A daily download of SME, startup, fintech and tax news from around Australia.
The small business ombudsman has highlighted the need for brokers to help SMEs accessing finance, noting that it could reverse the decline in growth in this type of lending, help small businesses thrive and bring in new revenue streams for brokers.
Speaking to The Adviser, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell lamented that banks are lending less money to small businesses, urging brokers to enter into this space to ensure that the “engine room of the economy” can continue to turn.
Accountants and tax specialists have been left underwhelmed by the federal government’s delay to new rules covering tax treatment of some small business loans, suggesting the latest July 2020 deadline is unrealistic.
Last week’s federal budget included an announcement of a delay to the start date of new division 7A anti-tax avoidance rules – pushing the change back by a year from July 2019.
Buy now, pay later’ platforms have changed life for shoppers and now small businesses will be courted with the same model.
“What we’re seeing now is businesses getting really crunched around payment terms…it’s like there’s a freeze or a jolt in the system,” Cloudfloat founder Aleem Habibullah says.
Corporate Australia has urged the next government to provide certainty on energy policy and address a looming skills shortage as it expressed concern over industrial relations and wages policies heading into the election.
Labor leader Bill ShortenHon Bill Shorten MP, Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 had already put IR on the agenda before Prime Minister Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 called the May 18 poll on Thursday , declaring the election a “referendum on wages”.
Many local fintechs are confident open banking will help them compete with the banks, but others aren’t as convinced.
Open banking is set to be a game changer for Australia’s fintech industry which, once given permission to do so by the consumer, can use the data held by their bank to offer more personalised, tailored products and services. BasicAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.aually, it’ll put Australians in charge of their own banking data so that if they want to share it with a finance app, they can do so easily and securely.
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