Pulse Alert – News Pulse for January 8, 2019

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

‘You can’t backtrack’: Small businesses warned off courts in 2019

Australian businesses have plenty of channels to resolve disputes without spending thousands — the issue is they don’t know about them.

Small business ombudsman Kate Carnell says too many smaller companies “simply don’t know what’s available for them” and are spending thousands resolving legal conflicts, ruining business relationships forever in the process.

Hayne warning: SME’s collateral damage as banks tighten assessments

Small businesses seeking bank funding have become royal commission collateral damage, with credit drying up as banks impose tighter assessments of mortgages following the Hayne inquiry.

The dilemma has arisen because homes are used as security for many small business loans.

A revolution in the way we bank

Australians are more likely to get divorced than change bank accounts. Is it easier changing your spouse than your financial institution?

Maybe this is the reason Australian banks’ profit share of GDP makes them the most profitable in the world, according to the IMF.

Banks face $300m GST crackdown

Big banks are facing an annual tax hit of up to $300 million combined from a tussle with the Australian Taxation Office over its crackdown on the finance sector claiming credits for goods and services tax.

Bankers, their tax advisers and Tax Office officials have been locked in tense private negotiations on the ATO Australian Taxation Office’s proposed tightening of GST credits that banks are claiming on credit card and other services, The Australian Financial Review can reveal.

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