News Pulse for October 17, 2018

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

Coalition will cover new GST losses

Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 has bowed to pressure from state and territories, with the government agreeing to foot the bill and cover any shortfalls in funding under its overhaul of GST arrangements.

The deal, cautiously welcomed by the states yesterday, came after Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 was pressured by Labor and Coalition MPs concerned about the new distribution formula. The government yesterday committed to covering the cost of any losses suffered by the states during the transition period between 2021-22 and 2026-27, but rebuffed calls to legislate in perpetuity the commonwealth’s ­underwriting of any losses of GST revenue by states under the new model.

Warning Australia’s open banking plan has ‘substantial weaknesses’

Global corporate lending platform Trade Ledger says it has warned the Australian Government of substantial weaknesses in its proposed Open Banking implementation plan, when compared to the global best-practice model.

Trade Ledger claims the Federal Government’s open banking plans primarily include the lack of an independent implementation and governance organisation, and limited consumer and SME representation in the development of industry standards.

Small business tax cuts pass first hurdle

Fast-tracked company tax cuts for small and medium-sized businesses have passed the lower house, bringing the plan closer to reality.

Draft laws enacting the Morrison government’s proposed tax relief measures are set for the Senate after clearing the House of Representatives on Tuesday.

Fast-tracked tax cuts could have nasty sting

The government’s decision to fast-track tax cuts for SMEs could throw up some significant curve balls for shareholders and companies who fail to plan ahead, an accounting firm has claimed.

Last week, the government announced it would accelerate the already legislated tax cuts for businesses  with turnover under $50 million by bringing it forward by five years.

Morrison must seek solid ground, not symbolism

On a single day, the Morrison government has managed both a desperate stunt with Middle East politics , and damaged its economic management credentials with a backflip over how much GST money it will guarantee the states . And it has softened its stance on Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15’s hardline stop-the-boats mantra by opening the prospect of sending stranded asylum-seekers from Nauru to New Zealand. This is what happens to a government with a one-seat majority in the lower house that confronts a byelection in the seat of a relatively popular prime minister whom it has just amputated.

New Airbnb-style food start-up launched in Cairns and Far North

IF YOU have ever dreamt of enjoying a dinner in your own home without having to cook or do the dishes, then dream no more.

Launched earlier this month a Cairns-based start-up called Gathar is connecting dinner party hosts with cooks using a digital online booking form.

Co-founder and CEO Jodie Mlikota said the best way to get your head around the concept is to think of it as an Airbnb for cooks and food lovers.

Government consults on additional legislation to modernise business registers | The Hon Stuart Robert MP

The Government today released the second part of the draft legislation to allow the modernisation of business registers and to provide better support for businesses in an evolving digital economy.

“This consultation is another important step in improving existing business registry services to make it easier for businesses to transact with government,” Assistant Treasurer the Hon Stuart Robert MP said.

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