News Pulse for December 12, 2017

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

Start-ups in global war for talent

SOUTH Australia’s start-up community says it punched above its weight in 2017, but argues improved access to global talent is critical to ongoing growth in the competitive international tech sector.

Last week members of the local start-up community met at UniSA to discuss the findings of StartupAUS’s Crossroads 2017 report, which puts forward nine recommendations for governments to consider to support development of local start-ups.

Australian retailers are holding the line in the face of Amazon

Traditional retailers are staying in the game and planning more investment following the full scale entry of Amazon in Australia.

Analysis by the Commonwealth Bank in its Retail Insights Report shows nine in 10 Australian retailers maintaining or increasing the number of bricks and mortar stores in the year ahead.

Brakes on equity crowdfunding

The government failed to pass amendments to the equity crowdfunding regime before the end of the year, meaning private companies won’t be able to access the funding method until August next year at the earliest.

The federal government confirmed in this year’s budget that it would extend its equity crowdfunding regime to proprietary companies, and Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 introduced legislation into the Parliament in September.

About one in three of Australia’s biggest businesses paid no tax: ATO

About one in three of Australia’s biggest businesses paid no tax in the 2015-16 financial year, recent data from the Australian Taxation Office (ATO Australian Taxation Office) has revealed. Small businesses are being targeted too as there have been concerns that some use cash to avoid their fair share of tax and superannuation obligations.

Australia celebrated the legalisation of same-sex marriage last week, and as it happened, data was released showing that some companies, the ones that earned $100 million or more, did not pay tax. Out of 2044 companies, 732 were found to be guilty of such offense. Some companies paid relatively small tax compared to profits.

CBA launches hardware-less payments app for SMBs

Commonwealth Bank will bring a new mobile payments technology to market in Australia that enables small businesses to accept credit card payments of up to $100 on their Samsung devices, without any other hardware.

CBA is teaming up with Mastercard and Samsung, as well as fintech start-ups IDEMIA and Mobeewave, to introduce the technology.Mobeewave will provide a white label product to Commonwealth Bank of its SoftPOS technology and leverage IDEMIA’s digital identity security solutions.

 

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