Pulse Alert – News Pulse for May 16, 2019

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

Australians grow wary of banks, but will still give them their data

One-third of consumers have reported a loss of trust in banks in the last 12 months.

A new global study from Accenture has found that nearly 6 in 10 consumers would share their personal information with banks despite a third of them reporting they had lost trust in the banks in the last 12 months. Accenture surveyed over 28,000 consumers in 28 markets around the world for the Financial Services Consumer Study , with respondents from Australia saying they would be willing to share location data and lifestyle information with both banks and insurers in exchange for lower prices on products and services.

Labor on startup capital gains issues

Labor has been urged to consider the impact of its planned changes to the capital gains tax on the Australian tech sector and whether a startup exemption is needed if it wins Saturday’s federal election.

The Opposition announced its plan in 2016 to halve the capital gains tax (CGT) concession from 50 per cent to 25 per cent. The capital gains tax applies to the appreciation of assets held for more than 12 months.

Eftpos, MYOB partner to deliver ‘more choice’ to merchants online

Payments provider eftpos is partnering with accounting software company MYOB in a move designed to deliver low-cost, real-time eCommerce transactions to Australian merchants.

Eftpos chief executive Stephen Benton said on Wednesday that MYOB would leverage eftpos’ eCommerce payment processing and settlement capabilities to offer “low-cost efficiencies and real-time transactions to merchants and consumers in digital channels over the coming months”.

What does small business want from the federal election?

As the federal election looms, both major parties are appealing to voters’ worries about their household budgets, with promises of childcare subsidies , handouts for power bills and tax cuts .

However, millions of Australians may be more concerned about their business balance sheets when they cast their vote — the owners of small and medium enterprises across the country.

Federal Election 2019: Labor’s wage theft tribunal could unleash ‘double dipping’ claims

Employers fear Labor’s promised wage theft tribunal could expose them to a deluge of “double dipping” claims for leave entitlements by casual workers who have already been paid loadings.

Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13, who has promised to set up a new body to deal with claims of up to $100,000 if he is elected prime minister on Saturday, would not rule out allowing casuals – who are paid a loading of up to 25 per cent instead of entitlements like holiday pay – to pursue such claims.

‘Very concerned’: Wages front of mind as small business goes to polls

Wages policy is shaping up as a possible last-minute vote decider for small business, with warnings founders are “very concerned” about possible legislated pay rises of more than 10 per cent under a Labor government.

“The opposition have been quite vocal about the fact they’re going to really work to see real increases in minimum wages … small business owners that I have spoken to are very concerned about that,” says chief executive of small business accounting firm MYOB, Tim Reed.

Labor’s wage tribunal plan could end the problem of wage theft

Labor’s pledge to introduce a tribunal for unpaid wage and entitlement claims could be a game-changer for underpaid workers in Australia, according to legal experts.

Labor leader Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 announced the move on Wednesday saying “we’ve seen too many examples of systemic wage theft but lengthy and costly court proceedings prevent and deter workers from recovering wage underpayments”.

Labor leaders building bridges in the west

Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 has promised West Australians he will hold a historic summit of business and union leaders, state governments and farmers in Perth within weeks of Saturday’s election and prioritise a meeting between his cabinet and Premier Mark McGowan if he become­s prime minister.

In his final pitch to the west, which has become a key battleground and could decide who forms government, the Oppos­ition Leader acknowledged it did not need another “wise man from the east” interfering in the state’s business but said he wanted to work quickly to build a partnership with WA.

Labor gets set to pause open banking

Billions of tech dollars spent by major banks and their emerging competitors on new open banking capabilities could in days be left in limbo by an incoming Shorten government.

Labor’s Digital Economy shadow Ed Husic has told iTnews outstanding enabling legislation for the new Consumer Data Right will play second fiddle to other legislative imperatives, like reforming negative gearing and dividend imputation, in the event of an election win.

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