Pulse Alert – News Pulse for March 12, 2019

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

SMEs delay business decisions until after Federal Electionus complexity’ with changes to small business CGT concessions

Legislative changes to the small business CGT concessions that recustralian small businesses are concerned about the impact of the impending Federal Election and are delaying critical business decisions, which could impact job growth and investment, according to new survey results in the Westpac Small Business Report in collaboration with Deloitte.

The report reveals 50 per cent of small businesses are worried or uncertain about the impact election policies will have on their operations, and they are choosing to delay decisions such as staffing and investment.

ASIC accuses banks of dragging feet on fees-for-no-service response

The corporate regulator has slammed Australia’s major banks for failing to complete further investigations into fees charged to customers who did not receive the services they paid for.

The fees-for-no-service scandal was like “taking money for nothing”, banking royal commissioner Kenneth Hayne said.

‘Ridiculous complexity’ with changes to small business CGT concessions

Legislative changes to the small business CGT concessions that received royal ascent in October last year have added considerable complexity, with small business owners now having to work through 36 pieces of law to determine their eligibility, says a technical expert.

Last year, the government passed the Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018  which contained amendments to the ITAA 1997 to include additional conditions that must be satisfied to apply the small business CGT concessions to capital gains. The bill received royal ascent on 3 October 2018, but the measures apply to CGT events occurring on or after 8 February 2018.

Fintech Earnd gets $2.5m funding

Fast-growing fintech Earnd has landed a $2.5 million funding round from a slew of names including Zip Co executives and Pocketbook founders Alvin Singh and Bosco Tan, BPAY chief executive John Banfield, MYOB chief operating officer Andrew Birch and Rob Lederer.

Earnd boss Josh Vernon told The Australian his company was the first in Australia to let employees access their income as they earned it. His technology platform is a business-to-business offering, for employers to offer workers their pay without interest or hidden fees.

ATO eyes suspected black market operators

THE Australian Taxation Office will target small businesses in Launceston and Smithon suspected of operating in the black economy.

Throughout March, ATO Australian Taxation Office officers will knock on the doors of businesses in particular sectors, including hospitality, vehicle repairs and personal care, such as hairdressers.

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