News Pulse for March 6, 2018

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

Business hits out at Shorten tax stance

FRUSTRATED business has hit out at Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 for turning company tax cuts into a “heroes and villains” argument and will today tell Queenslanders the reform is a tax cut for them.

Business Council of Australia chief executive Jennifer Westacott will meet with businesses owners in Townsville and Cairns today and tomorrow to help mobilise support for tax cuts.

Bitcoin: benefit or blunder for small business

Although we have come a long way as a society when it comes to our currency system, our agreed upon form of exchange for goods and services continues to evolve.

Business is increasingly done online, and transactions are rarely face-to-face or finalised with a solid handshake. Plus, the way we pay for services has changed too. And I’m not talking about online banking.

Claiming business tax losses from a family trust

When a business is commenced, one of the most important decisions that must be made is what type of legal structure to use? Each of the choices – sole trader, partnership, family discretionary trust , and company – has advantages and disadvantages with regards to income tax.

One of the main areas of income tax that differs between each structure is the way losses can be claimed. For sole traders and a partnership of individuals, when the non-commercial loss tests are passed, the loss can be used to reduce the taxable income of the owners in the year it is made.

Rod Drury out, Steve Vamos in: Xero changes CEO

Cloud accounting software company Xero’s sudden change of leadership may have come as a surprise to the market, but founder Rod Drury says it’s been in the works for months.

Speaking to  The Australian Financial Review,  Mr Drury said he realised when new chief executive and former Microsoft Australia head Steve Vamos began consulting for the business 18 months ago that in five years he would no longer have the skillset required to drive the company’s ongoing transformation into a multinational tech giant.

Xero founder Rod Drury on why he doesn’t want to be CEO anymore — and what he’s going to do instead

Rod Drury, the founder of Xero, the group from New Zealand which changed the global accountancy software market, is stepping down as CEO to be replaced by digital business veteran Steve Vamos.

“It’s been a huge 11 plus years building Xero,” says Drury.

Fintechs move to provide an alternative to banks

Last week I jointly released, with Fintech Australia and theBankDoctor.org, a research report that outlines the steps to be taken by fintech lenders to increase transparency and disclosure.

The report, Fintech lending to small and medium sized (SME) enterprises: Improving transparency and disclosure , analyses the different approaches to disclosure across the fintech industry, and makes recommendations on best practice and identifies commitments to action.

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.

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