News Pulse for October 26, 2018

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

“Market failure”: Government considers policy to improve small business funding 

The federal government is considering ways to improve small business funding as momentum builds for a new mechanism to help high-potential SMEs access capital.

Responding to a question in Senate estimates on Wednesday, Minister for Small and Family Business Michaelia Cash revealed ongoing “cabinet-level” discussions are occurring about potential policy to help SMEs access capital.

Cyber security a risk to small business project wins

Your company tries to secure project work from a corporate. The tender requires an explanation of your firm’s cyber security strategy and key staff involved in this area.

You narrowly lose the tender because a rival has better cyber security resources. Cyber security has suddenly become a bigger factor in whether your firm wins or loses jobs.

This Melbourne fintech startup is looking to disrupt the way young Australians travel –

Melbourne fintech startup  Pelikin is on the cusp of disrupting the Australian travel money market with its mobile-only multi-currency account and prepaid Visa card. The young team is on a mission to make “travel brighter” for young Australians by providing them with valuable travel and money services that have been built with their best interests first.

At its core, the Pelikin app and card will allow users to hold up to five different currencies at once and spend in over 200 countries across the world in an easy, affordable way.

BHP may settle ATO’s $1b-plus tax claim

The ABC understands that the world’s largest miner, BHP, could soon announce it has settled a billion-dollar-plus tax dispute with the Australian Taxation Office over its Singapore marketing hub.

Big miners, BHP and Rio Tinto, had in 2015 told the Senate inquiry into corporate tax avoidance that they were under ATO Australian Taxation Office investigation for allegedly shifting profits through marketing hubs in Singapore.

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