A daily download of SME, startup, fintech and tax news from around Australia.
The Institute for Public Accountants has slammed penalties for super guarantee (SG) non-compliance as “draconian,” saying that they could be very damaging to struggling small businesses and warning that more red tape could be coming.
Presently, non-complying employers would be required to pay “onerous charges” of both the total of their total SG shortfalls for the year and nominal interest and administration fees for that quarter.
In the four years since he founded MarketLend – an online lending platform inspired by international peer-to-peer (P2P) offerings – Tyndall (CEO) and his team of finance industry veterans have helped fund nearly $35 million in secured loans for Australian SMES with an annual turnover between $1 million and $20 million.
Tyndall spoke to Dynamic Business about giving SMEs a ‘fighting chance’ by connecting them directly with investors, why it would be inaccurate to call MarketLend a P2P lender, the importance of ‘putting skin in the game’ and how he plans to grow the formerly-bootstrapped fintech company.
Job vacancies are increasing almost everywhere in Australia.
According to the Australia’s Department of Jobs and Small Business, skilled job vacancies placed online rose in all but two of 37 regions in the 12 months to January.
The number of “non-employing” businesses in Australia continues to grow, with recent data suggesting the number individuals starting businesses in gig economy-focused areas like transport has increased over the past year.
New data from the Australian Bureau of Statistics (ABS) has revealed taxi and transport businesses have grown significantly over the 12 months. The ABS reports a 3.1% increase in actively trading businesses between June 2016 and June 2017. Within the increase, “non-employing businesses” were driving the growth, with sole proprietors showing a 4.5% increase between 2015-16 and 2016-17.
The Notifiable Data Breach scheme comes into effect today , requiring Australian businesses with a turnover of more than $3 million to report any data breach which could seriously harm people.
Businesses could face penalties if they don’t comply.