News Pulse for June 20, 2018

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

Reckon chief executive Clive Rabie steps down to MD role after failed MYOB acquisition

Reckon chief executive Clive Rabie is stepping down as CEO to become managing director less than a month after a deal fell apart to sell the company’s accounting practice management software business to MYOB.

Rabie will step aside from the day-to-day operations of the business after 12 years as chief executive to take on the MD role, where he will focus on group strategy, growth and mentoring the managing team during the transition period, according to Reckon.

What’s the hold-up with open banking?

The major banks will have just a few months to determine standards for new software that will allow their customers to port data to competitors, to meet the government’s tight timelines for “open banking”, said the chairman of Data61’s new Data Standards Body, Andrew Stevens.

Mr Stevens, the former boss of IBM in Australia, will oversee the development of the technical standards to create the government’s new “consumer data right”.

Treasury to modify small business CGT concessions after proposed retrospective application left SME owners with surprise $500,000 tax bills 

“integrity measures” for small business capital gains tax (CGT) concessions after an investigation by SmartCompany revealed SME owners would have been unknowingly slugged with massive tax bills after selling their businesses.

In May 2017, Treasury announced a number of integrity measures in the 2017-18 budget to ensure small business CGT concessions were being appropriately used by actual small business owners. These measures were outlined in budget papers as having the effect to “ensure that the concessions can only be accessed in relation to assets used in a small business or ownership interests in a small business”, and were announced to come into effect prospectively from July 1, 2017.

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