News Pulse for October 13, 2016

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

Australian businesses: Prepare to be slugged with GST on Google AdWords accounts from November 1

Australian Google AdWords customers are preparing to be hit with the goods and services tax (GST) for the first time after Google sent emails to account holders on Tuesday to give notice that their accounts will be billed through Google Australia from November 1.

The change comes more than 18 months after then Communications Minister Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15  started the push for multinationals to pay GST on advertising booked through Australia.

Accountants shrug off law change fears

A PEAK accounting body has dismissed complaints that changes to competition law to protect small businesses will ­result in reduced competition.

The overhaul of the ­federal Competition and Consumer Act has been released for ­comment in a draft Bill.

It is the result of the wide-ranging Harper Review, which ­recommended changes to a section of the Act that deals with misuse of market power.

Sensis Business Index shows Queensland’s business confidence has hit a high

Queensland business confidence has hit an almost six-year high, according to the latest Sensis Business Index.

The index, released on Thursday, shows Queensland was third in terms of business confidence in Australia, up three points to +39 – the highest level since the November 2010 data.

How Unfair Contract Rules Will Impact Construction Contracts

As happens within any industry, smaller parties within the construction sector suffer from an imbalance of power when it comes to negotiations with larger and more powerful parties.

From November 12, however, a new law aims to eliminate the most extreme effects of this.

From that date, the unfair contracting provisions of the Australian Consumer Law will apply to small business. These provisions will dictate that any contractual terms contained within a standard form contract which are considered by a tribunal or court to be unfair will be deemed to be null and void.

Perth startup CrowdfundUP raises $2.1 million to fund a big international expansion

A Perth-based real estate crowdfunding platform has closed a $2.1 million funding round as it readies for a big expansion into China.

CrowdfundUP, Australia’s first real estate crowdfunding startup, secured the equity funding with Positive Investment Enteprise.

Small Businesses Are Holding Back Growth To Stay Within The Tax Threshold, Says MYOB CEO

Proposed tax rate changes, which would affect approximately 100,000 small businesses, will deliver the best “bang for buck” for the economy,  accounting software provider MYOB and the Council of Small Business Australia said in a joint statement.

The statement was in response to Labor’s opposition to the Federal Government’s proposal to increase the eligibility threshold for paying the lower 27.5% tax rate from $2m revenue to $10m.

Strategic Partnership Empowers SME Lender GetCapital To Expand Into New Zealand Market

GetCapital, a local fintech lender to SMEs, has entered into a strategic partnership that enables it to service the New Zealand market.

Jamie Osborn, GetCapital’s founder and CEO, said the expansion into New Zealand was the ‘next logical step’ for the company given its success in Australia.

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