News Pulse for September 28, 2016

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

Australia can’t afford not to cut company tax rates

For many years, our two major political parties were united in their agreement that Australia needs a more competitive company tax rate to maintain our position as an economic leader on the world stage.

Unfortunately, just as truth is the first casualty in war, this much needed and sensible bipartisanship was one of the first casualties in one of the most brutal federal election campaigns this country has seen in recent years.

Freelancer’s Matt Barrie takes aim at Vic minister Philip Dalidakis

NSW Premier Mike Baird can breathe a sigh of relief as outspoken Freelancer chief executive Matt Barrie has a new target – Victorian Small Business Minister Philip Dalidakis.

Mr Barrie has called out the popular state MP over  comments made to  StartupSmart   saying the state government had pulled its support from Freelancer-run startup conference StartCon, which was supposed to be held in Melbourne in 2017, to focus on conferences that had a greater focus on diversity – Above All Human, PauseFest and Girls in Tech’s Catalyst Conference.

Senate urged to pass tax reforms

Big business is urging politicians against confining tax cuts to smaller companies, warning that Australia’s competitiveness would “barely improve” if core planks of the government’s company tax cut plan are shelved because of an obstructionist Senate.

As Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 promises to be “pragmatic” about the final shape of the reform, the Business Council of Australia is urging the Senate to allow the government’s $48.7 billion company tax reforms in full.

Malcolm Turnbull urged not to ‘give up’ on prosperity

The federal government risks a wider rift with the Business Council of Australia if it opts to pursue immediate tax relief for smaller companies at the expense of a decade-long $47.8 billion plan to cut the corporate rate to 25 per cent for all.

The BCA, which represents bigger companies, said restricting tax cuts to smaller businesses would mean “missing out” on the bulk of potential investment gains and the nation’s global competitiveness would “barely improve”.

Brisbane startup Storyboard on its way to present to Europe’s biggest investors after winning local pitch competition

A Brisbane startup aiming to disrupt the $203 billion youth travel market is on its way to pitch in front of Europe’s biggest venture capitalist after winning a local competition.

Storyboard took out the top prize at the Creative3 pitch competition, and founder Darren Tonkin will now be presenting at the renowned Creative Business Cup in Copenhagen.

Federal minister says crowd-funding a big plus for small retailers

More than 96 per cent of retailers in Australia are small businesses and federal minister Michael McCormack says the best thing the government can do to help them is cut tax rates, make competition fairer and ensure accessing equity capital through crowd-funding is easier.

Mr McCormack, who became federal Minister for Small Business in July this year, will tell The Australian Financial Review ‘s Retail Summit on Wednesday that a multi-pronged approach by government will ensure the right framework is in place so that small retailers have the best possible chance to build their businesses.

Airwallex first Aussie fintech to join MasterCard accelerator

Melbourne fintech start-up, Airwallex , has been announced as the first ever Australian company selected by Mastercard’s Start Path accelerator program. Airwallex raised $US3 million funding from Chinese based VC Gobi Partners in January, to grow its cross-border payment platform that simplifies the foreign exchange process for SMEs.

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