News Pulse for April 12, 2018

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

Amazon executives claim to be “misunderstood” by Australians, as small businesses wait for sales to come

As a growing number of Australian small businesses speak up about their disappointment with Amazon’s local offering, an Amazon executive has admitted it will take time for businesses in Australia to trust the platform and “being misunderstood is something we do often”.

At the AWS innovation summit in Sydney, Amazon international consumer senior vice-president Russ Grandinett said building trust among Australians will not happen overnight.”

Andrew Thorburn visit to Amazon, Microsoft HQ reveals extent of NAB disruption

Fresh from a visit to the global headquarters of Amazon and Microsoft in Seattle last week, National Australia Bank chief executive Andrew Thorburn says he’s more certain than ever that banks face massive technological disruption, reinforcing the need for NAB to aggressively push ahead with a workforce automation project despite its promised cost savings being questioned by investors.

Speaking to The Australian Financial Review with his new chief technology officer Patrick Wright, who was also on last week’s US trip that included a stopover in Silicon Valley, Mr Thorburn said: “There is huge disruption coming, I am certain of that. I have come back [from the US] with that conviction more firm in my mind than I have ever had before. So we must accelerate the change in the bank, and it must be focused on serving our clients better.”

Business Council warns tax reform calls too difficult before company rate cut

Calls for broad tax reform by a key crossbench senator shouldn’t delay company tax reductions because “text book ideal” changes will take too long to achieve, the Business Council has warned.

Holdout crossbench senator Tim Storer , the final vote needed on the government’s legislation to drop the company rate from 30 per cent to 25 per cent for big business, last month said he wouldn’t support the plan unless it was part of a wider package of tax reform , prompting the Coalition to postpone any vote until Parliament returns in May.

Consultation on ASIC fees-for-service draft legislation | The Hon Kelly O’Dwyer MP

The Turnbull Government is committed to ensuring that ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au has the resources and powers it needs to combat misconduct in Australia’s financial services industry and bolster consumer confidence in the sector. Consistent with this commitment, the Government has today released draft legislation on the second phase of the ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au industry funding model – the introduction of ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au fees-for-service.

The introduction of the ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au industry funding model was a key recommendation of the Murray Financial System Inquiryaka 'Murray Inquiry', 'Murray Financial System Inquiry' and 'FSI' and is a critical component of the Government’s reforms to strengthen ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au and better protect Australian consumers.

Small businesses demand overhaul of ATO powers to prevent “miscarriages of justice” on issues like garnishee notices

The federal government says it will investigate the Australian Taxation Office after a Fairfax and Four Corners investigation found small business people have been treated unfairly in the chase for revenue.

The media reports have claimed small business owners are being left stranded by the mystery cancellation of Australian Business Numbers and that there has been an increase in the issuing of “standard” garnishee notices to individuals and small businesses to take control of their bank accounts for the repayment of tax debts.

Carnell seeks more power on small business complaints against the ATO

Small Business and Family Enterprise Ombusdman Kate Carnell has rejected the Australian Taxation Office’s argument that there is no need for greater scrutiny, saying watchdog agencies – including her own office -need more powers to ensure small business and individual taxpayers get justice.

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