Showing posts with label New South Wales. Show all posts
Showing posts with label New South Wales. Show all posts

Sunday 10 November 2019

The scale of NSW bushfires is beginning to emerge in November 2019



The New South Wales Northern Rivers region has been experiencing widespread  bushfires since September 2019. According to the NSW Rural Fire Service est. 1,055,168 hectares were on fire on 8-9 November - that's over 2,607,376 acres.

On 9-10 November est. 195,347 hectares on the Mid-North Coast were alight - that's another 482,713 acres.

Elsewhere, between 8-10 November the Tenterfield area had 48,991 hectares burning and another 29 local government areas were also battling bushfires.

Today 41 NSW local government areas officially have a High fire danger rating and another 26 have a Very High fire danger rating, with no rain forecast except for 1mm between Albury and the coast on the NSW-Vic border.

As of 12.30am there were 74 bush fires still burning across the state, 43 are still not under control, 1 fire remains at Emergency Warning and 15 are at Watch and Act.

The end is not yet in sight.

Friday 25 October 2019

Two lives lost and 88 homes destroyed across northern NSW to date in 2019 bushfire season


Bushland and grass fires are still burning across the Northern Rivers region and NSW predominately volunteer 'firies' are still keeping the flames from our doors where and when they can.

Here is the sad toll......

NSW Rural Fire Service, media release, 16 October 2019:
The NSW Rural Fire Service (NSW RFS) has confirmed 64 homes were destroyed in last week’s bush fires across northern NSW.
NSW RFS Building Impact Assessment Teams have now completed the bulk of inspections of fire affected areas.
Over the past week, these teams have conducted more than 1000 surveys of homes, buildings and facilities in the area directly impacted by fires.
The assessments have found:
›   64 homes destroyed, 23 damaged
›   7 facilities destroyed, 9 damaged
›   153 outbuildings destroyed, 70 damaged
›   329 homes in the direct area impacted by the fire saved
Of those homes destroyed, 44 were at the Busbys Flat fire.
Nineteen were due to the Long Gully Road fire, and in addition to 24 which were destroyed by the same fire in September. Tragically, two lives were also lost in this fire last week.
One home was destroyed at the Purgatory Creek fire near the Gwydir Highway at Jackadgery last week.
Commissioner Shane Fitzsimmons said so far this season, there has been more than 5000 bush and grass fires across NSW, which have burnt through more than a million hectares of land.
“We have seen large and destructive fires take an enormous toll on lives, farms, businesses, homes and communities in recent weeks and months, with a loss of 108 homes already this season.
“And while each one of the properties destroyed is a tragedy for those impacted, more than 1200 homes in the direct area of these fires have been saved due to the hard work of firefighters, landholders and residents.
“It’s important to remember that this is no ordinary bush fire season and we can’t afford to have anyone think this is just another year.
“The crippling effects of the drought, unseasonably warm weather and strong winds have seen fires develop quickly and impacted on lives, farms, businesses, homes and communities.
“There will be more fires this season and there’s a high likelihood of more homes being destroyed – so now is the time to get ready, make a plan, and have a conversation with your family.”
Visit www.myfireplan.com.au for advice on making your bush fire survival plan and preparing your property.

Thursday 24 October 2019

NSW Liberal-Nationals Government to forbid planning agencies to consider potential impacts of climate change


Nature Conservation Council of NSW, media release, 22 October 2019: 

Planning changes deny our biggest challenge – climate change
The Nature Conservation Council condemns the NSW Government’s plans to forbid planning authorities considering the full climate impacts of coal mines and gas projects.
“The government is effectively banning planning bodies from considering the biggest environmental challenge of our age,” NCC Chief Executive Chris Gambian said. 
“The state government has cravenly capitulated to pressure from the Minerals Council, raising serious questions about who controls planning policy in NSW.
“Minister Rob Stokes announced a review into the Independent Planning Commission just days ago and has already undermined it with proposed legislation.
“For the past 12 years NSW has had a planning policy to consider the climate damage of coal produced in this state. 
“It is reckless and irresponsible to gut this policy when dangerous climate change is on our doorstep with fish kills and more extreme heatwaves and bushfires every summer.
“Courts and planning authorities have been trying to deal with climate change because the government has utterly failed. 
“Now the government is tying planning authorities’ hands and undermine the science-based, responsible decision making the people of NSW want.
“No wonder people are marching in the streets for urgent action on climate.” [my yellow highlighting]

Lock the Gate Alliance, 22 October 2019:

Berejiklian back down: NSW Government capitulates to coal lobby
A NSW Government proposal to prevent the Independent Planning Commission from considering downstream climate emissions when assessing mining projects is a terrible mistake that will be remembered by future generations, according to Lock the Gate Alliance. 

