News Pulse for February 14, 2018

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

Fast pay a step into future

In China these days it is customary for friends going to restaurants to pull out their mobile phones to pay for their share of the bill using WeChat or Alipay.

There are stories about street beggars who no longer take cash but are happy to get donations straight to their account using their mobile phone.

New way to pay, with no delay

Australian banks will today begin to roll out a $1 billion new payments platform, allowing customers to make money transfers almost instantaneously.

The new platform, launched by the Reserve Bank, will also include a new “Pay ID” system where people can choose their own easy-to-remember identification method, such as a mobile phone number or email, to direct money to their bank account rather than having to remember the account number itself.

New payment platform live as banks pressured to open up access

Banks are under pressure to open up access to a new national payments platform that will embrace the mobile era and finally allow payments to be instantly cleared.

In a landmark innovation for the payments industry, the banks will begin to bring customers on to the “new payments platform” (NPP) from today, after spending more than $1 billion to build it

Government’s tax plan

Labor has been accused of “hypocrisy” by Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 after the opposition indicated a shift in its stance on company tax reform – if it is able to win the election and get the budget back into surplus.

The opposition has spent the past year arguing big business did not deserve a bonus and campaigning strongly against the Turnbull government’s proposal to cut tax for all companies to 25 per cent, but Tuesday marked the first time the party said it would consider business tax reform in the latest round of debate.

Small businesses urged to air grievances with the Royal Commission into the banking sector

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has encouraged small businesses that have suffered from ‘questionable conduct’ by the banks to tell the Royal Commission into misconduct in the banking industry , now underway.

Regarding the Royal Commission, Carnell told Dynamic Business that she’d like to see small businesses share examples of “scenarios where they have complied with their side of a loan agreement only for the bank to change the rules, impacting their finances – even sending them broke.”

Startup promises commission-free loans

A new online broker promises to revolutionise the home loan business by helping customers secure commission-free mortgages at wholesale rates.

BIDeloan said that through its product, borrowers can save nearly $105,000 over the term of a 30-year $500,000 loan.

MYOB deal on track: Reckon

Accounting software maker Reckon’s boss Clive Rabie is confident that the $180 million deal between it and its peer MYOB will stand up to the competition regulator’s scrutiny and get across the line.

The deal, announced last November, will see MYOB pick up Reckon’s Accountants Practice Management unit and has prompted the Australian Competition and Consumer Commission (ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion.) to launch a formal inquiry into the purchase.

Tax plan will deliver wages and profits: Chris Richardson

Parliament is on the brink of flushing away the $20 billion a year economic windfall that would come from cutting the tax rate for big businesses, a leading economist has warned.

Deloitte Access Economics partner Chris Richardson said cutting the corporate rate for all businesses to 25 per cent would be simultaneously good for companies, shareholders and workers.

Government’s tax plan

Labor has been accused of “hypocrisy” by Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 after the opposition indicated a shift in its stance on company tax reform – if it is able to win the election and get the budget back into surplus.

The opposition has spent the past year arguing big business did not deserve a bonus and campaigning strongly against the Turnbull government’s proposal to cut tax for all companies to 25 per cent, but Tuesday marked the first time the party said it would consider business tax reform in the latest round of debate.

Mega profits with no tax — corporate tax avoidance rife in Australia

Qantas CEO Alan Joyce, one of the most prominent supporters of the Turnbull Government’s proposed big business tax cut, presides over a company that hasn’t paid corporate tax for close to 10 years.

The period roughly coincides with Mr Joyce’s tenure at the helm of Australia’s flag carrier.

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