News Pulse for September 3, 2018

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

MYOB claims smooth STP transition

More than 50 percent of employers reporting via STP are MYOB customers, according to the company.

Since 1 July 2018, more than 16,000 businesses have joined the scheme via MYOB software, and have together successfully processed more than 150,000 STP pay runs.

Labor’s ATO plan a watershed moment

It was a watershed moment for small business when the shadow treasurer Chris Bowen promised a massive overhaul of the Australian Taxation Office if Labor wins government.

The decision to create a separate and dedicated appeals group led by a new, second ATO Australian Taxation Office commissioner not only takes some of the sting out of the ATO Australian Taxation Office’s extraordinary powers but brings it into line with comparable international tax collection agencies such as its United States counterpart.

From $50 a week to $250,000 a year: Here’s what Australian business owners pay themselves

While there’s a lot of glory associated with starting a new small business or startup, almost none of that glory comes in the form of a fat paycheck — at least not straight away.

It’s one of the starkest differences between running your own business and working at someone else’s, and the question of pay is one that often plagues the mind of a founder. When you’re an employee, it’s usually up to someone else to decide your pay level and structure, but when it comes to setting that yourself, business owners are often left with no clue.

CEOs warn banking royal commission could put clamps on lending

Chief executives from outside the financial services sector are concerned reforms flowing from the Hayne royal commission could hurt the economy if they dry up credit for small business and consumers .

“The risk is that if banks and financial institutions become so risk averse they slow down the provision of credit to individuals and businesses. That would be the key risk which I hope doesn’t happen,” Wesfarmers chief executive Rob Scott said.

ATO boss pushes back on need for a new commissioner

Tax commissioner Chris Jordan says Labor’s proposal for a new commissioner dedicated to resolving small business disputes with the ATO Australian Taxation Office is “interesting” but indicated he didn’t think it was necessary.

“I think it is sort of being done,” he told the Vodafone National Small Business Summit in Sydney on Friday.

‘Scott Morrison has to champion business owners’

SCOTT MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 is a Prime Minister who I reckon understands business owners, how hard they work and how important they are.

During the federal budget this year I interviewed Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 for my podcast and it had more than one million downloads — more than anyone else. He didn’t duck questions and he didn’t talk BS, and the listeners loved it.

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

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