A daily download of SME, startup, fintech and tax news from around Australia.
Labor’s $141 million wage subsidy for small businesses hiring unemployed youth and older people may boost employment a bit, but the Opposition must avoid the policy layering too much red tape on firms, labour economists said.
Reducing the cost of hiring workers clashed with Labor’s claims that its proposed increase in the minimum wage, restoring weekend penalty rates and potential industry-wide bargaining in low-wage industries would not cost jobs.
Labor promises new 30% tax cut for small businesses hiring young or old workers, but red tape questions remain
Labor has used its official campaign launch yesterday to announce a new tax break for SMEs, which some small-business owners have already given a “big tick”.
Under a Labor government, small businesses with revenue of $10 million or less would receive a 30% tax break on the wages of employees younger than 25 or older than 55, or employees who are a carer or parent trying to return to the workforce.
After several years of slow wage growth, independent research commissioned by specialised recruiter Robert Half shows jobseekers’ salaryexpectations are rising. According to the survey of 460 Australian hiring managers, three in four (76%) say jobseekers have become more demanding when it comes to their remuneration package compared to five years ago.
Additionally, a survey of 1,000 Australian jobseekers, published in the newly-released 2019 Robert Half Salary Guide reveals 50% of respondents consider salary the most important factor to them when looking for a new job or accepting a job offer – a strong indication that financial rewards factor highly in a candidate’s decision-making process.
Tech giant Uber is targeting Australian office workers ahead of its $100 billion-plus sharemarket float with the local launch of its ‘Uber Eats for Business’ product.
From Tuesday, businesses can use Uber Eats for Business to manage food delivery for employees enabling businesses to access controls, reporting and billing while employees toggle to an Uber for Business profile to order.
Small businesses have been told to prepare for a possible extension of super guarantee payments for workers earning less than $450 a month with the impact expected to be significant.
Superannuation experts warn payment compliance will be a key issue this year and say a Labor party policy to remove the threshold at which employers have to start paying super is not well known in the business community.
Australian cyber security start-up Kasada has closed a $6.5 million venture funding round led by CSIRO-backed venture firm Main Sequence Ventures and Westpac’s Reinventure Group, as it looks to take its bad bot fighting technology to a global audience.
The four-year-old company, founded and run by 23-year-old Sam Crowther, has won clients among the ASX 100 and Forbes Global 2000 for its Kasada Polyform product, which stops malicious web traffic, such as automated bots from attacking websites.
Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 says the government won’t be revisiting corporate tax cuts for Australia’s largest businesses over the next decade.
Senate opposition to tax cuts for the biggest firms forced the government to cut back on its ambitions and deliver them only for small and medium sized businesses.
Labor has promised a 30 per cent tax deduction for small businesses that hire younger or older jobseekers who have been unemployed for at least three months as part of its campaign launch.
Opposition Leader Bill ShortenHon Bill Shorten MP, Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 (pictured) has announced that small businesses with an annual turnover of up to $10 million will be able to claim an extra 30 per cent tax deduction on the wage of a jobseeker aged under 25 or over 55 if they have been unemployed for at least three months, or a parent or carer returning to work.
Uber faces class action from more than 6,000 taxi drivers alleging illegal activity and “horrible losses”
More than 6,000 taxi, hire car and charter drivers are taking on ride-sharing giant Uber in what’s shaping up to be one of Australia’s largest class action lawsuits.
The case alleges Uber, a company recently valued at more than $100 billion, knew it was acting unlawfully when it entered the Australian market, and in doing so, had a “devastating impact” on tens of thousands of taxi drivers and other licence owners in Australia.
The engine room of the economy may be at risk of stalling, as new research reveals the weight of administration and red tape is costing small business an average of 541 hours in time, and $14,857 in money each year. This is a total annual cost of more than $20.16 billion per year for Australian small businesses.
The In The Zone research from leading Australian accounting software provider, Reckon, revealed that almost half of small business owners (46%) say the admin and red tape of running their business is ‘killing the dream’ that made them start it in the first place.
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