A daily download of SME, startup, fintech and tax news from around Australia.
A key plank in Labor’s policy for business will mostly hand tax breaks to big business and multinationals, undermining Bill ShortenHon Bill Shorten MP, Federal Member for Maribyrnong Leader of the Opposition from 13.10.13’s pitch that he is cracking down on the top end of town.
The government will today seize on its own parliamentary budget office (PBO) modelling, which shows just a fraction of the multi-billion dollar tax cut will go to small and medium-sized businesses.
Finance Minister Mathias Cormann will use it to mount a case that Labor’s “Australian investment guarantee” will hand a massive tax cut to big businesses and multinationals.
Bill ShortenHon Bill Shorten MP, Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 and Labor have used the dismissive and negative phrase “big end of town” so often during this election campaign that it should be reduced to a space-saving acronym — BEOT.
The trouble is, for all of his BEOT attacks, Shorten’s proposed policies may actually end up benefiting the BEOT rather than curbing the BEOT in favour of smaller enterprises.
According to parliamentary budget modelling, mere millions of Labor’s multibillion-dollar tax cut will go to small and medium sized businesses. The majority of cuts will be enjoyed by much larger firms.
Australia’s technology community needs to get back to basicsAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au and engage in old-school lobbying with Canberra, according to former assistant minister for innovation Wyatt RoyThe Hon. Wyatt Roy, Federal Member for Longman Assistant Minister for Innovation from 21.9.15.
While Australian technology companies are by and large prospering, the sector on the whole remains disconnected from the conversations of everyday Australians. It is a problem that needs to be remedied as quickly as possible, according to Mr Roy, the former assistant minister for innovation in the Turnbull government and now managing director for fintech company Afiniti.
The Coalition says it will spend $2.5 million on space grants to support SMEs in the fledgling industry, but has yet to finalise eligibility requirements, which could exclude many startups.
As the federal election campaign enters its final working week, Innovation, Science and Technology Minister Karen Andrews has tried to hit the ground running, unveiling the taxpayer support on Monday morning.
The ATO Australian Taxation Office has said that it is “really pleased” with the level of tax compliance and engagement from SMEs following recent visits by its officers, while also outlining where the next set of visits will take place.
In March, the Tax Office said that it would go doorknocking as part of its crackdown on the black economy . Businesses that advertise being cash only, pay wages in cash and those operating outside of relevant business benchmarks were among those targeted.
When the popularity of mobile phones took off in the late 1990s and early 2000s, Australian consumers were stuck.
Companies owned the actual “phone number” and knew customers rarely wanted to go through the hassle of changing it when they switched providers.
Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.