News Pulse for September 2, 2016

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

Small Business Banking In The On-demand Economy

In today’s always-on, always connected world, the swift and immediate provisioning of goods and services is no longer a nice-to-have, but an absolute necessity. Small business owners, just like consumers, are becoming far more empowered, connected and informed than ever thanks to the accessibility of information anytime, anywhere. The result? They enjoy almost infinite variety and demand instant gratification.

Tax cuts for firms, middle wage earners

Australian Small Business and Family Enterprise Ombudsman Kate Carnell believes it’s important the tax breaks for small business come to fruition as soon as possible.

It was right politicians argue the case for immediate action on reducing the level of debt and budget deficit.

“An important element of this budget repair is empowering small businesses to generate much needed economic growth through tax breaks that allow them to re-invest and grow their business,” Ms Carnell said in a statement.

Kate Carnell’s banking inquiry to draw on ASIC

The latest inquiry into alleged banking industry misconduct by the Small Business Ombudsman will draw extensively from the staffing and wider resources of the corporate watchdog.

Australian Small Business and Family Enterprise Ombudsman Kate Carnell confirmed yesterday she was hoping to recruit about six staff to undertake reviews of about 23 cases of alleged bank misconduct, with “one or two” to be seconded from the Australian Securities & Investments Commission because of their ­forensic skills and relevant experience.

Survey: Majority Of Australian SMBs Are Using At Least One Cloud App

It seems small and medium businesses (SMBs) in Australia are embracing technology. Around 74% of SMB owners are using at least one mobile or web-based app to run their businesses, with 7 in 10 using between one and six apps, according to a survey by Intuit. Here’s a breakdown of the results.

Regulation is not such a dirty word

Is Australia’s fintech startup community too regulated? Or is regulation a good thing? It depends on who you listen to.

Jack Zhang, CEO of Melbourne fintech startup Airwallex, has spoken out against over-regulation of the industry, saying that lengthy application processes and other red tape are stifling Australia’s global competitiveness.

MYOB boss Tim Reed says private equity has a women problem

MYOB chief executive Tim Reed admits he can’t really say whether more diverse boards would improve returns for private equity because after running the accounting software group for two firms he only ever dealt with men.

Drivers sign on for Uber’s legal start-up

Gold Coast university student Heather McNeil will be among an influx of new Uber drivers next week, having patiently waited until the outlawed ride-sharing service was welcomed in Queensland.

Uber becomes legal in the Sunshine State on Monday, meaning drivers will no longer have to live in fear of being fined more than $2300.

Fintech Australia teams up with the Victorian government to run Australia’s first national fintech conference

The Victorian government has teamed up with Fintech Australia to run the country’s first national fintech conference this November.

Fintech Australia picked up a $300,000 grant from the LaunchVIC innovation fund which will be used to run Collab / Collide, a two-day conference bringing together industry leaders from around the world with Australian fintech founders.

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