A daily download of SME, startup, fintech and tax news from around Australia.
If the Queensland government entered a popularity contest, it would win the wooden spoon.
]That is according to the latest Sensis Business Index, which shows the Queensland government is the least popular state or territory government in the nation among small and medium businesses.
Tax Commissioner Chris Jordan will get another seven years at the head of the Australian Taxation Office, with the agency looking to hit more multinationals with tax bills amounting to $4 billion.
The tax assessments include $2.9 billion in tax liabilities already issued against seven multinational companies.
Commonwealth Bank will give small business customers a reprieve by scrapping non-monetary defaults on loans worth less than $3 million.
The move follows small business and family enterprise ombudsman Kate Carnell’s inquiry into small business loans, in which she recommended a ban on non-monetary defaults of loans below $5m where small businesses have complied with repayments and acted lawfully.
Commonwealth Bank of Australia will drop “financial indicator covenants” from all of its existing and new lending contracts for small businesses borrowing less than $3 million, a move applauded by small business ombudsman Kate Carnell, who has criticised such clauses for “offending basicAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au principles of fairness”.
The report on the banking industry’s code of conduct by Phil Khoury and the House of Representatives economics committee report into the big four banks also criticised non-monetary default clauses in loans to SMEs and called for their removal.
ACT business owners are now the most confident in Australia, continuing a run of positive economic indicators for the territory.
The latest Sensis Business Index ranks Canberra at +64, having overtaken Victoria and New South Wales, and 22 points higher than the national average.
Melbourne startup Gobbill aims to make paying bills simpler and safer for consumers and small businesses.
“We decided to create Gobbill because we were finding it increasingly time-consuming to manage bill payments. We decided there had to be a better way to manage bills and still be in control of our payments,” said co-founder Shendon Ewans.
The Northern Territory Government will today announce that a cap on taxi numbers will remain when it outlines its framework for legalising ride booking — paving the way for services such as Uber to operate in the jurisdiction.
The Labor Government came to power last year with the promise of making ride-booking services like Uber legal after the previous government ruled it out .