News Pulse for December 1, 2016

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

Uber’s $1 million plan to get you drunk

THEY may have whacked a delivery fee onto UberEats, but the ride sharing giant is making up for it with $1 million worth of festive freebies.

In partnership with DrinkWise, Uber is handing out more than $1 million worth of free rides over summer to punters at hundreds of licensed venues in Sydney and Melbourne.

New Datto study exposes prevalence of ransomware cyber attacks on APAC businesses 

A new study by Datto, a leading provider of total data protection solutions for businesses around the world, has highlighted the prevalence of ransomware attacks on small businesses in Australia, New Zealand and South East Asia. Datto surveyed more than 100 managed service providers (MSPs) in the region, representing thousands of small businesses. Of the MSPs surveyed in Datto’s APAC Ransomware Research report , a staggering 85 per cent reported that their customers had experienced a ransomware attack in the past twelve months.

Accountants needn’t fear robots

It’s an interesting time to be a bookkeeper and an accountant. Australia’s economic reform is focused on being a prominent player in the world of innovation, the working class is changing global politics, and news articles debate whether robots can uproot our jobs.

In fact, the latest report from CEDACEDA - Committee for Economic Development of Australia states that, “More than five million jobs, almost 40 per cent of Australian jobs that exist today, have a moderate to high likelihood of disappearing in the next 10 to 15 years, due to technological advancements”.

Aussie entrepreneurial spirit strong

ONE quarter of Australian small and medium enterprise owners are operating more than one business, research by MYOB has found.

MYOB’s latest SME Snapshot reveals 25 per cent of business owners are operating an average of two or more companies.

Accounting Software Market Key Players (Active networks) are Intuit, Sage, SAP, Oracle, Microsoft, Infor, Epicor, Workday, Unit4, Xero, Yonyou, Kingdee, Aplicor, Red wing …

Wiseguyreports.Com Adds “ Accounting Software -Market Demand, Growth, Opportunities and analysis of Top Key Player Forecast to 2021 ” To Its Research Database

The Global  Accounting Software  Industry 2016 Market Research Report is a professional and in-depth study on the current state of the accounting software industry.

More than loose ends for Morrison

Federal Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 will tomorrow unveil proposed amendments to Section 46 of the competition law, aimed at boosting powers to stop abuse of small business by big business.

Just how it achieves this task will ultimately depend on how the courts interpret the changes but some in the market suggest small business will ultimately be disappointed.

Government launches inquiry into missing tax billions from oil and gas sector

The Turnbull government has acknowledged for the first time that Australia is failing to secure a fair share of revenue from oil and gas companies, with Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 calling a review into the tax scheme governing offshore projects.

In a stunning admission more than 12 months after Fairfax Media revealed concerns that the petroleum resource rent tax was being gamed by the biggest fossil fuel multinationals, Mr Morrison conceded on Wednesday: “We think it is a problem.”

Planned tax avoidance laws up for scrutiny

Companies wanting to express their views on the Turnbull government’s push to give the tax office more powers to counter multinational tax avoidance “should ensure that they don’t go on Christmas holidays early”.

Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 has released for public scrutiny until December 23 draft laws which will provide scope for the Australian Taxation Office to identify large multinationals seeking to avoid tax by shifting profits.

Entrepreneurial spirit pervades the Xmas spirit for small business owners

Australian small business owners are an entrepreneurial lot, with many choosing to operate more than one business at a time and working so hard they probably won’t take public holidays or even a Christmas break this year.

The latest SME snapshot survey from accounting software provider MYOB found that a quarter of operators (25%) are operating more than one actively trading business, with the average being 2.5 businesses.

Westpac pushes for code overhaul

Westpac has independently pushed for the banking industry’s code of practice to be redrafted and reviewed by the corporate watchdog, with the lender’s business banking boss David Lindberg admitting the code was not “good enough” or “clear enough”.

The admission came during questioning from Australian Small Business and Family ­Enterprise Ombudsman Kate Carnell, who was conducting a two-day hearing on banking practices in the small business sector.

Start-up focus ‘worth $180bn’

Australia needs to make its R&D tax incentives more favourable to start-ups, implement a national entrepreneurs-in-residence program and establish a national innovation agency to capitalise on its fledgling start-up sector, according to a report.

The third annual Crossroads Report, a health check of Australia’s start-up ecosystem conducted by the nation’s peak start-up body StartupAUS, says up to $170 billion could be added to the economy with the right focus.

ATO ‘has not bankrupted SMEs’

Tax Commissioner Chris Jordan has hit back at suggestions the revenue agency has bankrupted hundreds and thousands of small businesses on incorrect use of fraud and evasion claims to challenge their tax returns.

Mr Jordan argued claims of the bankruptcies reported in The Australian were not supported by the Australian Taxation Office’s own case analysis.

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