News Pulse for April 19, 2018

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

Proposed budget limits to R&D tax incentive would threaten scheme’s “crucial” benefits for new startups

Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 has flagged Australia’s R&D tax incentive scheme may receive a rework in the upcoming federal budget after declaring the scheme had been “taken for a ride” by some opportunistic companies.

But the threat of imposed restrictions on the popular incentive, which provides refunds for companies based on the amount they spend on research and development activities, has been met with resistance by Australian startups and startup advocacCommunications Access Co-ordinatory groups, who are calling for the government to approach any changes with careful consideration.

Scott Morrison’s budget silence: Has he forgotten SMEs?

Source: AAP/Dan HimbrechtsnnTreasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 says he won’t be “Santa” when handing down next month’s federal budget, but despite pledging to focus on infrastructure projects and tax cuts, all is quiet when it comes to promises for the small business community.

“There won’t be any Christmas in May,” Morrison told media yesterday , dialling back expectations after Deputy Prime Minister Michael McCormack told the Daily Telegraph  the budget would reveal “goodies”.

Jobs are popping up all across Australia

Job vacancies in Australia continue to increase.

According to the Australia’s Department of Jobs and Small Business Internet Vacancy Index (IVI), online job vacancies rose by 0.9% to 187,200 in March.

Openings have now risen in each of the past 18 months — the longest stretch of consecutive gains since March 2011 — leaving total vacancies up 12.1% on a year earlier.

The ATO has an attitude problem

It has taken a recently retired and highly respected Federal Court judge to reveal just why the Australian Taxation Office is engaged in an apparently mindless campaign against small business and investors.

Richard Edmonds SC was a top NSW tax barrister who acted both for the ATO Australian Taxation Office and for tax defendants before being appointed a Federal Court judge in 2005. Barristers I have contacted say his tax opinions were among the best in the country.

‘Manna from heaven’: Union projected jobs boom ‘absurd’

Economists have derided Australian Council of Trade Unions’ projections that a record 7.2 per cent increase to the minimum wage will create up to 87,000 new jobs, arguing they are based on unrealistic assumptions.

The union peak body released projections on Thursday using budgetary modelling and government figures to estimate their call for a $50 a week increase would create 40,000 to 57,000 full-time jobs in the first year alone due to greater spending from higher incomes.

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