Pulse Alert – News Pulse for May 10, 2019

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

Greens propose $3 billion tax break for small businesses dealing with wage increases 

The Greens have thrown a bone to small businesses worried about a Labor government, suggesting a $3 billion tax break to cushion the impact of rising wages.

Announced today, Greens Senator Nick McKim said businesses with turnover less than $2 million should be able to claim 110% of their wage bill against their tax obligations.

 

Business jitters over Shorten win

Business is anxious about a likely Shorten Labor government due to uncertainty about its union-friendly industrial relations agenda and a high 45 per cent emissions reduction target.

Conversations with more than a dozen senior corporate leaders reveal they are hopeful Labor’s anti-business rhetoric will calm down after the election and they believe some of Mr Shorten’s colleagues will work constructively with business.

 

Sydney slides from 17th to 23rd spot in global ranking of best startup ecosystems – and Malcolm Turnbull’s knifing could be to blame

Sydney is sliding down the ranks of the world’s best cities for startups, while Melbourne ranks outside the top 30, according to The Startup Genome Global Startup Ecosystem Report on released Thursday.

The report lists Sydney as the world’s 23rd best startup ecosystem, down from 17th in 2017 and 16th in 2015.

 

ALP trust tax criticised

Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13’s plan to raise an extra $2 billion a year by whacking a 30 per cent tax on family trust distributions has been criticised as taking money off “risk takers” by Council of Small Business of Australia chief executive Peter Strong.

However, tax experts have criticised the tax minimisation structure of family trusts as have “zero credibility” in terms of equity, fairness and efficiency.

 

Uber’s long road to an IPO is ending at a less-than-ideal moment

When you’ve waited a decade to go public, it’s natural to want the best possible conditions to make an entrance. In that regard, 2019 hasn’t been kind to Uber.

After 10 tumultuous years as a private company, the most highly valued startup in the United States is finally ready to make its market debut.

 

Australian small businesses losing $5.8 billion each year

Australian small businesses are losing out on opportunities worth thousands of dollars due to insufficient cash flow, with nearly half admitting they’ve been at risk of being unable to pay their employees 1 , new research by global cloud accounting software leader Intuit® has revealed.

A new study 1 from Wakefield Research, commissioned by Intuit Australia, surveyed 500 small business owners in Australia and revealed half (50 per cent) have lost AUD $10,000 or more by foregoing a project or sale because of issues created by insufficient cash flow. Overall, Australian small businesses have lost out on $5.8 billion as a result of cash flow constraints.

 

The common trick multinationals use to cut their tax bill and how Labor is planning to stop it

Multinationals, which are legally channelling billions of dollars of revenue earned in Australia to low-tax jurisdictions such as Singapore and the Netherlands, could be caught by Labor’s proposed policies to apply tougher taxing rules.

ABC News has examined the financial accounts of some of the major companies that may get hit with billions of dollars of new taxes under Labor’s proposed changes to deny deductions relating to royalties, including Uber, Google, Facebook, Microsoft, McDonalds, Ikea and Aldi.

 

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

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.