News Pulse for October 12, 2017

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

SocietyOne announces record lending growth in 2017

Total lending has reached $350 million for the P2P lender since its first loan in 2012.

Peer-to-peer (P2P) lender SocietyOne has announced three lending milestones for 2017 with the year not even over yet, showing how Australians are embracing this innovative way to borrow and invest.

Canberra businesses hope penalty rates cut can ease pressure

Canberra businesses have welcomed the Federal Court’s decision to uphold reductions to penalty rates for retail and hospitality workers, saying it could lead to more jobs.

But unions say the decision has left Canberra’s least fortunate worse off.

PM ‘must stop penalty rate cuts’

ACTU secretary Sally McManus has called on Prime Minister Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 to stop penalty rate cuts, accusing the government of failing to lift a finger to help working people.

The Federal Court today rejected a challenge by unions to the Fair Work Commission decision cutting Sunday and public holiday penalty rates paid to retail and hospitality workers.

How Blockchain technology could help you become your own energy mogul

You’ve heard of selling your excess solar power back to the grid, but what about cutting out the middle man and directly on-selling to your neighbour instead?

It’s called peer-to-peer trading and it’s fast becoming a reality in Australia, with start-ups across the country trialling ways to counter power bill hikes by putting the power of energy generation into the hands of consumers.

PBO shines a light on Labor’s dark tax record | The Hon Kelly O’Dwyer MP

Today’s Parliamentary Budget Office report on changes in average personal income tax rates paints a grim picture of Labor’s historical propensity to tax.

The PBO’s analysis (Figure 7) confirms that in the 2000s under the Coalition, average tax rates fell considerably – particularly for low and middle income earners.

Xero aims to smooth out billing systems with automation

Accounting software company Xero has launched machine learning automation of account codes and bills, which it says is designed to ensure greater accuracy and reduction in the time small businesses spend creating bills.

The firm claims the launch is the next step towards code-free accounting and, while bills is the second-most commonly used feature of Xero, it has the second-highest rate of defaults, with every small business using the system differently.

MYOB CEO Tim Reed joins Business Council of Australia board

MYOB CEO Tim Reed has been appointed to the Board of the Business Council of Australia, one of two new appointments announced last week.

Reed has played a key leadership role with the Business Council as Chairman of the Innovation Task Force, responsible for advocating an effective innovation system and promoting the productivity and competitiveness of Australian industry.

SMBs held back by poor, unreliable Internet connections: survey

Poor broadband connections are hindering the growth of Australia’s small businesses, according to a new report which reveals that many SMBs have difficulty accessing fast, reliable and affordable Internet connections.

New data from accounting software company Xero found that Internet access is difficult for a third of Aussie SMBs.

 

Multinational tax net tightens

An estimated $3.5 billion in revenue from large corporates and multinationals is at risk to the economy, but through audit activity this will reduce to $2.5 billion, according to the Australian Taxation Office.

On Wednesday the agency is releasing the first tranche of its long-awaited highly anticipated “tax gap” figures, which focuses on 1400 corporate groups with gross income of over $250 million.

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