It is being reported the government will move to restrict the IPC from considering the effects of "scope 3" greenhouse gas pollution when considering coal mining projects, with new laws to be introduced to parliament this week.

Scope 3 emissions are the greenhouse emissions produced when coal is burned at its final destination. 

Lock the Gate NSW spokesperson Georgina Woods said the legislation would be remembered by future generations as a shameless capitulation to the coal lobby that would harm communities in NSW.

“The government is capitulating to mining industry pressure and winding back laws to address the most important strategic, economic and environmental challenge of our century," she said.

“This is a regressive and fatal mistake that will be remembered for generations.

"New South Wales is right now experiencing a severe and unprecedented bushfire season and one of the worst droughts on record due to climate change. There is so little time left to prevent the problem escalating beyond our control. 

“The public expects all responsible agencies to use the powers available to them to act to avoid harm to our communities and our environment. 

"This is absolutely the wrong move at the wrong time for the Berejiklian Government. A petty political act of vandalism against the urgent needs of their constituents, particularly those on the frontline of global heating in rural Australia.

"Instead of pretending we have no stake in global action on climate change, we need a plan that recognises that the Hunter region will need to adjust to declining coal use worldwide and to prepare our communities for the severe weather extremes that are bearing down on us."
BACKGROUND

The Guardian, 22 October 2019:

The New South Wales government has announced it will introduce legislation to try to stop planning authorities from blocking mine developments based on emissions from coal once it is burned.
The push is a response to the historic Rocky Hill verdict delivered by the NSW Land and Environment court earlier this year and comes just days after the government launched a review of the state’s Independent Planning Commission (IPC).

Environment groups and the legal firm that represented Groundswell Gloucester have described it as a capitulation to the mining industry, which has waged a campaign over recent planning decisions that either rejected mining projects outright or imposed conditions on them related to their impact on the climate.
The NSW deputy premier and resources minister, John Barilaro, said the government would introduce legislation to parliament in the next week to prevent “the regulation of overseas, or scope-three, greenhouse gas emissions” in mining approvals.....
“The government has a very clear policy when it comes to the consideration of scope-three emissions and this will now be enshrined in legislation and through changes to the Mining SEPP (state environmental planning policy),” Barilaro said on Tuesday.
The changes the government is proposing include amending the State Environmental Planning Policy (Mining, Petroleum Production and Extractive Industries) to remove the requirement to consider downstream emissions (emissions after coal or gas is sold and burned).
It also plans to amend the Environmental Planning & Assessment Act so that planning authorities are prohibited from imposing conditions on developers related to downstream emissions.
“These changes will help restore NSW law and policy to the situation that existed prior to the Rocky Hill decision and will provide the mining sector with greater certainty,” Barilaro said.
The proposal is not unexpected and was foreshadowed by the government earlier this month following a campaign by the NSW Minerals Council, which has attacked a number of recent decisions by planning authorities in NSW.
The Sydney Morning Herald, 15 March 2019:
The NSW government prepared sweeping climate change policies to decarbonise the state's economy only to have the plans shelved when Gladys Berejiklian became Premier, documents obtained by the Herald show.
The program included a proposal to "embed climate change consideration into government decision making", and was developed with the advice of the government-appointed expert panel, the Climate Change Council.
Mark Speakman, then environment minister, led the work on two sets of policies that were to give substance to the government's aim to make NSW carbon neutral by 2050. The net-zero carbon goal was announced in November 2016 when Mike Baird was premier.....
Echo NetDaily, 4 April 2019:

Less than a week after being returned to office, the Liberal-National Party moved quickly to weaken environmental protections and local government powers by transferring them to the planning department and the premier, Gladys Berejiklian.

Under the Administration of Acts Order and associated changes made on Tuesday this week, the Coalition government have moved many key ministerial responsibilities, effectively disempowering the ministers and their departments.

Of major concern, say NSW Labor and the Greens, is the scrapping of the Office of Environment and Heritage (OEH), a department tasked with the oversight of environmental protection across the state. Premier Berejiklian told Fairfax’s SMH that ‘heritage would be shifted to the Arts portfolio headed by Don Harwin as minister’.

