News Pulse for August 17, 2018

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

Wages maintain sluggish growth of 2.1 per cent over the year

Wage growth has continued to muddle along near record lows despite a solid expansion in the number of jobs over the past two years. In seasonally adjusted terms the wage price index grew 0.6 per cent in the three months to June, or 2.1 per cent over the year.

Drury still making his mark on strategy at Xero

The company has shifted its strategy in its long under-performing US market from one that directly targets small businesses to one that goes after bookkeepers and accountants, gets them on side, and then leverages their networks to sign up small business customers, which was a key part of its growth throughout the Australia and New Zealand and the UK.

Making multinationals pay their fair share | The Hon Kelly O’Dwyer MP

The Turnbull Government is ensuring that those that do business in Australia pay tax in Australia. Improving the integrity of our taxation system helps to ensure the Government can guarantee the essential services that Australians rely on and leave more money in the pockets of hardworking Australians.

Legislation giving the force of law in Australia to the OECDOrganisation for Economic Co-operation and Development’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the Convention) has today been passed by Parliament, further helping to ensure the integrity of Australia’s international tax arrangements.

Fintechs fill the void left by commission

Fintechs are filling the gap in SME lending as the big four banks concentrate on the fallout from the royal commission, according to one online lender.

The fintech commercial lending space opened up in around 2013 and since then has reported an annual growth rate of around 79%.

Legislation to combat illegal phoenix activity released for consultation | The Hon Kelly O’Dwyer MP

The Turnbull Government is taking action to protect workers and honest businesses by legislating a package of reforms to tackle illegal phoenix behaviour and level the playing field.

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released draft legislation for a comprehensive package of reforms to combat illegal phoenixing. These measures will both deter and disrupt the core behaviours of illegal phoenixing and more harshly punish those who engage in and facilitate this illegal activity, including pre-insolvency advisers.

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