News Pulse for August 15, 2016

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

Tax incentives failing to fund more start-ups: LegalVision CEO

The government’s tax incentives for investment in innovative start-ups are not creating much new activity, because start-ups are not an asset class that investors enter for tax-planning purposes, says a leading lawyer in the sector.

Small businesses fear being next target of bad financial advice

Small businesses fear they could be the next target of bad financial advice and predatory lending under a proposed low-regulation scheme for start-ups.

The scheme, being considered by the corporate watchdog, would allow financial services start-ups to operate unlicensed for six months in the name of supporting innovation.

Uber to start UberPool a car pooling service in Australia

With Uber now firmly established as an alternative to catching a taxi, despite the virulent opposition of the taxi industry, the app-based transport option has a new measure to further shake up the Australian market.

UberPOOL , the ride sharing scheme where people split the cost of a ride with a stranger heading in the same direction, is set to be launched in Australian in the next few months. The Sydney and Melbourne markets will be first with the other states and territories to follow.

Labor calls for small business minister Michael McCormack to resign after census “disaster”

Shadow Asssistant Treasurer Andrew Leigh has called for Small Business Minister Michael McCormack to resign over his handling of the 2016 Census, as the federal government continues to face heat over Tuesday’s nights events.

As reported by The Guardian , Leigh was asked on ABC Radio National if McCormack should resign or be sacked, saying: “Absolutely, Labor believes there is ministerial accountability.”

Uber: $100m assistance package for Queensland taxi industry is weak, Rob Katter says

The $100 million assistance package on offer to the taxi industry once Uber becomes legal in Queensland will not be enough to keep the industry afloat, crossbench MP Rob Katter says.

The Government has promised to legalise personalised transport options like Uber from September 5 and change regulations for the transport industry.

Uber to be legal in Qld: Premier defends $100 million taxi package

“It’s not their fault the world is changing,” Premier Annastacia PalaszczukThe Hon. Annastacia Palaszczuk (pr. Pal-a-shay), Premier of Queensland and Minister for the Arts from 16.2.2015 said of the “mums and dads” who had invested in taxi licences, only to see a “modern new world” devalue their investment.

Which is why, the Premier said, the government was happy to spend the $100 million from consolidated revenue to compensate the industry , even if she can’t explain exactly where the money is coming from.

Three In Four Business Owners Believe The Coalition’s SME Policies Won’t Pass: MYOB

While a majority of business owners are pleased with the return of the Turnbull Government, only one in four (27%) are confident the SME policies the Coalition brought to the election will pass, according to new research from MYOB.

“The latest MYOB SME Snapshot confirmed that many of the policies the government took to the election are popular with small business, but the close election outcome has raised fears that these policies won’t see the light of day,” said Tim Reed, CEO of MYOB.

Power To The People: Joey Crowd’s Founders Are Taking On The Risk-averse Business Investors

Fed up with conservative investment professionals leaving a trail of broken dreams, a trio from South Australia has launched an online platform to help would-be start-up founders and other entrepreneurs nurture their ideas. Co-founded by Kalif Auditore (CEO), Nick Boniciolli (COO) and Joshua White (CTO), Joey Crowd is being billed as the world’s first crowdfunding platform driven by social media.

Qld cabbies rallying against Uber approval

Queensland taxi drivers will keep fighting against the legalisation of ride-sharing services including Uber.

The state government has announced ride-sharing services will be legal from September 5, with a $100 million taxpayer-funded package to soften the blow to cab drivers.

Government may miss out on Uber fines windfall

Uber drivers have been pinged $2 million in less than four months but the Queensland government looks likely to miss out on hundreds of thousands of dollars in fine revenue.

More than $700,000 in fines to Uber drivers from the latest enforcement spree had already flowed into state coffers by the time Premier Annastacia PalaszczukThe Hon. Annastacia Palaszczuk (pr. Pal-a-shay), Premier of Queensland and Minister for the Arts from 16.2.2015 announced plans on Thursday to legalise the service.

Innovation for all businesses, says Greg Hunt

The new Industry, Innovation and Science Minister, Greg Hunt, is redefining the idea of innovation to apply to all business, old and new, repudiates the Nick Xenophon belief in taxpayer grants for companies and says the critical success test for his portfolio is creating more investment.

Sydney startup Fincast scores partnership with major Singapore bank after winning a global competition

Sydney-based fintech startup Fincast has scored a lucrative partnership with a large Singaporean bank after winning a worldwide hunt for tech solutions that make banking easier and simpler.

Fincast offers a portfolio management tool aiming to cute the time needed to manually analyse investments.

ATO issues warning letters to 136 multinationals under new Multinational Anti-Avoidance Law

The Australian Taxation Office has more than doubled the number of multinational companies being targeted for tax avoidance, vowing to hit offending corporations with big tax bills and hefty fines.

The Tax Office told Fairfax Media that they had identified 175 companies that potentially fall within scope of the federal government’s Multinational Anti-Avoidance Law – which aims to address the problem of multinational companies using loopholes to minimise tax paid in Australia.

Tax collectors eye Airbnb and Uber

The federal government’s key tax adviser and the Australian Taxation Office have launched a fresh assault on the burgeoning cash economy, including considering sanctions for people who operate outside the tax system built up around technology disrupters Airbnb and Uber.

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