News Pulse for October 19, 2018

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

DELIVERING TAX RELIEF FOR SMALL & MEDIUM-SIZED BUSINESSES

Millions of small and medium–sized businesses across Australia will pay less tax five years sooner, with new laws fast-tracking tax relief for the sector passing Parliament today.

This is great news for the 3.3 million small and medium-sized businesses and the seven million Australians they employ.

Without a trusted advisor, small businesses miss out

Running a small business is like climbing Mount Everest: it’s challenging, sometimes conviction is the only thing creating upward momentum and the reward of reaching your goal is the ultimate payoff. Oh, and the right partner guiding your journey makes all the difference to success.

This last point is one of the dilemmas that keep those that own or run a small business awake at night. With limited staff and budgets, it’s tempting to shoulder as many burdens as possible. But at a certain point, trying to be your own expert in everything from marketing to HR to technology becomes false economy. Theoretically you could also save money by cutting your own hair, but it often takes twice as long and, unless it’s something very straightforward, the results are never as a good as you’d like.

ASIC tightening regulation on ICOs is a positive move for the industry

ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au recently announced that it has shut down several Initial Coin Offerings (ICOs) for misleading or deceptive statements in their marketing and operation of unlicensed managed investment schemes. This once again casts the spotlight on the unregulated nature of the Cryptocurrency industry and the need for investor protection.

Cryptocurrencies and, by association with the larger category of digital assets that they enable and are often confused with, continue to be viewed with suspicion by much of the mainstream public. This is despite, or in some cases as a result of, their explosion into the public consciousness in the last year. The reasons for this are varied.

AFCA unveils strategy, brand ahead of launch

The Australian Financial Complaints Authority (AFCA), the new dispute resolution body which brings together the Financial Ombudsman Service, the Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal, has unveiled its strategy and new brand ahead of being open to taking complaints from consumers and small business on 1 November 2018.

AFCA, which is the result of recommendations made by the 2016 Ramsay Review into external dispute resolution in financial services, has defined its purpose as being a provider of “fair, independent and effective solutions for financial disputes”.

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.

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