News Pulse for August 10, 2018

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

How electronic invoicing shrinks payment lag times

A revolution in invoicing is occurring and it’s causing businesses of all sizes to get paid faster.

Last year, Coles said it had   reduced its payment terms to 14 days   for businesses that supply the supermarket giant up to $1 million worth of product.  To make that happen, electronic   invoicing   is key.

Digital economy plan set for refresh

The government is set to  unveil its digital economy strategy in the coming months, but delays in releasing the report have been slammed by the Opposition.

The strategy had been promised in the first half of this year, with Labor saying the delay is another example of the government’s failure in digital transformation and innovation policy. It says the strategy must address Australia’s skills gap in tech.

SMEs deny claims tax cuts are wasted

Business owners have angrily defended tax cuts to SMEs, refuting an economist’s claims that these have been wasted and that the same tax rate should apply equally to all businesses regardless of size.

Prominent economist and commentator Saul Eslake made the controversial comments to My Business’ sister publication Nest Egg.

“Small business has created less than 5 per cent of the increase in employment over the last 10 years , and in fact, the reduction in the tax rate paid by small companies since 2015 has not resulted in any increase in employment among small businesses at all,” he said.

Australia’s Big Banks delaying Open Banking in favour of short term profits, says Ubank founder

Australia’s moves towards open banking and a Consumer Data Right are being slowed by the country’s largest banks which refuse to go beyond the minimum requirements of regulators, according to Gerd Schenkel, founder of Ubank and Telstra Digital.

According to Schenkel, now managing director BGA Digital, the banks are favouring short term commercial success over the interests of their customers by failing to be proactive on data sharing. That reluctance opens the door for foreign tech giants to play the facilitator role in data sharing and identity management, and risks the long term health of the Australian economy, according to Schenkel.

“A lay-down misere”: Calls to relieve super burden on SMEs as royal commission focuses on superannuation 

Australia’s small business leaders have reinforced a push for employers to be taken out of the superannuation process entirely as the banking royal commission’s focus switches to the $26 billion industry this week.

A slew of big-name super funds will face scrutiny over the next two weeks as the royal commission scrutinises governance issues and selling practices, and assesses the effectiveness of super regulators such as the Australian Securities and Investments Commission (ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au) and the Australian Prudential Regulation Authority (APRA).

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