A daily download of SME, startup, fintech and tax news from around Australia.
Australians will soon be able to better compare prices and switch between products and providers across the banking, energy and telecommunications sectors, with the Liberal National Government introducing legislation into the Parliament this week that gives individuals access to personal data currently held by businesses.
It marks the beginning of a data revolution, with Australia set to become a world leader in implementing an economy-wide right for consumers to access and use data that businesses hold about them.
Small businesses are spending $130,000 on average to resolve disputes but half of them don’t believe it is worth the time and effort to assert their rights.
Ombudsman Kate Carnell’s report into small business access to justice, released on Wednesday, found smaller operators are most likely to get into fights with other companies over issues such as getting paid. In two thirds of cases the arguments result in a break down of the business relationship.
Twelve months ago small business owner Peter Balthazar received what would become a very expensive letter in the mail.
It informed him a trademark application for his activewear business Stay Shredded had been opposed by multinational drink giant Monster Energy.
Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 says growing complexity in financial services has made it tough for customers to compare prices and products but “open banking” will help overcome this by ensuring banks present information in a standardised, simpler way under a policy that aims to facilitate account switching and stir competition.
With the government planning to introduce its Consumer Data Right law into Parliament on Thursday, Mr Frydenberg told The Australian Financial Review technology was advancing rapidly over the banking sector and he wants open banking, the first industry application of the new right, to encourage fintech innovation and allow customers to “harness their data for their own benefit”.
The romance of the startup, with an aura of exquisite coolness, and the promise of riches ahead, soon turns into soul-grinding days, merging into nights, struggling with limited resources to create a product that actually does what it’s meant to.
Anyone who has started a business will tell you that it takes more than a good idea to succeed. A startup needs resources and a lot of dedication to push through to something resembling success.
Disgruntled bank customers submitted more than a third of complaints to the new Australian Financial Complaints Authority in its first month of operation after it was set up by the federal government in response to revelations of poor treatment of customers across the banking, finance, insurance and superannuation sectors.
Every day more than 300 aggrieved customers and small business owners lodge complaints to the new body, which superseded the Financial Ombudsman Service (FOS), Credit and Investment Ombudsman (CIO) and Superannuation Complaints Tribunal, and is designed to assist customers by streamlining the complaints system and dispute resolution.
The tax office will be stepping up its efforts to get with the times next year, outlining a new approach to product and service providers which will prioritise digital engagement.
Australian Taxation Office (ATO Australian Taxation Office) chief information officer Ramez Katf says a new e-commerce platform will be developed to support the next stage of online super and single-touch-payroll (STP) reporting.
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