News Pulse for March 8, 2017

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

Big businesses causing cashflow gap for small businesses

Telstra CEO, Andy Penn, recently promised to pay small business invoices within 30 days in a major step forward for the cashflow gap affecting many of Australia’s 2.1 million small businesses.

But it’s still a major problem — new data from Xero shows small businesses are feeling the biggest squeeze from Australia’s largest companies.

Bank chiefs resist more regulation

At the slightest hint of weasel words or obfuscation, the tension between the growing army of major-bank inquisitors and their targets starts to rear up.

Liberal MP and House economics committee chairman David Coleman jumped down the neck of Ian Narev yesterday when the Commonwealth Bank boss began responding to a question on executive accountability by saying he fully supported the underlying principle.

Out with the laptop, in with the mobile phone for Aussie business women

Laptops are being put aside in favour of mobile phones by Aussie self-employed women to run their businesses, according to a new study that reveals faster and more reliable Internet speeds are also on top of womens’ lists of technology they want to make doing business easier.

In fact, more than 80% of the 300 self-employed women surveyed use a mobile phone to run their venture, compared with 70% who use a laptop.

The study by the Australian arm of US-based accounting software company Intuit found that after faster and more reliable Internet speeds, women in small business list technology integration –  like the centralised storage of applications and files, transferring calendars from laptops to phones – and help with finance related problems (tax and managing expenses) as their top technology priorities.

More than 400 SMEs to receive visits from the ATO as it ramps up focus on Australia’s cash economy

More than 400 small businesses across Perth and Canberra will soon receive a knock on the door from the tax man, as the Australian Taxation Office continues to crack down on operators in Australia’s cash economy.

Assistant taxation commissioner Tom Wheeler says tax officers will be dropping in on hundreds of restaurants, cafes, hair and beauty salons and other small businesses that have ready access to cash next month to make sure their business registrations are up to date.

Aussie SMBs lose $6600 for each cyber attack

Australian small to medium businesses — that is 97% of all Australian businesses — lose around $6600 each time they suffer a cyber attack, according to Norton’s recent SMB Cyber Security Survey.

Norton (a Symantec company) says that despite long and concerted cyber security awareness campaigns, many Australian SMBs are still ill-equipped or unwilling to assess and proactively secure their devices and data to minimise the threats against cyber attacks in an increasingly digital world.

Regions are the new black in Australia’s start-up economy

It used to be the urbaReserve Bank of Australia www.rba.gov.aun hubs that were the centre of the universe when it came to business start-ups, but now that cliché might be tossed aside in favour of a new trend.

In new research released by Universities Australia, it’s been revealed that the nation’s regions are central in starting new small businesses and creating new jobs.

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