News Pulse for September 24, 2018

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

ACCC Opening Statement – Parliamentary Inquiry into the Franchising Code of Conduct

ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. Deputy Chair, Mick Keogh, told the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into the Franchising Code of Conduct:

The ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. welcomes the opportunity to appear before the committee of Inquiry today.

While recognising the benefits associated with franchise business models, we also recognise the vulnerability of franchisees due to the significant personal and financial investment they commonly make, paired with the imbalance of power that can exist between franchisee and franchisor.

Making sure foreign investors and multinationals pay their fair share of tax | The Hon Josh Frydenberg MP

The Coalition Government is taking strong action to protect the integrity of Australia’s tax system, with the introduction of two bills that will further ensure that those who do business in Australia, pay tax in Australia.

The introduction of Treasury Laws Amendment (Making Sure Foreign Investors Pay their Fair Share of Tax in Australia and Other Measures) Bill 2018 and Treasury Laws Amendment (Making Sure Multinationals Pay their Fair Share of Tax in Australia and Other Measures) Bill 2018 helps us to better guarantee the essential services and vital infrastructure that Australians rely on, by ensuring foreign investors and multinationals pay their fair share of tax.

Small business blames ‘real tightening’ in credit on the banking royal commission

Small business says it is facing a credit crunch and is blaming the royal commission into financial services for causing nervous banks to slow lending to the self-employed.

The moderation in lending to small firms in recent months appears to be an unintended consequence of anecdotal evidence of questionable bank lending practices uncovered by Kenneth Hayne’s inquiry.

Open banking: risk and opportunity

The imminent open banking scheme presents huge opportunities for Australian FinTechs, but comes with some very real risks, SocietyOne chief executive Mark Jones said.

The peer-to-peer lender recently hit $500 million in lending, a record for an Australian company, and with open banking, a comprehensive credit reporting scheme and the Royal Commission driving customers away from the big banks, the future looks bright for the local FinTech sector.

Labor delays greater competition and consumer protections in financial services | The Hon Josh Frydenberg MP

Labor is delaying the establishment of a mandatory comprehensive credit reporting system that would increase competition and enhance consumer outcomes in the financial services sector, despite the major banks already voluntarily getting on board.

The measure will give lenders access to a deeper, richer set of data enabling them to better assess a borrower’s true credit position and ability to pay a loan.

New bill to tackle the black economy | The Hon Stuart Robert MP

The Government has taken decisive action in the fight against the black economy.

Today, I introduced Bills into Parliament targeting black economy activities – the non-compliance of entities with their reporting and withholding obligations, non-reporting or understating of income by contractors, and illicit tobacco.

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.

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