News Pulse for March 8, 2018

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

MYOB chief Tim Reed pays tribute to three women who have inspired him

On International Women’s Day 2018 I’d like to stop and take time to recognise and thank three women who have been instrumental in my professional life.

As Trump threatens trade war, TPP-11 back free markets

The Turnbull government has stressed the importance of free trade by releasing more details on the benefits of the Trans-Pacific Partnership deal , with farmers, manufacturers and e-commerce businesses among the winners.

As the world recoils from the possibility of a trade war sparked by Donald Trump’s tariff hikes , the 11 members of the Trans-Pacific Partnership will gather in Chile on Friday morning (AEDT) to sign the long-delayed pact.

Cyberattack risks mounting for Aussie SMBs: report

It’s only a matter of time before Australian small businesses are hit hard by a cybersecurity attack but there are things they can do to protect themselves, according to a newly published security report.

According to Sydney-based security firm Aleron , a successful cyberattack can be devastating for small businesses, especially if their resources are limited because the fallout of the attack can range from financial losses to reputational damage.

Julie Bishop says she has ‘no expectation’ Australia will be spared Trump tariffs

Foreign Minister Julie Bishop says she has “no expectation” that Australia will be spared the Trump administration’s steel and aluminium tariffs.

The Federal Government has been pressing key figures in the administration to exempt Australia from the tariffs.

Making sure multinationals pay their fair share: Addressing hybrid loopholes | The Hon Scott Morrison MP

The Turnbull Government is continuing to ensure multinationals pay their fair share of tax – today releasing revised exposure draft legislation to address hybrid mismatch arrangements.

Hybrid mismatches exploit the differences in tax jurisdictions.

Australia’s neglected tax break

It’s Australia’s most neglected tax break: the tax allowance for investing in start-ups that nobody mentions; that rarely gets promoted and even the ATO Australian Taxation Office won’t offer details on … even though it is well into its second year of operation.

Who’d have guessed when it was announced nearly two years ago that a new tax-break offering a 10-year capital gains tax exemption should fall so flat?

Get ready for Single Touch Payroll, ATO warns

The ATO Australian Taxation Office is warning employers with 20-plus staff to begin preparations now for the impending rollout of Single Touch Payroll (STP).

For all businesses with 20 or more employees, STP will come into force from 1 July 2018. The system requires employers to report employee tax and super information through ATO Australian Taxation Office-compliant payroll software.

Better business-uni links urged

Australia’s university system is not well structured to work collaboratively with business, ­according to Stephen Parker, a former vice-chancellor who now leads an education consulting practice.

He said the most actively trading businesses in Australia were too small to be able to effectively use university expertise.

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