A daily download of SME, startup, fintech and tax news from around Australia.
It was launched amid huge fanfare back in February, but five months later the New Payments Platform remains inaccessible to a big chunk Australian banking customers.
The platform was aimed at bringing banking into the 21st century by allowing people to transfer funds instantly and easily using just a phone number attached to a “Pay ID”.
Australia fintech hub Stone & Chalk says it has established a new east-coast “mega-hub” to give start-ups, scale-ups, corporates, and investors nationwide opportunities for collaboration and resource-sharing.
According to Stone & Chalk, the launch of a new national capability across its new home at the Goods Shed North in Melbourne’s CBD innovation precinct, and its residency in the Sydney Startup Hub, cements Australia’s eastern seaboard as a “natural centre of gravity” for fintech in Australia and across the ASEAN region.
Figures released on Thursday showed about $8.7 billion of the nation’s tax base is being lost each year through dodgy personal claims, incorrect work-related expenses, deductions related to rental properties and $1.4 billion in cash wages.
The first of its kind estimate puts the gap for the country’s 9.6 million taxpayers at more than three times the estimated loss from large companies, worth about $2.5 billion in 2014-15 .