News Pulse for March 9, 2018

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

Migrant entrepreneurship is a big weapon for Australian business

Proponents of high migration rates say it adds to Australia’s skill base, offsets the effects of an ageing population and lower workforce participation, and boosts the economy.

Detractors say high migration reduces quality of life by adding to population growth, pressuring infrastructure in big cities and anecdotally taking jobs from locals.

CBA halves ATM deposit limit

Commonwealth Bank has again lowered its deposit limit at ATMs in the wake of the explosive allegations of money laundering through the lender’s intelligent deposit machine network.

Amid concerns the bank’s transaction limit at its ATMs was too generous, CBA yesterday told customers in a note it was introducing a daily deposit limit of $10,000 for cash deposits made through its machines — half the previous $20,000 daily limit.

Entries now open for the 2018 Finnie Awards

Entries are now being accepted for the second annual Finnie Awards, giving Australia’s 600+ fintech companies an opportunity to be recognised for their successes.

Presented by FinTech Australia in partnership with the NSW Government’s Jobs for NSW, the industry-backed ‘ Finnies ’ boast 23 awards, including FinTech Organisation of the Year, Outstanding FinTech Leader of the Year, Female FinTech Leader of the Year, Emerging FinTech Leader of the Year and Emerging FinTech Organisation of the Year.

Danielle Szetho is stepping down as CEO of FinTech Australia

Danielle Szetho, the inaugural CEO of industry group FinTech Australia, is leaving after almost two years of successful lobbying for change in Australia’s financial industry landscape.

Sarah Worboys , a former chartered accountant now active with startups, will be interim CEO. More recently she was head of strategy and operations at Melbourne-based peer-to-peer invoice financier Timelio.

Small businesses warned to start Single Touch Payroll setup next month, ahead of July introduction 

The Australian Taxation Office has warned small businesses they must do a headcount of staff on April 1 to determine whether their business will have to use Single Touch Payroll systems from July.

The government outlined in its Mid Year Economic and Fiscal Outlook (MYEFO) in December that Single Touch Payroll would be compulsory for all businesses with 20 or more employees from July 1, 2018, and compulsory for all businesses regardless of how many staff they have from July 1, 2019.

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