Pulse Alert – News Pulse for April 3, 2019

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

Start-ups let down by cuts

The burgeoning local start-up community will have mixed feelings, including disappointment, as it digests the 2019 federal budget.

That is the view of MoneyPlace founder and chief Stuart Stoyan, who is also the former chairman of FinTech Australia. While he welcomes the federal budget’s proposed individual and business tax cuts, and other measures to stimulate the economy, he sees the cuts to research and development tax incentives over the last two budgets as disappointing.

Qualified praise from business

Business has welcomed boosts to skills and training in a budget aimed at the small end of town but warned cuts to migration could crimp economic growth.

Business Council of Australia chief executive Jennifer Westacott said the “strong, responsible” budget “delivers a surplus, lowers income taxes and invests in jobs, health, education, infrastructure”.

Federal Budget 2019: Josh Frydenberg’s budget won’t be enough to stop small business pain

Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 has offered up a Band-Aid solution for the two most pressing challenges facing the Australian economy: dismal productivity growth and the banks’ growing reluctance to lend to small businesses.

It’s true that some small business owners may be somewhat appeased by the extravagant praises the Treasurer lavished on them in his budget speech – “People running a small business put their livelihoods on the line,” he declared. “They start early and finish late. They manage the front desk and the back office. They pay their workers first and take their own wages last.”

Budget 2019: $61 million for SME exports but no action on onerous grant process 

The government is looking to back SMEs exporting overseas ahead of the election, proposing $61 million over three years to help businesses get the word out about their products.

Announced in Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15’s 2019-20 budget on Tuesday, the government has proposed $60 million for grants that would boost SME exports and a further $1 million in 2019-20 for promoting Australian industry overseas.

Budget 2019: Instant asset write-off boosted to $30,000, set to save small business $700 million 

In a surprise pre-election pitch to small business, the government has proposed another boost to the instant asset write-off which would increase the threshold and give medium-sized firms access to the scheme.

Unveiled on Tuesday, Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 pitched the revised program as the big SME sweetener in the 2019-20 federal budget.

SMEs’ wish list for federal budget revealed

With the  federal  budget  announcement   later today and an election on the horizon, a national survey reveals clear expectations of what the government should prioritise for the small to medium business sector.

SME Growth Index   research released yesterday shows the priorities of  SMEs in regards to what the new Federal Parliament should focus on –  and c ompany tax cuts was the top response.

Budget 2019 wrap up: Small business gets write-off increase but misses out on energy price relief 

The Morrison government has delivered its election pitch to small business in the form of the 2019-20 federal budget tonight, quantifying a raft of previously announced policies and committing $525 billion to an overhaul of vocational training.

But in its biggest SME-focused measure of the night, another extension of the instant asset write-off, Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 is left with two yet-to-be-legislated tax reforms and little time before the 45th parliament expires.

Budget 2019: Government proposes income tax red tape for ABN holders 

The government has proposed adding red tape to the Australian Business Number (ABN) system to safeguard it against black economy behaviour.

Nestled in budget measures for 2019-20 on Tuesday, the government wants to make lodging an income tax return a requirement for holding an ABN from July 1, 2021.

A win for small business

Small business was the big industry winner from last night’s budget, with the sector to gain from the cash splash to low-income earners and $100 billion in previously unveiled infrastructure projects.

Business wasn’t expecting major reform from the pre-election budget and, given the reality that many of its measures will not see the light of day, it was lucky it got what it expected.

Lower Taxes for Hard-Working Australians and Small Business

The Morrison Government is building a better tax system that rewards hard-working Australians and empowers small and medium-sized businesses to invest, grow and create more jobs.

As part of our plan for a stronger economy, we will provide tax relief to Australian taxpayers with immediate relief for low- and middle-income earners.

Xero’s Small Business Insights shares key small business findings

The accounting app Xero share their Small Business Insights with us to shed light on what small businesses should be aware of, which is now made especially relevant with the federal budget announcement later today.

The anonymous and aggregated data is collected monthly from hundreds of thousands of Xero’s Australian subscribers through the Xero platform. The data relies on Xero subscribers that meet the criteria for each metric – Getting Paid, Cash Flow, Hiring, Overseas Trading and Cloud Adoption.

Aust business sector cheers federal budget

Business groups have praised Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15’s first budget as an investment in productivity and growth, with expanded instant asset write-offs among the most popular items offered up by the federal Treasurer.

The Australian Chamber of Commerce and Industry welcomed the coalition’s support for small business and skills in the budget handed down on Tuesday, singling out measures to expand the size and the accessibility of the business asset write-offs to a $30,000 threshold, up from the current $20,000.

Federal budget 2019: Small business wins $30,000 write-off

The Coalition has boosted its pitch to small business ahead of the federal election , increasing instant tax breaks for asset purchases and expanding eligibility to companies with turnovers of up to $50 million.

Popular instant asset write-off rules will be immediately expanded from Tuesday night , with the threshold lifting to $30,000 from $25,000, and applying to multiple purchases.

Intuit Education | Accountants Daily

Intuit was founded in 1983 by Scott Cook. As the story goes, Mr Cook came up with the idea to start his own company as he sat at the kitchen table and watched his wife struggle to reconcile the family’s accounts. At the time, personal computers were just making an appearance, and Mr Cook though there might be a market for simple software that would help people manage their finances.

Lower taxes for hard-working Australians and small business | The Hon Josh Frydenberg MP

The Morrison Government is building a better tax system that rewards hard-working Australians and empowers small and medium-sized businesses to invest, grow and create more jobs.

As part of our plan for a stronger economy, we will provide tax relief to Australian taxpayers with immediate relief for low- and middle-income earners.

The Government will provide additional tax relief to hard-working Australians by more than doubling the low and middle income tax offset. Low- and middle-income earners will receive a benefit of up to $1,080 for low- and middle-income earners to support consumption growth and ease cost of living pressures. That’s up to $2,160 for a dual income family. Taxpayers will be able to access the offset after they lodge their end of year tax returns from 1 July 2019, which is in just 13 weeks’ time.

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

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