SMH reporter Peter Hannam also wrote, ‘As part of the changes, the Office of Local Government will also cease to exist as a separate entity, while the Planning & Environment cluster will end its operations as of July 1 this year’.

According to Administration of Acts Order, the re-appointed Planning Minister Rob Stokes will now exercise all the powers under the Local Government Act 1993....

Saturday 21 September 2019

Quote of the Week


"NSW is experiencing one of the most severe droughts on record, with the Central West, Far West and North West regions the worst affected to date. There have been extreme low inflows (the amount of water entering the river and its storages) – the past six months have seen the lowest recorded inflows in history. ..... Without imminent inflows, the lack of water will continue to impact water quality and the riverine environment, while curtailing agricultural production."  [WaterNSW, Regional Drought Information, August 2019]

Thursday 5 September 2019

Campfires and barbecues using wood, charcoal or other solid fuels have been banned in all NSW state forests from 1 September 2019 until further notice


Forestry Corporation of NSW, media release, 30 August 2019: 

Campfires and barbecues using wood, charcoal or other solid fuels have been banned in all State forests on the North Coast, Northern Tablelands Central West Tablelands, South Coast and parts of Western NSW from Sunday 1 September until further notice to reduce the risk of bushfires.

Forestry Corporation of NSW's Senior Manager of Stewardship, Kathy Lyons said the ban applied in all State forests from the Central Coast to the Queensland border, from Nowra to the Victorian border, on the Central West tablelands and north of the Mitchell Highway, and visitors should plan to bring gas stoves for cooking. 

“Fire season has commenced early this year due to extremely dry conditions across much of the state. Our firefighters on the north coast are already fully committed fighting many fires which have taken off due to the dry conditions,” Ms Lyons said. 

“In the past few weeks our firefighters have been tackling wildfires around Grafton and Wauchope and with the weather forecast predicting hotter and drier weather and little rain on the horizon, we need to take steps now to minimise the risk of further bushfires. 

“All fires using solid fuels such as wood or charcoal are now banned in most State forests across the state until further notice. 

“Campers and picnickers wishing to light a fire to cook in these forests can only use gas appliances until the ban is lifted, which won’t be until after significant rainfall. 

“This ban applies every day, not just on days when total fire bans are declared, so we are asking people who are planning to camp in the forests during spring and summer to plan ahead and bring gas appliances. 

“Visitors should also be prepared for days when total fire bans are declared, as all fires including gas fires are prohibited on total fire ban days. 

Information on total fire bans is available on the Rural Fire Service website.

“State forests are popular with campers and visitors throughout the spring and summer period and while we encourage people to get out into our forests and enjoy them, we do need to act to reduce the bushfire risk during the high fire danger period. 

“Solid fuel fire bans improve safety for campers and local communities.” 

Failure to comply with the Solid Fuel Fire Ban carries a maximum penalty of $2200. If in doubt, contact your local forestry office. 

For more information about Forestry Corporation of NSW, or to find details of your local office, visit www.forestrycorporation.com.au 

In the event of a fire or other emergency, contact 000.

Tuesday 14 May 2019

UN-UNESCO Global Assessment Report: "The loss of species, ecosystems and genetic diversity is already a global and generational threat to human well-being."


Smithsonian.com, 6 May 2019:

Our world is losing biodiversity, and fast. According to a report released today by the United Nations, up to one million species could face extinction in the near future due to human influence on the natural world. Such a collapse in biodiversity would wreak havoc on the interconnected ecosystems of the planet, putting human communities at risk by compromising food sources, fouling clean water and air, and eroding natural defenses against extreme weather such as hurricanes and floods.

In the sweeping UN-backed report, hundreds of scientists found that biodiversity loss poses a global threat on par with climate change. A 40-page “Summary for Policy Makers” was released in advance of the full report, which is expected to be published later this year and span nearly 2,000 pages. The document calls the rate of change in nature “unprecedented” and projects that species extinctions will become increasingly common in the coming decades, driven by factors such as land development, deforestation and overfishing.

“The basic message is the same as what the scientific community has been saying for more than 30 years: Biodiversity is important in its own right. Biodiversity is important for human wellbeing, and we humans are destroying it,” Robert Watson, the former chair of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) that produced the report, said during a press conference on Monday.

