News Pulse for July 12, 2018

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

Investors warn ALP on franking

The nation’s biggest listed investment companies, which safeguard more than $40 billion invested in local shares on behalf of 400,000 Australians, are warning of dire ramifications for retirees, low-income earners, small business owners as well as broader capital markets as a result of the Labor Party’s planned attack on franking credits.

The collection of specialist equities investors, who have combined their public policy muscle under peak group the Listed Investment Companies Association of Australia, have written to Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13, alerting the Opposition Leader to the hit to income for a cross-section of people if his government were to implement its radical shake-up of the franking credit regime.

‘The employee strongly denied the evidence’

IF YOU’VE ever taken a pen, notepad, stapler or even a Post-It note home from the office, you’re part of a problem costing employers $1.5 billion a year.

According to the Australian Federal Police, staff and former staff are responsible for 70 per cent of business fraud, while the Australian Retailers Association estimates 55 per cent of stock shrinkage is due to employee theft.

The Sydney-Melbourne rivalry could stunt Australia’s startup growth, says StartupAus chief Alex McCauley

If Australia is going to become an internationally-recognised startup hub, Sydney and Melbourne will have to set aside their sibling rivalry and agree to share the spoils, according to Alex McCauley, chief executive of StartupAus.

Speaking to StartupSmart , McCauley says there has been an increasing focus on internationalising Australia’s startup space.

 

Major blitz of Sydney’s ‘cheap eats’ precinct found 70pc of businesses in breach

A compliance blitz of a popular “cheap eats” precinct in Sydney has found 70 per cent of businesses were in breach of workplace laws.

As part of an ongoing “intelligence-led” campaign into the hospitality industry, the Fair Work Ombudsman audited 67 cafes, restaurants and fast food businesses on Glebe Point Road in Glebe.

Fintech provided with funding facility

A fintech lender has announced it will be able to fund up to $50million in loans after it was provided a funding facility by a major lender.

Through a special purpose vehicle from NAB, GetCapital will now be able to fund more loans to small and medium sized businesses (SMEs) across Australia.

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