News Pulse for June 6, 2018

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

Banking royal commission: Carnell wants another round on business lending

Small business ombudsman Kate Carnell says the banking royal commission’s hearings into small business lending over the past two weeks were a missed opportunity because they failed to uncover a cozy relationship between banks and the administrators and receivers who work for them, and it didn’t get to the bottom of the Bankwest saga.

She has called on the Hayne inquiry to conduct another round of hearings on small business lending.

New ATO commissioner to hear taxpayer appeals ‘inevitable’: watchdog

It is inevitable that a second new Australian Taxation Office commissioner will be appointed alongside Tax Commissioner Chris Jordan in the future to hear taxpayers’ appeals, Inspector-General of Taxation Ali Noroozi says.

On Tuesday Mr Noroozi told Senate Estimates complaints had increased following the joint Fairfax Media-ABC investigation into the ATO Australian Taxation Office. His office acts as a watchdog over the ATO Australian Taxation Office and also hears individual and small business complaints about the agency.

$20,000 tax break? We don’t care – we’re not using it

A whopping 85 per cent of small business owners have never used the $20,000 instant asset writeoff , even though the vast majority of them want it to remain in place. The measure allows small businesses to claim an immediate tax deduction for business purchases that cost $20,000 or less.

According to a national survey of 829 businesses by Officeworks and H&R Block, 58 per cent of those surveyed have never heard of the instant asset writeoff, which was recently extended until  June 30, 2019. But 96 per cent of respondents want the government to keep the scheme.

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