To produce the report, 145 biodiversity experts plus hundreds of other contributors compiled information over three years from 15,000 sources. For years, scientists have been sounding the alarm about biodiversity’s dramatic decline in what some have dubbed the world’s sixth mass extinction event. This die-off, however, differs from the other five in its central cause: humans.

As the global assessment confirms, human activity is a major driver of biodiversity decline among the millions of species on Earth. The report ranks some of the top causes of species loss as changes in land and sea use, direct exploitation of organisms (like hunting or fishing), climate change, pollution and invasive alien species (often introduced by human travel across ecosystems). The current global rate of species extinction is already “at least tens to hundreds of times higher than it has averaged over the past 10 million years,” and it’s expected to keep accelerating.

All in all, human action has “significantly altered” about 75 percent of the world’s land environment and 66 percent of its marine environment, according to the report. Insect populations have plummeted in tropical forestsgrasslands are increasingly drying out into deserts, and pollution along with ocean acidification is driving many coral reef ecosystems to the brink.

The destruction of biodiversity at all levels, from genes to ecosystems, could pose significant threats to humankind, the report says. In addition to affecting human access to food resources, clean water and breathable air, a loss of species on a global scale could also clear a path for diseases and parasites to spread more quickly, says Emmett Duffy, a biodiversity expert with the Smithsonian Environmental Research Center who contributed to the report.

“Historically, a lot of us have thought about conservation and extinction in terms of charismatic animals like pandas and whales,” Duffy says. “But there’s a very strong utilitarian reason for saving species, because people depend on them. There’s an environmental justice aspect.”

The effects of biodiversity loss won’t be distributed equally, either, the researchers found. The most devastating impacts would disproportionately affect some of the world’s poorest communities, and the report concludes that the decline in biodiversity undermines global progress toward the Sustainable Development Goals, milestones set by the U.N. General Assembly in 2015 to reduce global inequality…..

Important aspects of the Global Assessment
Building upon earlier IPBES assessment reports, especially the recently-released Land Degradation and Restoration Assessment and the Regional Assessment Reports for Africa, the Americas, Asia-Pacific and Europe and Central Asia (March, 2018), the Global Assessment:
• Covers all land-based ecosystems (except Antarctica), inland water and the open oceans
• Evaluates changes over the past 50 years — and implications for our economies, livelihoods, food security and quality of life
• Explores impacts of trade and other global processes on biodiversity and ecosystem services
• Ranks the relative impacts of climate change, invasive species, pollution, sea and land use change and a range of other challenges to nature
• Identifies priority gaps in our available knowledge that will need to be filled
• Projects what biodiversity could look like in decades ahead under six future scenarios: Economic Optimism; Regional Competition; Global Sustainability; Business as Usual; Regional Sustainability and Reformed Markets
• Assesses policy, technology, governance, behaviour changes, options and pathways to reach global goals by looking at synergies and trade-offs between food production, water security, energy and infrastructure expansion, climate change mitigation, nature conservation and economic development
What the CSIRO and climatechangeinaustralia.gov.au state about coastal New South Wales:

KEY MESSAGES

·         Average temperatures will continue to increase in all seasons (very high confidence).
·         More hot days and warm spells are projected with very high confidence. Fewer frosts are projected with high confidence.
·         Decreases in winter rainfall are projected with medium confidence. Other changes are possible but unclear.
·         Increased intensity of extreme rainfall events is projected, with high confidence.
·         Mean sea level will continue to rise and height of extreme sea-level events will also increase (very high confidence).
·         A harsher fire-weather climate in the future (high confidence).
·         On annual and decadal basis, natural variability in the climate system can act to either mask or enhance any long-term human induced trend, particularly in the next 20 years and for rainfall.


At its ordinary monthy meeting of 23 April 2019 Clarence Valley Council passed the following resolution:



Monday 13 May 2019

All drink driving in NSW to result in immediate loss of licence from 20 May 2019



NSW Transport for NSW, media release, 6 May 2019:

Immediate loss of licence for all drink drivers

All drink driving offenders can now immediately lose their licence under tough new penalties announced by the Minister for Transport and Roads Andrew Constance today.

From May 20 drink drivers who are first-time, lower range offenders will receive an immediate three month licence suspension and fine of $561.

“This means anyone caught drinkdriving in NSW, at any level, including low-range, can now lose their licence immediately,” Mr Constance said.

