News Pulse for September 7, 2018

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

 

 

State moves to scrap payroll tax for small business

Could the announcement that one Australian state will abolish payroll tax for small businesses signal the beginning of the end for one of the biggest bugbears in business?

In its state budget this week, the South Australian government unveiled plans to “abolish payroll tax for all small businesses”, at a cost of $157.2 million over four years.

Professional services provider Accenture, which conducted the survey, also found that this lack of trust would hinder third parties from offering banking services.

 

 

Open banking will see banks gain business, survey finds

A survey of 2000 Australian consumers has shown that Australian banks enjoy a level of trust above that granted by other organisations, with the result that open banking, when it arrives next year, is set to see data sharing between banks, rather than between banks and third parties.

Professional services provider Accenture, which conducted the survey, also found that this lack of trust would hinder third parties from offering banking services.

 

Xero to launch open banking API

Small business cloud accounting platform Xero has announced the imminent release of an open banking API.

The full featured API – Xero’s first – will allow banks, fintechs, and financial institutions to integrate with the platform “with minimal development” the company said.

 

No return to business tax cuts: Frydenberg

Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 says tax cuts for big businesses won’t be revisited, but cuts for smaller businesses could be accelerated.

Former prime minister Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 announced the shelving of the tax cuts after they were blocked by the Senate, but his successor Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 has yet to signal his approach.

 

‘The Government’s Tax Agenda’, Address to the Queensland Tax Forum | The Hon Josh Frydenberg MP

Good morning everyone and thank you to The Tax Institute for inviting me to open your inaugural Queensland Tax Forum today.

As the leader in tax education, The Tax Institute is renowned for the practical focus of its programs which help professionals to immediately apply their learning in the workplace. So it’s a great pleasure to talk tax with you, and be a part of this important forum.

 

Are business loans failing Australia’s small business owners? 

New research finds business owners are struggling to get capital and most startup founders aren’t even bothering to try.

Small business finance has undergone a huge transformation in the past five years with the rise of alternative fintech lenders. However, new research from Xero shows that there is still a way to go.

Xero’s State of Lending Report found that for one in five small business owners (22%), access to capital is the greatest pain point or perceived threat to their aspirations for long-term growth.

 

Banks push to close credit union, payday lender ‘loophole’

Banks are calling for a “loophole” in consumer protections to be closed, saying all lenders should be required to meet new minimum behaviour standards when dealing with customers.

Such a change would require all credit businesses, including credit unions, building societies, and payday lenders to meet the same criteria as banks have committed to under the industry’s revamped code of conduct.

 

PM keen to crank up engine room

Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 has made small business the key to his growth strategy with a commitment to ­repackage the enterprise tax plan with a focus on small and medium business and the return of the small business portfolio to cabinet under its new minister, Michaelia Cash.

In his first media conference as Prime Minister, Mr Morrison signalled his government would form “a new, exciting, tax policy for small and medium-sized business”.

 

NAB Ventures secures another $50 million to invest in fintech startups: Here’s what the fund is looking for

Australian big-four bank NAB has allocated another $50 million to its corporate venture capital fund NAB Ventures, doubling the funds available to bring the total to $100 million.

The fund was launched in 2016 with an initial $50 million to invest over three years. It has backed 12 businesses to date, including property investment startup BrickX , real estate communications platform ActivePipe, and data sharing startup Data Republic .

 

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