A daily download of SME, startup, fintech and tax news from around Australia.
Startups with $3 million in capital could soon be allowed to challenge the big banks: What does this mean for the fintech sector?
The hurdles that startups have to overcome to become authorised banking institutions may soon be lowered, with the Australian Prudential Regulation Authority (APRA) encouraging competition from disruptors looking to challenge the big banks in a discussion paper released on Tuesday.
The APRA discussion paper proposes revisions to the existing licensing framework that governs which organisations can be classed as authorised deposit-taking institutions (ADI), and these revisions would see a “phased approach” taken in the ADI authorisation and licensing process.
Amid the parliamentary mayhem of the week, Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 succeeded in legislating his reforms to competition law, strengthening provisions on the abuse of market power, clarifying the rights of third parties to gain access to infrastructure, and making it easier to get approval for mergers.
It was a difficult process, achieved over the objections of the Business Council of Australia and the Labor Party, amid cabinet divisions that former prime minister Tony AbbottThe Hon. Tony Abbott MP Federal Member for Warringah Prime Minister from 18.9.13 to 15.9.15 had found impossible to overcome.
Accounting software company MYOB has launched an education programme which, it says, is aimed at broadening the profession to people of a variety of ages and cultural backgrounds.
MYOB says the programme, dubbed I CAN with MYOB , has a focus on retraining mature jobseekers, return to work parents and people who have suffered disadvantage and difficulty gaining training or employment.
The Australian Taxation office has pledged to “set the record straight” over misconceptions about what employers will have to do to onboard staff once the new Single Touch Payroll system becomes compulsory, but small business groups say there are still concerns the scheme will increase their workloads.
In a statement entitled “Setting the record straight on single touch payroll”, the tax office has refuted what is says are misconceptions about what the Single Touch Payroll processes will be when a new employee joins a business.