SEAFOOD POWERHOUSE INVESTS IN AUSSIE RED SEAWEED STARTUP

Australian seaweed startup Immersion Group has welcomed a cornerstone investment from Nissui Corporation to accelerate the production of the native red seaweed Asparagopsis.

Proceeds from the investment will be directed into the construction of a new onshore Asparagopsis production plant near Geelong in Victoria, expected to create up to 30 new jobs.

Nissui Corporation chief executive Shingo Hamada said the investment was an important step for the company to capitalise on the growing momentum behind Asparagopsis as a methane-reducing feed additive for ruminant livestock.

“We see an incredible opportunity to produce Asparagopsis, targeting premium beef markets in Australia and Japan”.

Mr Hamada said the investment would facilitate the expansion of a new seaweed division at Nissui.

“Nissui’s existing marketing and distribution channels present an opportunity to develop a global Asparagopsis brand with Immersion Group, capable of servicing markets worldwide.”

Japan-based Nissui Corporation (TSE: 1332) was the secondlargest seafood producer globally in 2022 based on revenues of $8 billion.

Immersion Group CEO Scott Elliott said the Nissui investment would allow Immersion Group to rapidly scale the company’s proprietary onshore production technique for

Asparagopsis and move into other geographies globally.

“There are 1 billion cattle in the world, and to have a cornerstone investor and strategic partner in Nissui puts us at the forefront of servicing this unheralded demand.”

“Immersion Group was founded on a simple premise: we didn’t want to be the biggest Asparagopsis producer immediately, but we did want to be the best.” Asparagopsis from the production plant will be directed into supplying trials in Australia and Japan. The proposed onshore plant will compliment Immersion Group’s existing operations in Portarlington and Queenscliff on Victoria’s Bellarine Peninsula and Perth in Western Australia.

The company delivers its onshore work in partnership with the University of Western Australia and Deakin University.

Nsw Considers Penalties For Improper Disclosure Of Confidential Government Tax Information

Businesses and organisations caught disclosing confdential NSW Government taxation information could face new multimillion-dollar penalties under a plan being considered by the Minister for Finance.

The NSW Government currently consults with representative industry bodies as part of the consultation process on tax policy and legislation.

Taxation liaison groups are an important part of tax consultations. They provide an opportunity for experts in the private sector to give input into changes to the tax regime.

Revenue NSW regularly consults with the NSW Law Society, the Tax Institute, Chartered Accountants Australia and New Zealand, CPA Australia, the Property Council of Australia (NSW) and an association representing several small business groups.

If the confdentiality of the process is not respected it could lead to businesses or individuals knowingly avoiding tax, obtaining unfair commercial advantages or result in a loss of faith in the consultation process.

The Chief Commissioner of State Revenue has already been in touch with the chairs of the liaison groups to underscore the importance of confdentiality.

Minister for Finance

Courtney Houssos said:

“The NSW Government takes the confdentiality of sensitive taxation information extremely seriously and will not hesitate to come down hard on anyone who breaks trust with or takes unfair advantage of the people of NSW.

“I am working with the Chief Commissioner of State Revenue to ensure that severe penalties will apply to advisors and organisations who seek commercial advantage by sharing confdential tax related information.

“We are developing a range of measures that will impose signifcant penalties for individuals and entities that unlawfully use or disclose sensitive or confdential tax information provided by the Government.

“We are going to pursue these changes swiftly and introduce penalties in the order of millions of dollars.

“These proposed multimillion-dollar penalties should serve as a frm warning for organisations and businesses that we expect confdentiality arrangements to be honoured on behalf of the people of NSW. “These measures will safeguard the integrity of our tax system.”