuss the party’s position once the Government’s preference was known.
 
Cabinet discussed the shopping hours issue last Monday and Mr Barnett is expected to take his preferred position to the party room on Tuesday, but the Upper House is not sitting, and the meeting will be only for Assembly MPs, meaning that a vote on the issue will probably be delayed a week.
  
Mr Barnett said yesterday that most people in the retail industry, including the unions, favoured a 9pm closing time from Monday to Friday to bring all weeknights into line with existing late-night shopping.
  
“That’s a position I think is logical, however a number of people are saying 8pm might be better. I don’t think there’s a big difference between the two,” he said.
  
“To simply extend it to 7pm would be pointless.
  
“So, 8pm, yeah that’s OK, 9pm might be better but at least either of those would be a significant extension to weeknight shopping.”

But backbenchers are under pressure from small businesses to wind back the closing time, believing that the later hour is supported only by Coles and Woolworths.
  
Chamber of Commerce and Industry chief James Pearson urged politicians from both sides to “stand up to vested interest groups, which are determined to deny West Australians more choice and lower prices when they shop”.  

ROBERT TAYLOR, PETER KERR and AMANDA BANKS

Source www.thewest.com.au

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