“This reform makes it clear if you break the law, you will pay the price. We are taking a zero-tolerance approach to drink and drug driving.”

Under the new laws, simpler and more certain penalties will also apply for drug drivers.

Offenders who drive with the presence of illicit drugs for the first time will receive a $561 fine and a three month licence suspension if the offence is confirmed by laboratory analysis.

Alcohol related crashes claimed the lives of at least 68 people on NSW roads last year, accounting for nearly one in five road deaths, including 55 lives lost on country roads.

Fatalities from crashes involving a drug driver accounted for similar numbers of deaths.

“Drivers who have an illegal level of alcohol in their blood or have used illegal drugs have no place on the road,” Mr Constance said.

Assistant Police Commissioner Michael Corboy said this reform will protect all road users by ensuring swift and certain penalties.

“Alcohol is one of the major factors in crashes that kill or injure people on NSW roads.The 0.05 blood alcohol limit has been in place for almost 38 years. There are no more excuses,” Assistant Commissioner Corboy said.

Friday 15 March 2019

Tweed, Ballina, Lismore & Clarence candidates standing in the NSW State Election on Saturday, 23 March 2019


These are the Far North Coast sitting members in the NSW Legislative Assembly (Lower House):

Geoffrey Keith PROVEST, NSW Nationals MP for Tweed 

Tamara Francine SMITH, NSW Greens MP for Ballina

Thomas GEORGE, NSW Nationals for Lismore - not standing for re-election 

Christopher GULAPTIS, NSW Nationals MP for Clarence

These are all the candidates standing in the four state electorates and the positions they drew on ballot papers for the 23 March 2019 NSW State Election:

Sunday 10 February 2019

And now for some good news......



David Morris, CEO of EDO NSW: Our argument was based on science, economics and – we argued - the proper application of the law. The climate contention as a ground for refusing this mine was innovative; the first time climate change has been addressed this way in an Australian court using the concept of a carbon budget as its basis.
Like so many great ideas – its strength was its simplicity. While there was lots of necessary evidence and discussion about the carbon budget, geopolitical climate policy and Australia’s legal framework for climate change, ultimately our argument was simple:  if you accept the science, then the local legal framework compels you to refuse the mine because it’s clearly not in the public interest to increase emissions.
As Professor Steffen said “it’s one atmosphere, it’s one climate system, it’s one planet - and so we need to start thinking more carefully about the net effect of wherever coal is burnt, or oil or gas… The project’s contribution to cumulative climate change impacts means that its approval would be inequitable for current and future generations”. [EDO NSW, media release, 8 February 2019]

The Sydney Morning Herald, 8 February 2019:

When Planning Minister Anthony Roberts intervened a year ago to give a coal miner the unusual right to challenge its project's refusal in court, neither would have countenanced Friday's outcome.

Instead of settling the future of Gloucester Resources' controversial Rocky Hill coal mine near Gloucester, the NSW Land and Environment Court just cast a cloud over coal mining in general.

The miner had thought it was merely challenging the Department of Planning's rejection of the mine's impact on visual amenity in the bucolic valley around Gloucester.

Instead, the Environmental Defenders Office, acting for residents opposed to the mine, grabbed the opportunity to join the appeal.

In what EDO chief David Morris describes as a "delicious irony", the court got to hear about the project's detrimental impact on climate change and the town's social fabric - despite Gloucester Resources arguing such intervention would be a "sideshow and a distraction".

Future generations will wonder why it took so long for any court in the land to hear such evidence when considering a coal mine project.

But Justice Brian Preston didn't just allow the EDO to provide expert evidence of the role greenhouse gas emissions play in driving climate change. He also accepted it as part of the critical reasons to reject the mine. "The decision forms part of what is a growing trend around the world on using litigation to fight climate change," Martijn Wilder, a prominent climate lawyer from Baker & McKenzie, says. "While early on some of this litigation was not successful, increasingly it is."


Gloucester Resources Limited v Minister for Planning [2019] NSWLEC 7, 8 February 2019 judgment here.

Monday 14 January 2019

The Morrison Government has given permission for oil and gas exploration in NSW coastal waters by a company set up as a tax minimisation ploy


Those Liberal-Nationals MPs and senators preparing to return to Canberra late next month appear determined to annoy NSW voters - especially those who live in coastal communities.

Having wrecked the Murray-Darling freshwater river system that runs through four states, they have now turned their eyes towards the coastal commercial and recreational fishing grounds of New South Wales.

