News Pulse for October 15, 2018

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

​Shorten in tax cut pitch to rich

Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 would consider extending low- and middle-income tax cuts to higher-wage earners and those on the top marginal rate if and when the budget allowed for it, while vowing to use his $160 billion election war chest to roll out the largest social and economic reform agenda since the Whitlam government.

The political repositioning by the Opposition Leader follows his move yesterday to neutralise a looming battle with the government over small business, declaring Labor would now support the government’s plan to fast-track the lowering of the company tax rate to 25 per cent for firms earning under $50 million a year, having vowed to oppose it less than four months ago.

​Westpac predicts Open Banking to cost AU$200m to implement

Australia’s major banks will be forced to make banking data available from the start of the 2020 financial year, with the bigger players in the local market expected to have their ducks in line come July 1, 2019.

The mandate comes by way of a new Open Banking regime that forms the first phase of a new Consumer Data Right (CDR) that will allow individuals to “own” their data by granting them open access to their banking, energy, phone, and internet transactions, as well as the right to control who can have it or use it.

Labor throws support behind earlier small business tax cuts

Labor has thrown its support behind the Coalition’s plan to lower the tax rate for small and medium businesses earning up to $50 million per year five years earlier than anticipated.

The 10-year plan was revealed as part of the federal budget back in 2016 when prime minister Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 was still treasurer under former PM Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15. Under the original proposal, the tax rate for small businesses would have incrementally lowered from 30 percent to 25 percent each year until 2026-27.

Court ruling to change everything for casuals

When the Federal Court in August ruled Queenslander Paul Skene was not a casual employee and should have been paid annual leave entitlements, the precedent shocked business – from mum-and-dad small enterprises to some of the biggest chains in Australia.

How KKR and Xero have made the boring world of bookkeeping exciting

‘Barbarians at the Gates’ has been a recurring theme for Justin Milne lately.

Last week, reverberations from the spectacular boardroom implosion at the ABC, which Milne used to chair, were still being felt ( ‘The barbarians are not at the gate; they’re in the building’ was the title of a  Good Weekend   piece on this).

Sorry, small business has no special sauce for jobs

Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 is surely on a winner with his decision to step up pursuit of jobs and growth by bringing forward the time when small and medium businesses have their company tax rate cut to 25 per cent.

Certainly, it’s likely to be a popular decision, not just with the owners of the more than 3 million businesses who’ll be paying a bit less tax, but also with a lot of ordinary voters.

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

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