Pulse Alert – News Pulse for April 11, 2019

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

“A fair bit of shit”: Government opens employee share scheme consultation, to lukewarm reception

Amid the federal budget and the new laws criminalising companies that do not remove “abhorrent” video content, last week the government quietly opened its consultation into employee share schemes for small businesses and startups.

Originally proposed in November last year, the changes would increase the limit of financial products available to employees from $5,000 to $10,000, and introduce the ability for employees to purchase additional products later.

Another shock and Orr for banks

For the major banks, last year was a tale of two Orrs.

After being skewered by Rowena Orr QC in the Hayne royal commission, they are now on the hook for much deeper capital buffers courtesy of a December consultation paper from Reserve Bank of New Zealand governor Adrian Orr.

Xero offers payroll-only plan

Xero has responded to the Federal Government’s expansion of Single Touch Payroll reporting by introducing a payroll-only plan.

STP reporting was introduced last year , requiring businesses with 20 or more employees to electronically lodge salaries and wages, PAYG withholding and superannuation reports at the time of a pay run.

What do Aussie startup founders think about the newly announced 2019 budget? 

Australian treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 recently delivered his inaugural budget speech for the financial year 2019/2020.

However, this speech was met with much criticism from different sectors of the country’s economy.

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