This is how it is playing out........

Asset Energy Pty Ltd holds an 85 per cent interest in Petroleum Exploration Permit PEP11an offshore petroleum exploration lease covering 4,649 square kilometres in Commonwealth waters off the coast of New South Wales.

Asset Energy is a wholly owned subsidiary of the Melbourne-based (formerly Perth-based) mining company MEC Resources Ltd’s investee company Advent Energy Ltd.

Bounty Oil and Gas NL is the junior joint venture partner in PEP11 holding a 15 per cent interest

Newcastle Herald, 9 January 2019

In March 2018 the National Offshore Petroleum Safety and Environment Management Authority (“NOPSEMA”) gave approval for a survey which acquired high resolution 2D seismic data over the Baleen prospect, approximately 30km southeast of Newcastle, which evaluated (amongst other things) shallow geohazard indications including shallow gas accumulations that can affect future potential gas drilling operations.

NOPSEMA falls within the portfolio of Australian Minister for Resources and Northern Australia & Nationals Senator for Queensland, Matt Canavan.

That particular survey has been completed and on New Year's Eve 2018 MEC Resources informed the Australian Stock Exchange that it now intends to do 3D seismic mapping in the vicinity of the potential test drill site at the earliest opportunity.

Underwater seismic testing involves continuous seismic airgun blasts approximately every 2-3 seconds for 24 hours continuously, for days or weeks at a time. That is, such testing creates compressed air streams or focused sonic waves - in simple language, loud booms - towards the ocean floor in order to gauge the depth, location and structure of the oil or gas resources. The sounds of which can travel many thousands of square kilometres and which are known to have a negative effect on marine ecosystems.

Previous to this, on 15 May 2018 the NSW Parliament had called on the federal government to suspend Asset Energy’s permit to conduct seismic testing off the coast of Newcastle, with the NSW Minister for Resources and Energy & Liberal Party Member of the Legislative Council Don Harwin expressing a lack of confidence in Australia’s current offshore mining regulations.

The Morrison Coalition Government in Canberra appears to be ignoring NSW Government  and community concerns. Being more concerned itself with offering tax free investment opportunities to the market.1

It is worth noting that any significant Advent Energy/Asset Energy drilling rig (left) mishap has the potential for an uncontrolled release of untreated oil into coastal waters.

It is reportedly intended that one or more exploration drilling rigs should be in place sometime in 2020.

MEC Resources (formerly MEC Strategic Ltd) is a registered corporation which only been in existence for the last thirteen years and for the last three years there has been a bitter rift between the board and certain shareholders involving repeated calls for removal of the entire board, with the last call for a spill occurring in November 2018. The company was also involved in a dispute with a former managing director, as well litigation involving a $295,000 loan.

One of the shareholder bones of contention appears to be the cost of exploration in PEP11. On 31 October 2018 MEC Resources informed the stock exchange that a cost reduction plan remains in place to ensure all costs are reduced wherever possible.

Questions raised about the rigour of offshore mining regulations covering PEP11 and an oil & gas exploration company determined to cut costs. What could possibly go wrong? 

Concerned readers can sign Stop Seismic Testing Newcastle's change.org petition to Minister Canavan and NOPSEMA here.

Footnotes

1. www.mecresources.com.au, Tax Advanatges, retrieved 10 January 2018:

MEC is a registered Pooled Development Fund (PDF). PDF shareholders pay no capital gains tax on the sale of their PDF shares. Investors who receive dividends will also be exempt from income tax on dividends.

This can be particularly attractive to both traders and investors, since any profits derived from trades or investments are tax-free or low tax. The Pooled Development Fund Programme was established by the Federal Government to develop the market for patient venture capital for growing small and medium enterprises and to provide a concessional tax regime to encourage such investments. Any capital losses on the sale of PDF’s are not deductable.

To encourage investors, the government offers tax benefits to both the PDF and its shareholders as follows:
capital gains made by PDF shareholders are not taxable,
shareholders can elect to treat dividends paid by a PDF as tax free,......

PDF’s tend to invest in a portfolio of growing companies, thereby potentially reducing investors’ risk through diversification. Investee companies have the potential to become listed companies in their own right, which has the possibility of providing investors with attractive returns.

This is not a complete list of the taxation issues surrounding Pooled Development Funds. For further information please contact AusIndustry.

See  Pooled Development FundsAct 1992 as amended up to September 2018.