News Pulse for December 4, 2017

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

Bitcoin: Will we ever actually bank with it?

The product of an anonymous and secretive mastermind.Used by criminals trading online through a “Silk Road” of illicit drugs and weapons – the founder of which website is now serving life in jail.

The price explosion of Bitcoin this year, fetching more than $US10,000 at times, has brought Bitcoin back to the attention of mainstream media – where it has been dismissed for almost a decade since it was launched by a bunch of internet nerds after the collapse of Lehman Brothers.

When the post is a nightmare for small business

It’s the busiest time of the year for small business owners. The orders are flooding in, and online orders are being packed and sent to customers via Australia Post, one of the growing number of alternative services or a courier service. But the fact is that not all parcels will arrive on time. Or even at all.

The courier pick-up and delivery services in Australia is a $5 billion industry shared between 17.055 businesses and growing 2.4 percent between 2013 and 2018, according to IBISWorld figures released in November.

Why small businesses are in trouble

Access to justice is a recurring issue for small business people who are at the wrong end of a power imbalance in dealings with big business and governments.

Consumer protections don’t always apply to small businesses, which have limited options in seeking resolution.

Christmas kick in the guts for small business: Sunday Penalty Rates face increase

Australia, 1 December 2017: Small businesses face a crushing blow as the recent reduction in Sunday Penalty Rates could be repealed in time for Christmas, abandoning small businesses across Australia, in what should be the highest sale period of the year.

Australia’s largest independent retail and home delivery group, the lottery and newsagents industry, are appalled that our government representatives would increase our costs – particularly at the busiest time for retailers, when running costs are already high. This will spell disaster for the small business, the backbone of Australia’s economy, along with employment levels.

Black economy hot spots blitz

The Australian Taxation Office has launched an audit blitz on neighbourhoods across the nation with high concentrations of cash-only businesses, including restaurants, hairdressers and beauty parlours.

The blitz is part of a covert war on the black economy that has ­already yielded $200 million.

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