News Pulse for October 19, 2016

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

Q&A panellist says unemployed should start their own business, but SMEs still face barriers in hiring and raising capital

Industry leaders say a small business industrial award would make it easier for small businesses to hire more staff, following a suggestion made last night on the ABC’s Q&A program that struggling workers should just “start their own businesses”.

Industrial relations expert and News Corp columnist Grace Collier appeared on the panel last night and answered questions from the audience about the future for workers with basicAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au skills in Australia, reports the ABC .

Small businesses turn to online services to project cash flow, performance

The key to having a successful business is to be in control of cash flow.

That’s the view of business coach Rhondalynn Korolak who has created an online accounting service, Businest, that allows small businesses to project cash flow up to a year ahead.

Small business tax advice: what is the definition of a small business?

There are many examples of how federal legislation differs depending on the political persuasion of the party in power. Until recently one of these was the taxation treatment of superannuation. Another is the taxation treatment and employment regulations that relate to small businesses.

At the heart of these differences is the definition of what a small business is. When the small business capital gains tax concessions were originally introduced they could be accessed by a small business owner who had less than $6 million in net assessable assets.

Penalty rates replacement scheme needs to work for small business: Carnell

Do business owners want to swap higher base wages for penalty rates?

That’s the question small business and family enterprise ombudsman Kate Carnell is asking in a new round of consultation with the small business community.

The move comes after Fair Work Commission boss Iain Ross said last month that retail businesses should be allowed to adopt the so-called ‘loaded rates’ model.

NXT nixes company tax cut package

The Turnbull government’s plan to deliver a 25 per cent company tax rate within a decade appears doomed, with South Australian Senator Nick Xenophon confirming his team will not be supporting a reduction for any firm with an annual turnover of more than $10 million.

The government needs nine of the 11 Senate crossbenchers to pass its 10-year  enterprise tax plan but with the Nick Xenophon Team comprising three of those votes, there can be no deal.

Is Australia too risk-averse for start-ups?

Australian start-ups making it big overseas is an all too familiar narrative.

The strong pull of Silicon Valley, with its deep-rooted entrepreneurial spirit and strong venture capital (VC) cash flow, continues to tempt local innovators away from Australian shores.

As a result, the ‘brain drain’ anomaly has lead to rising concern within the local tech community.

Adelaide start-up raises millions from US investors

ADELAIDE–founded start-up HappyCo has raised $US7.5 million from high-profile investors in a bid to supercharge the company’s growth.

The company, which is now split across Adelaide and Silicon Valley, raised the money from US investment firms 500 Startups Flight Ventures, plus AngelList’s SaaS Syndicate and Berlin-based Point Nine.

SafetyCulture banks $30m from Index Ventures

Scott Farquhar-backed operational health and safety mobile app start-up SafetyCulture has closed a $30 million capital raise led by international venture capital firm Index Ventures.

The raise puts the company’s valuation at $160 million, up from $50 million in September last year when it raised $6.1 million.

Very Small Businesses Not Growth-focused And Not Using Govt Support, Recent Survey Shows

Very small businesses in Australia are not typically bullish when it comes to growth and they are content with their size, according to new research from SMB tech provider GoDaddy. Modest ambitions, however, weren’t a sign of meekness; rather, GoDaddy found many operators are driven by flexible lifestyle – not profits –  and would ‘get back on the horse’ if a business failed.

GoDaddy surveyed 500 small business owners from Australia as part of a larger global study undertaken with Morar Consulting. Detailed below are some of the key insights about small business owners in Australia, who were asked questions about their aspirations, the impact of technology and awareness of government and industry support available.

Mojo Power world first solution for Australian energy consumers

Start-up and market newcomer Mojo Power , has entered the Aussie market, pioneering a ground-breaking business model.

It will empower consumers to reduce their power usage and potentially use more renewable energy. Existing electricity retailers (including the big three) make more money the more electricity their customers consume. Mojo Power doesn’t do this, instead it offers electricity at wholesale rates.

 

New Brisbane start-up incubator to lure venture capitalists

Venture capitalists would have a one-stop shop to invest in Brisbane thanks to a new start-up incubator opening in the Queen Street Mall on Thursday, Lord Mayor Graham Quirk said on Tuesday as he toured the facility.

Two days ahead of The Capital’s official opening, Cr Quirk said he hoped potential investors would have the new facility firmly on their radar as they come to Queensland looking for opportunities.

Fintech start-up Openpay begins $10m pre-IPO raising as it takes on Afterpay

Openpay, a new challenger to soaring ASX-listed fintech start-up Afterpay, has launched a pre-IPO capital raising, seeking $8-10 million ahead of a planned ASX listing next year.

The company is run by former BDO national head of retail Simon Scalzo and, like Afterpay, lets people buy and use goods and services now, but pay for them in instalments with no interest.

SuperStream deadline approaches: Small businesses have until October 28 to get on board

Small businesses are being urged to act now to adopt SuperStream by the end of October to ensure the Australian Tax Office doesn’t come knocking on their door.

SuperStream requires employers to make super contributions for their employees electronically in a standard data set. Businesses had previously been expected to be compliant with the new system by June 30 this year, however, small businesses with 19 or fewer employees were granted a short reprieve earlier in the year . Those employers now have until October 28 to get up to speed with their SuperStream requirements.

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