A daily download of SME, startup, fintech and tax news from around Australia.
New laws that toughen penalties for company directors who avoid paying workers’ entitlements during insolvencies or restructures have passed Parliament.
The legislation , passed by both houses on Thursday, is part of the federal government’s crackdown on phoenix activity and its push to stop corporate misuse of the tax-payer funded Fair Entitlements Guarantee (FEG) scheme, which ensures workers get outstanding entitlements when their employer becomes insolvent.
It’s hard to pinpoint exactly when the coalition government abandoned Australian startups.
It might have been at the end of 2016, when Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15’s grandiose innovation agenda — a perhaps well-intentioned but poorly executed spruik for ‘jobs and growth’ — was revealed as largely a fizzer, kickstarting a number of positive initiatives but failing to capture public support for Australia’s tech industry .
Growth in lending to Australia’s economic engine room of small business has dived, according to analysis of Reserve Bank of Australia data, and while banks say their doors are open, small business operators insist they are not.
Analysis by The Australian Financial Review shows growth in bank loans of between $100,000 and $500,000 has been negative for the last three quarters, with growth in that loan segment down 0.5 per cent in the December quarter – the worst rate of annual growth for seven years.
The government’s instant asset write-off expansion was passed through the Senate yesterday afternoon and is expected to be voted on in the lower house later today.
Part of a post-budget blitz that saw 28 bills passed by the Upper House on Wednesday , the passage of the reforms will put the coalition in a stronger position with small business ahead of the federal election.
New laws will protect workers and their entitlements | Ministers’ Media Centre, Australian Government
The Coalition Government is putting Australian workers and taxpayers first with new laws passing the Parliament to ensure employers don’t avoid their workers’ entitlements.
Minister for Jobs and Industrial Relations, the Hon Kelly O’Dwyer MP, said the new laws will address corporate misuse of the taxpayer-funded Fair Entitlements Guarantee (FEG) scheme.
“Hundreds of thousands of Australian small businesses have been left in limbo, not knowing whether or not they will be subject to billions of dollars in double-dipping claims, and whether they can continue to afford to employ casual workers,” James Pearson, CEO of Australia’s largest voice for small business, the Australian Chamber of Commerce and Industry, said today
“People running small businesses face an anxious wait, to find out whether a critically important Regulation which protects them from double-dipping claims will be maintained or not.
These Aussie start up founders share their thoughts on the Federal Budget reveal earlier this week, giving us an insight into how SMEs are going to be affected – the positives and the negatives.
The reigning Aussie fintech lender of the year continues to grow after loan originations surpass $1 billion
Prospa, a leading Australian online lender to small business, is pleased to announce its pro-forma results for H1 FY19. The total loan originations for H1 Financial Year 2019 were $225 million, up 10 percent on the forecast of $204 million and up 44% on a pcp basis.
Total loan originations for calender year 2018 were $436 million, up 13 percent on the forecast of $386 million and up 51 percent on a pcp basis.
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