Pulse Alert – News Pulse for May 13, 2019

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

Uber IPO sets company’s value at $US82bn

Uber priced its initial public offering at the low end of its targeted range to value the company at $US82.4 billion ($A118 billion), hoping the conservative approach would let it avoid the market chaos suffered by rival Lyft.

Uber, the most high-profile US listing since Facebook seven years ago, raised $US8.1 billion ($A12 billion), pricing its IPO at $US45 ($A64) per share, compared with an expected range of $US44-$50 per share.

Foodora owes $8 million to former delivery workers, who will only receive 29 cents in the dollar

Foodora owes nearly $8 million in unpaid wages and superannuation, but its former workers will only get back a small fraction of that in their wallets.

The food delivery company had been accused of systematically exploiting its pink-uniformed bicycle delivery riders and underpaying them.

Mums supporting mums: the modern small business

For mums, the decision to head back to work after having a baby comes with some big considerations and mixed emotions. How do you continue giving your child the very best and feel fulfilled in your work life?

The answer is different for every mum. But one common thread is the call for part time, flexible working hours. It gives mothers the opportunity to work, while also allowing time to be there for special moments at Kinder or school.

It’s not just mums that benefit from flexible work hours – mums are proving to be more productive employees, giving businesses a big return on investment.

A comparison of Coalition & ALP small business policies

Today the Council of Small Business Organisations Australia (COSBOA Council of Small Business Australia) has released comparison findings on the policies proposed by the Coalition and the Australian Labor Party (ALPAustralian Labor Party www.alp.org.au) that will effect small businesses.

The policies were assessed based on areas considered to be of high importance to the small business community.

As part of the findings, COSBOA Council of Small Business Australia have graded policies of critical importance; three areas are considered highly critical for the future of the sector.

Tax time 2019: Payment summaries are disappearing

Tax time is coming, but one thing that’s going is your annual payment summary, still commonly known as a group certificate.

As the Australian Taxation Office embraces new technologies, payment summaries are being phased out and replaced by digital reporting of tax and superannuation.

Australian businesses losing $5.8 billion due to cash flow

Insufficient cash flow is costing SMEs billions each year.

Australian small businesses are missing out on valuable opportunities due to a lack of cash flow, according to a new study by Wakefield Research and Intuit Australia.

The study surveyed 500 SME owners and found half have lost at least $10,000 by abandoning a project or sale because of cash flow issues, with a total cost of $5.8 billion each year.

“A warning sign”: Australian cities slide down the ranks in Startup Genome report, but there is hope for us yet

Waning political focus on innovation and a lack of funding for early-stage startups have seen Australian cities slip in the Startup Genome global rankings.

The Startup Genome Ecosystem Report 2019 has seen Sydney drop six places compared to the last report in 2017, from 17th place to 23rd. Melbourne didn’t make it onto the top-30 table at all.

An overview of Liberal and Labor small business tax promises

RSM Australia has identified the six key election policies affecting small businesses.

As the nation gears up for the federal election on May 18, key issues for small businesses are likely to centre on questions around taxation.

Tracey Dunn, senior manager, tax services, RSM Australia, said, “Small businesses and individuals face uncertain times with the potential outcome of this election somewhat unclear for these taxpayers. Tax is often a political football, since many Australians feel strongly about the amount of tax they pay and the services their taxes are used for. It’s therefore important to take a close look at what’s being promised by each party.”

Small business owners split on whether a Labor victory would be good for them

Three quarters of small business owners are expecting Labor to win the federal election, and only a quarter are satisfied with support from the Morrison Government.

A survey of more than 1000 small business owners reveals the sector is split on whether a Labor victory would be good for business and is desperate for stable leadership in Canberra.

Australia drops in global startup rankings, 3 years on from Turnbull’s innovation push

Sydney and Melbourne have fallen in a global ranking of the best cities for startups, adding to  tech community concerns over the lack of policy urgency more than three years on from Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15’s innovation push.

Sydney dropped six places to 23rd in a global survey that ranks cities on startup access to funding, talent and global connectedness among other metrics.

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