Pulse Alert – News Pulse for April 15, 2019

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

ASIC to recover more than $400,000 from abandoned companies, prompting investigations 

Corporate regulator ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au has been appointing liquidators to abandoned companies in recent months to recover more than $400,000 in unpaid employee entitlements.

Companies including NISS Technologies, Jovawill Pty Ltd, Ruschi Pty Ltd, Steel Project Services and the Surat Basin Group are now being investigated by liquidators at ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au’s behest, amid concern about illegal phoenixing activity.

Why Aussie banks should prioritise data security

New research from Unisys Corporation reveals Australian bank customers rank data security as the issue that matters to them most about their bank.

In a red flag for Australian banks preparing to work with third-parties to roll out new services in an Open Banking environment, Australians have the region’s lowest level of trust for sharing personal data with banks.

Fintechs need to self-regulate ‘aggressively’, warns ASBFEO

Alternative lenders need to self-regulate “aggressively and quickly” or risk government stepping in and regulating the industry, the small business ombudsman has warned.

Speaking to Mortgage Business, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said that the rise of alternative lenders was a welcome move given the current small business “credit squeeze”, but added that the non-bank sector needed to grow with the appropriate mechanisms and support systems.

Uber admits it may never earn a profit, despite billions in revenue

Uber has warned that it may never earn a profit because of intense competition from its rivals in the ride-booking and transportation industry.

Uber revealed that 91 million passengers were using its service worldwide at the end of 2018, according to documents it filed with the US Securities and Exchange Commission ahead of its listing on the US share market.

Tax watchdog should stop making excuses for the ATO

Confidence in the Inspector-General of Taxation and its relationship with the Australian Taxation Office has been called into question.

It follows an uncomfortable grilling of IGT’s Andrew McLoughlin at a Senate committee hearing in parliament this week, which resulted in McLoughlin invoking public interest immunity and the committee considering referring the IGT for a parliamentary inquiry into its performance.

Small business crucial to budget

As we head into the budget with a focus on tackling big problems like low wages growth and a sluggish economy, it’s vital to consider the impact that small businesses have on the nation’s productivity and growth. After all, the small business sector is the true engine of the economy, with more than 2.2 million businesses making up 99.8 per cent of businesses and employing more than 68 per cent of Australians, or 10.9 million people.

Even small, seemingly insignificant changes to the adoption of technology translate into major productivity levers for the Australian economy.

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.

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