News Pulse for February 2, 2017

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

Senator Abetz reveals how government could keep funding the SME instant asset write-off

Senator Eric Abetz has recommended the federal government return small business to the cabinet and place the portfolio in the hands of Liberals.

In an address to the Young Liberal Federal Convention, last weekend, the former minister warned that “too much red tape, too much taxation and oppressive regulations” barred small businesses from fulfilling their collective role as the nation’s “wealth generator and job creator”.

$1.25 million accelerator partners with startup science experts to boost innovation in Geelong

A $1.25 million startup accelerator in Geelong is teaming up with one of Australia’s first incubators to ramp up startup activity in the regional Victorian city.

Runway, which is working to establish as many as 70 new companies and create hundreds of new jobs , wants Geelong to be recognised on the international startup stage, and the accelerator’s partnership with Pollenizer is part of that journey.

Malcolm Turnbull claims company tax cuts will give workers $750 bonus, as both parties make business growth a priority

After a not so restful summer break, our political leaders are back on deck this week, with Prime Minister Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 and Opposition Leader Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 putting forward their views on tax reform, productivity and business growth.

Today the Prime Minister will tell the National Press Club his plan to cut the corporate tax rate will make the average worker $750 a year better off, with the government to call on employers to invest back into their staff and companies.

Personal tax cuts when affordable:PM

Australians shouldn’t expect personal income tax cuts anytime soon.

As Prime Minister Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 continues to argue the case for business tax cuts , he says individual tax cuts are not affordable at a time when the budget is in deficit and debt unacceptably high.

Mr Turnbull spent a large proportion of his address arguing the case for his government’s planned $50 billion in business tax cuts, claiming average workers would be $750 a year better off if the company tax rate was 25 per cent now.

Greater Bank increases its fees for business loans

It’s the second bank this month to increase the cost of its commercial loans. Greater Bank has announced an increase in fees across its three business loan products, becoming the second lender in recent weeks to increase the costs for business loan customers. Earlier this month, Suncorp announced it would increase its small business interest rates by 0.15% to 5.14%, accompanying a rate hike for its owner-occupied home loan rates.

Business tax cuts could lead to extra money in family pockets

Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 used his first big speech of the year to pledge an extra $750 a year in the pockets of the average Aussies.

The move comes after Labor’s opposition to his government’s $50 billion worth of business tax cuts.

Banks becoming ‘curators’, not just lenders: ANZ

ANZ Banking Group’s commercial bankers will morph into “curators” for their business clients by linking customers with reputable, external technology start-ups, according to business banking boss Mark Hand.

The managing director for corporate and commercial banking at ANZ says this will be necessary for banks to fend off the growing competitive threat from cloud-based accounting companies, which are elbowing in on business banking customers’ online experiences.

Boosting small business is smart policy

AS someone who mortgaged everything — and then some — to start a legal practice which served the local community including the small business sector, I understand the relentlessness, the commitment and hard work required to get established and keep on going.

Small business is the economic and social backbone of our society. And that is why it is both an economic and social good to advance the cause of small business. Too often the sector can rightly be described by the Menzies phrase — “the forgotten people”.

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.

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