News Pulse for October 10, 2017

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

Parking space start-up raises $2.7 million and buys rival Parkhound

A start-up that has created a marketplace to help Australians find precious spaces to park their car or store their vehicles has raised capital to acquire one of its rivals and boost its push to crack the lucrative US market.

Storage, parking and warehouse space marketplace Spacer has closed a $2.7 million raise, which will fund the acquisition of competitor Parkhound and help support a further expansion into business-to-business deals.

Intuit Australia wants to help foster prospering franchises

With 470,000 Aussies employed in franchises, Intuit’s “global Franchise Program” seeks to help Australian small businesses succeed” while helping Intuit “become the market leader in the next five years”.

Intuit is launching its global Franchise Program in Australia “to help franchise businesses get set up for success and to bolster growth of the nation’s local small business sector”.

GST sharing needs a fix, says Productivity Commission

The Productivity Commission (PC) has delivered its draft report on Horizontal Fiscal Equalisation to Treasurer, Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15. It highlights many shortcomings in the current system and recommends a complete overhaul.

Horizontal Fiscal Equalisation (HFE) is the term given to the sharing of GST revenues to the states to even out their fiscal capabilities. In practice it means the wealthy states like Western Australia subsidise poorer states like Tasmania.

Online safety a must for small businesses | The Hon Michael McCormack MP

SMALL business owners across Australia are encouraged to take part in Stay Smart Online Week by taking simple steps to ensure that they don’t fall victim to cyber criminals.

Minister for Small Business Michael McCormack said cyber criminals don’t discriminate when looking to extort or disrupt operations and often take advantage of small businesses.

Open banking leaves clients vulnerable

Increased data sharing within financial services could expose clients to “predatory practices” and “conflicted advice” from new, third party service providers, the Consumer Action Law Centre has warned.

In a submission to Treasury’s review of open banking in Australia, the Consumer Action Law Centre said that while it encouraged innovative business models, appropriate protections are needed to ensure clients are not taken advantage of.

Small accounting firms admit they’re worried about cybersecurity

Almost two-thirds of small accounting practices are concerned about the security of client data stored in the cloud with many firms acknowledging they do not enforce basicAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au cyber-security measures such as two-factor authentication and ensuring all software is patched to the most current version.

The concerns about security are holding firms back from taking advantage of cloud accounting systems, according to an online survey of 183 accounting firms by consultancy Smithink.

Unfair ATO threatens innovation

When Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 goes to Brisbane and talks about one of his favourite topics, innovation, he should be prepared for a slow hand clap.

One of Brisbane’s most innovative projects, backed by the Queensland government, Arthur Sinodinos’s research grant incentives and financially supported by ordinary but influential Queenslanders, has been deliberately, savagely and falsely destroyed by the ATO Australian Taxation Office. The entrepreneur has been forced to sell her house to pay the debts. We know she did nothing wrong because the Australian Taxation Office, after long delays, sent her an abject and complete written apology for their actions. And of course as we know these sorts of actions are rife in the power corrupted Australian Taxation Office.

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