A daily download of SME, startup, fintech and tax news from around Australia.
Our Coalition government has many pro small business policies, but in a mad aberration, it has passed legislation that makes in more dangerous and complex for small businesses to increase employment.
All small businesses need to be aware that as a result of government action, their solvency faces a new hazard.
From 1 July, small businesses that do not deduct sufficient money for employee taxation and then pass those deductions on to the ATO Australian Taxation Office in the due time will discover that the ATO Australian Taxation Office can remove the tax deduction for those labour expenses.
Government red tape is considered the biggest obstacle to creating a start-up in Australia, with over half (52 per cent) of SMBs agreeing
Despite dissatisfaction with the current government, over four in ten SMB owners (43 per cent) have greater trust in the Liberal Party with the economy, while only one in nine trust Labor
Access to finance is also a barrier for SMBs, agreed by over two fifths (42 per cent) of respondents
Over two-thirds of small business owners say the current government isn’t doing enough.
A majority of small businesses believe government red tape is the biggest barrier to creating a startup in Australia, and over 70% say the government doesn’t do enough to support them, according to a study by accounting software provider Reckon.
With a federal election also on the horizon, 54% of small businesses identified tax concessions as their most desired policy, followed by a reduction in tax processes and compliance, reduced electricity costs and small business grants , according to the study of over 1,000 small businesses.
A shareholder vote to approve the takeover of accounting software company MYOB will go ahead after an unsuccessful attempt by New York-based hedge fund Manikay Partners to delay the court decision.
Manikay, which has an 11 per cent stake in MYOB, had sought to adjourn a Federal Court hearing to convene the shareholder meeting to approve private equity firm KKR’s $2 billion takeover offer.
ANZ Banking Group has considered calling in external help to manage the growing cyber-security risk posed by sharing sensitive customer data with fintech start-ups.
Concerns within ANZ over its cyber defences have increased before new prudential regulations that will hold bank directors personally responsible for the security of data shared or managed externally, observing the government’s mandatory data breach reporting laws and managing the “open banking” regime, which will facilitate banking data being provided to accredited outside parties.
There’s spin and then there’s spin. If you only read the Australian Taxation Office’s response to a report into its use of garnishee notices, everything is hunky dory.
Garnishee notices are a powerful tool that let the tax office take control of bank accounts when it believes money is owed.
A review of controversial Tax Office debt recovery tactics has cleared staff of unfair practices and a “cash-grab” against small business, recommending better training after some instances of problems.
The independent Inspector-General of Taxation launched an investigation over allegations of heavy-handed use of garnishee notices to forcibly recover revenue from businesses and individuals, prompting serious concerns about community confidence in Australia’s taxation system.
A review of the Australian Taxation Office’s use of garnishee notices has found some small businesses were “disaffected” by inappropriately issued notices, but denied there was a systemic “cash grab” at play.
The Inspector-General of Taxation and Taxation Ombudsman conducted a review into how the tax office issues notices ordering banks to hand over cash from taxpayers’ bank accounts in order to cover tax debts.
A watchdog has cleared the Taxation Office of allegations it conducted a “cash grab” using garnishee notices in 2016-17, finding instead that a IT meltdown was partly to blame for inappropriate use of the mechanism in its Adelaide office.
In a report released yesterday, acting Inspector-General of Taxation and Taxation Ombudsman Andrew McLoughlin made four recommendations to improve how the ATO Australian Taxation Office uses garnishee notices and deals with small business, all of which have been accepted by Tax Commissioner Chris Jordan.
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