News Pulse for June 16, 2017

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

Senate pushes pay deal inquiry

The ALPAustralian Labor Party’s largest union affiliate, the shop assistants union, will come under fresh pressure as the Senate moves next week to set up a stalled inquiry into controversial pay deals struck with major employ­ers including Coles, Woolworths, KFC and McDonald’s.

The Australian understands the government has decided to support­ a revised motion by senat­or Nick Xenophon to hold a ­Senate inquiry into claims that many employees working for the companies receive weekend and public holiday penalty rates that are lower than the industry award.

Palaszczuk Government seeing red over hollow LNP red tape reduction promise

Small Business Minister Leeanne Enoch today (Thursday) urged Queensland’s small business owners and operators to cut through the LNP’s rhetoric and remember the Newman-Nicholls Government’s poor record on reducing red tape.

“History shows us the LNP failed miserably when it came to cutting red tape,” Ms Enoch said. “Let’s be clear on this – red tape increased under the previous Newman/Nicholls Government.

What’s a co-foundry? How Adelaide-based incubator The Moonshine Lab is aiming to fill a gap in the startup ecosystem

It’s a problem many startup founders face: they’ve got a great idea and solid industry knowledge, but no technical founder to build their product. This is where Adelaide-based incubator The Moonshine Lab comes in with its new co-foundry service.

The Moonshine Lab was borne out of Adelaide marketing agency The Distillery, and its principal Jason Neave believes it will fill a current gap in the startup ecosystem.

Letting go a challenge for small business owners

amily business owners who enjoy their work and achieve good results are more likely to implement a succession plan, a long-term study of the sector has found.

The study also found the best predictor of success was having a successor who was a high business performer, had high self-confidence, and support from the incumbent.

Changes now in effect to support the superannuation tax reform package and amend the insolvency law reform act | The Hon Kelly O’Dwyer MP

Amendments supporting the integrity of the Government’s comprehensive suite of superannuation taxation reforms have come into effect with the passage of the Treasury Laws Amendment (2017 Measures No. 2) Bill though Parliament.

These reforms improve the fairness, sustainability, and flexibility of the superannuation system, including:

Delivered: instant asset write-off extension | The Hon Michael McCormack MP

AUSTRALIA’S 3.2 million small businesses can continue to purchase equipment up to $20,000 and write it off immediately thanks to legislation passed by the Senate today, Small Business Minister Michael McCormack says.

“Around Australia I have heard from hundreds of small businesses how helpful the $20,000 instant asset write-off is to purchase the equipment they need to grow and create opportunity,” Mr McCormack said.

Victoria to build fintech hub

Victoria is taking on the likes of Singapore, London and New York in fintech, with the state government announcing a new financial technology hub in Docklands it says will create jobs in the fast growing industry.

Announced at an event Wednesday night, the new hub is proposed to be established at the Goods Shed North in Docklands, and will be used to bring together start-ups with investors, cocporates and researchers in a single space.

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