News Pulse for October 20, 2016

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

Queensland trading hours review issues paper calling for submissions

The debate over shaking up Queensland’s retail trading hours is more complex than just a fight between big business and small corner stores, an issues paper says.

The PalaszczukThe Hon. Annastacia Palaszczuk (pr. Pal-a-shay), Premier of Queensland and Minister for the Arts from 16.2.2015 government released the paper on Wednesday, inviting the public to have a say on options for retail trading hours reform as part of its review.

Is FinTech the future for Australian small business?

Small and medium sized enterprises (SMEs) make up about 80 percent of the economic activity globally. This makes small businesses and start-ups crucial to not only the Australian economy, but the global economy as well. More than half of all 2,066,523 Australian small businesses have a loan of some description and only 30% are debt-free .

Since the Global Financial Crisis (GFC) of 2008, lending sources have been more difficult to come by for start-ups, small businesses, and entrepreneurs. Yet, but adapting an agile finance strategy, finance may become much easier for these types of businesses. When applying the agile approach to finance, smaller teams will meet more frequently and will have decision making authority. This benefits the small business as well as the lending institution. Businesses may be approved quicker and the overall complexity of the process will be minimized. By having less people involved in the decision-making process, things will get done faster and there will be more transparency on the final decision. So just how do we get an agile finance for small businesses? By using financial technology, also known as FinTech.

MYOB has been a victim of its own success – GM of marketing

MYOB is celebrating its 25th year in the market, kicking off a major campaign that aims to reposition itself as a key player in the technology space and re-educate the market on its cloud-based offerings.

The new brand strategy introduces a fresh tagline, ‘Simplify Success’, moving away from its previous ‘Love Your Work’ positioning. It’s a way to ‘move the needle’ for software business MYOB and reflect its transition into a digital technology company.

ASIC Enforcement Review Taskforce | The Hon Kelly O’Dwyer MP

As announced last week, in keeping with the Government’s commitment to better protect Australian consumers by strengthening the Australian Securities and Investments Commission (ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au), the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has today released the taskforce members and the terms of reference for the ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au Enforcement Review Taskforce.

Govt’s data breach notification bill enters parliament – Security

The federal government has introduced mandatory data breach notification laws into parliament after missing a self-imposed deadline to have a scheme up and running before the end of last year.

The substance of the proposed laws – and the process for declaring a breach – is largely unchanged from an exposure draft published by the Attorney-General last December. The government spent until March this year consulting with industry on the proposed changes.

MYOB brought AccountRight onshore without missing a beat

MYOB migrated the Azure part of its AccountRight accounting system from Singapore to Australia with no interruption to the service.

MYOB  was one of the first companies to adopt Microsoft’s Azure  cloud service. It used Azure to provide a way of synchronising data across multiple copies of its AccountRight  Windows-based accounting software.

ATO attacks mum and dad partnerships

There are few more important tax cases on the horizon than the action being brought against the Australian Taxation Office by Rod Douglass. The result of that case will determine the fate of tens of thousands of husband and wife partnerships in Australia and is likely to lay bare the anti-small business culture that I believe pervades sections of the Australian Taxation Office below the top people.

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