News Pulse for September 21, 2018

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

Can technology help small business lending?

Recent research carried out by CoreData for Xero found that 80 percent of small business owners though the paperwork and related requirements for obtaining a loan is onerous. Of those who have borrowed money, 42 percent said the greatest difficulty was providing the lender with the required financial information.

71 percent said they would be interested in applying for a business loan if there was an electronic process to facilitate the process, but 87 percent of all small business owners expected that would come with a lower interest rate and 86 percent expect faster approvals.

New laws to protect workers and their entitlements | Ministers’ Media Centre, Australian Government

The Coalition Government is putting Australian workers and taxpayers first by introducing new legislation to ensure employers properly pay their workers’ entitlements.

Minister for Jobs and Industrial Relations, the Hon Kelly O’Dwyer MP, said the new legislation will address corporate misuse of the taxpayer-funded Fair Entitlements Guarantee (FEG) scheme.

ParlInfo – Internal ATO survey proves need for small business relief

An FOI request has revealed a dramatic slump in the number of small businesses satisfied with the Australian Tax Office – proving the need for a second tax commissioner to deal with their appeals.
The ATO Australian Taxation Office’s Single Corporate Perceptions Survey, discovered by an Opposition FOI request, says overall client satisfaction levels have fallen during the past year, driven by a 10 percentage point slump, to 71 per cent, in the number of small businesses satisfied with the quality of service they received.

ParlInfo – Small business and start-ups gain access to crowdfunding

Small business and start-ups gain access to crowdfunding Small businesses and start-ups will now have easier access to funding they need to grow, with the Coalition Government passing new laws that extend crowdfunding eligibility.

The Coalition Government understands that different forms of nance are particularly important for innovative, early-stage businesses that may have difculty accessing funding from traditional sources.

Crowdfunding allows investors to make small investments in companies, helping them grow and create more jobs.

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