News Pulse for October 3, 2016

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

Penalty rate trade-off would scapegoat weekend workers: ACTU

Unions will oppose small business attempts to trade off penalty rates and overtime for higher hourly pay, warning that weekend workers risked becoming “scapegoats” who subsidised their colleagues working Monday to Friday.

ACTU secretary Dave Oliver yesterday hardened the union movement’s opposition to the proposal by Fair Work Commission president Iain Ross to look at allowing award-covered retail and fast-food companies to trade off penalties for higher base pay.

Fair Work Commission president suggests penalty rates swap for higher hourly wages

The small business lobby is “enthused” by the Fair Work Commission’s (FWC) push to allow workers in the retail and hospitality industries to forgo penalty rates in return for higher hourly rates.

The proposal, flagged by the commission’s president Iain Ross, involves so-called “loaded rates” and would allow employees covered by an award to trade penalties and overtime for higher base wages, without the need for a new enterprise agreement.

Higher pay rates could replace penalties

Small business is buoyed the industrial umpire boss has flagged merit in replacing penalty rates for retail and fast food chain workers with higher hourly pay rates.

The Fair Work Commission president Iain Ross has acknowledged a need for greater flexibility for small business.

“We’re Responding To An Outdated ‘hope And Pray’ Recruitment Model”, Says IRecruit’s CEO

Fed up with the time and money they’d each wasted on a ‘trial and error’ approach to recruitment, serial entrepreneurs Aleksander Svetski and Todd Pierce partnered to develop an intelligent job-matching system that removes guesswork and uncertainty from the equation.

Set to roll-out from November, iRecruit is a cloud-based, data-driven platform that uses cutting edge behavioural science and proprietary machine learning algorithms to instantly pair employers who are eager to fill a job vacancy with the ideal candidate.

R&D Tax Review Report Recommends Capping Refund Available To Start-ups At $2 Millon

The Federal Government has encouraged businesses to submit feedback on findings from Research and development (R&D) Tax Incentive Review report, released this week.

Undertaken by Chair of Innovation Australia Bill Ferris, Australia’s Chief Scientist Alan Finkel and Secretary to the Treasury John Fraser, the review had the purpose of identifying opportunities to “improve the effectiveness and integrity of the R&D Tax Incentive, including by sharpening its focus on encouraging additional R&D spending.”

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