News Pulse for November 22, 2016

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

How to get wages bang for the tax cut buck

Well that’s one way to deal with the problem of bracket creep – don’t have a wages increase.

But whatever the Treasurer and Finance Minister might have said about the unfairness of slipping into higher tax brackets as income rises, the federal budget was quietly depending on it.

Are tax deductions on the way out?

About 500,000 taxpayers from teachers to nurses who claim tax deductions for non-compulsory work uniforms could be denied the benefit under a new proposal from Treasury that is aimed at saving the federal budget $30 million annually. For the 2013-14 tax year, about 492,000 taxpayers claimed deductions of $104 million for expenditure on non-compulsory uniforms, at an average of $211 each.

Small businesses spend $100k at other small businesses each year: The value of collaboration

One of the peak bodies representing Australian small businesses has called on local governments to do more to help business owners start and grow their enterprises, in light of research that highlights the economic value of small businesses shopping small.

Research released today by American Express as part of its Shop Small campaign reveals small Australian businesses, on average, source goods and services from 4.4 other small suppliers each month.

Carnell probes banks on minnows

Kate Carnell has issued summonses to four of the nation’s banks to attend private hearings this week and next week, making good on her promise to use “royal commission-like” powers to probe the banks’ treatment of small business customers.

The banks targeted are Commonwealth Bank, ANZ Bank, National Australia Bank and rural lender Rabobank.

Consumer law may affect ag contracts

NEW small-business consumer law protection may significantly affect supply contracts across the agriculture sector, the Australian Competition and Consumer Commission (ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion.) has indicated.

An extension of section 23 of the Australian Consumer Law (ACL) offering farmers and other small business operators protection from unfair terms and conditions in standard form contracts took effect on Saturday.

SME owners not prepared for retirement 

The majority of small and medium enterprise (SME) owners consider the sale of their business to be very important in funding their retirement, according to REST Industry Super.

According to the white paper ‘Bridge the Gap’, commissioned by REST, one-in-five respondents admitted that their business would be unable to fund their livelihood and expenses for longer than a week in the event of their unplanned absence, demonstrating a sizable gap in most SMEs’ insurance coverage.

B2B transactions in Australia’s small business ecosystem worth $204 billion, report suggests

New research suggests transactions between small businesses in Australia are worth $204 billion per year.

Commissioned by American Express in support of Shop Small Month , which ends 30 November, The Economy of Shopping Small: Custom Counts report reveals small businesses in Australia source goods and services from 4.4 other small suppliers each month, with an average monthly spend of $8,600 or $104,000 annually. A quarter of these businesses (24%) spent more than $10,000 per month and 10% spent more than $20,000.

IoT startup Secure2Go to list on ASX, raising $5 million

Internet of things startup Secure2Go is set to list on the ASX in December, raising up to $5 million for the business which has built a platform that lets enterprises and individuals monitor remote assets such as cars and boats in real time.

The tech company is one of the first to announce its plans to list later this year after the exchange introduced tighter listing rules earlier this month.

Corporates, start-ups must partner

Innovation is a buzzword that continues to sweep the business community. From policy makers to small business owners, everyone knows that to remain relevant in the 21st century, it is important to think creatively, proactively adapt to change and learn how to industrialise ideas, before being

Splend is officially Australia’s coolest SMB

JobAdvisor – an employer branding and reviews platform – has announced the winners of their third annual Coolest Companies in Australia competition.

The competition recognises several categories of company, that all offer game changing service, provide unprecedented benefits to employees, foster friendly working environments and are addressing workplace diversity in a meaningful way.

Splend , an Australian SMB offering brand new cars for people who want to work in the rideshare economy with companies like Uber, won the top spot of the SMB category. Key to its success was its culture of innovation and agility, as well as its growth mindset and connection with local community.

Philippines pays off for Peppermint

ASX-listed fintech start-up Peppermint Innovation has inked a deal with GCash, the mobile payments subsidiary of Globe Telecom, the Philippines’ largest telco.

The start-up’s MD Chris Kain told The Australian Peppermint Innovation can now provide mobile payments and remittance services to people in the Philippines who don’t have a bank account. He said there as many as 75 million people in the Philippines who are ‘backless’, while mobile phone usage is close to 100 per cent.

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