Pulse Alert – News Pulse for January 16, 2019

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

Geo-blocking foreign websites considered as government crackdown on dodgy retailers looms

Australians could lose access to foreign retail websites avoiding GST and import fees under a crackdown being considered by the federal government to address “unfair competition” on local businesses.

Amid ongoing industry concern over the effect of cross-border e-commerce on Australian retailers, Small Business Minister Michaelia Cash has raised the prospect of geo-blocking dodgy websites with Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 and Home Affairs Minister Peter Dutton.

Labor’s capital expenditure tax plan welcomed by business

Business pressure is building on the Morrison government to beat Labor’s proposed $10 billion in accelerated tax breaks for corporate capital expenditure that will reward investment-intensive manufacturers, energy generators, oil and gas producers, miners and other firms.

The little-noticed 20 per cent instant asset write-off for capital expenditure above $20,000 is one of Labor’s few economic policies that will directly help the big end of town. It contrasts with Opposition Leader Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13’s class-war rhetoric, planned tax hikes on the

Stronger security needed before open banking arrives

Historically, banks are known to be conservative and not expected to expose their customer data.

This is driven by the fear of exposure to various security risks.

Now, with the new changes in regulation, Australian banks will need to abide by PSD2, GDPR and open up their customer data via APIs for transaction accounts, savings accounts and credit card data by 2019.

12 months on, PayID still not completely implemented by Australia’s big four banks 

Australia’s New Payments Platform (NPP) went live in February last year ; the platform allows for the transfer of money from one person to another in near real-time, using an email address or phone number rather than the traditional BSB or account number process.

The NPP infrastructure was built by the Reserve Bank of Australia (RBAReserve Bank of Australia www.rba.gov.au), in consultation with the Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ), and Westpac, which hold around 95 percent market share of the entire Australian finance industry between them.

Country by Country reporting – stopping tax avoidance by multinationals | The Hon Stuart Robert MP

Today marks the beginning of the second year of Country by Country (CbyC) report lodgements.

Since the first CbyC reports became due in December 2017, the ATO Australian Taxation Office has received 275 reports filed domestically by multinational enterprises and 2,553 reports via automatic exchange from 52 other jurisdictions. CbyC reporting requires multinationals to describe their global operations, including detailing their activities in every country in which they operate.

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