News Pulse for September 16, 2016

A daily download of SME, startup, fintech and tax news from around Australia.

Scott Morrison ready to negotiate to save small business tax cuts

Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 has vowed to take a “pragmatic” approach to his $47.8 billion company tax reforms after admitting the difficulty of getting them through the Senate, clearing the ground for a move to dump the most contentious parts of the core election policy.

While business chiefs urged him to keep the entire package, the Treasurer made clear he was willing to negotiate changes with the new parliament rather than finishing with “100 per cent of nothing” by a take-it-or-leave-it approach.

Senator opposes register sell-off

The Council of Small Business Australia and independent senator Nick Xenophon have joined the growing chorus calling for the federal government to abandon its sale of the corporations register and remove charges for searching its contents.

Senator Xenophon said the privatisation of the register was “unambiguously bad news for every consumer in this country” and would “prejudice” small business.

Prioritise small business tax cut

The Turnbull government stepped up a few gears in parliament this week, making up for lost time with progress on budget repair and economic reform. In negotiating with the opposition and crossbenchers it has found a path for trimming welfare, reforming superannuation as discussed above and lifting tobacco excise — measures that should improve the budget bottom line by almost $12 billion (almost a third of the present deficit) across four years. Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 and Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 also are taking a pragmatic approach to company tax reform, the centrepiece of the Coalition’s “growth and jobs” election strategy. Faced with resistance from Labor, the Greens and the Senate crossbench, the government is set to split its 10-year, $48.7bn company tax reform bill to secure an immediate gain for small business.

Government considers cutting the R&D tax incentive: Why this would be disastrous for the startup community

The R&D tax incentive has been a bastion of innovation in Australia for decades, and Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15’s announcement that Australia was to support the ideas and tech boom was met with great applause and accolade.

But, as the old saying goes, the proof is in the pudding.

SMEs urged to back up data as email scam hits QuickBooks

Businesses everywhere are being advised to be vigilant in the face of a new email scam to hit popular cloud accounting service Intuit QuickBooks.

The scam was uncovered yesterday by email filtering service MailGuard, which revealed the scammers were attempting to fake invoices from QuickBooks.

Enablers and disruptors: the great fintech split

Financial technology companies are dividing into two camps: enablers and disruptors, according to Colorado-based Australian start-up veteran Phil Copeland.

Fintech companies are often known for lofty rhetoric about plans to disrupt the business models of giant financial institutions.

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