Pulse Alert – News Pulse for June 10, 2019

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

Take two: Prospa not fazed by slowing economy ahead of second ASX attempt

Small business lender Prospa is backing its diversified loan book to shield it from a slowing economy, as it prepares for its eagerly anticipated debut on the Australian Stock Exchange later this week.

Prospa, whose first attempt at an ASX float was derailed by regulatory concerns last year raised $110 million from insitutions and retail investors last month ahead of its float at $32.78 a share, valuing the company at $610 million.

‘It’s costing us millions’: Jack Cowin hits out on franchising reforms

Billionaire fast food entrepreneur Jack Cowin says there has been an uptick for the economy since the federal election – but he’s concerned Australia is entering into uncharted territory with planned reforms for the franchising sector.

“For Domino’s it is costing us millions of dollars to monitor whether you as the franchisee are doing the right thing, auditing, establishing help lines and things like this,” he says. “It’s expensive, it’s an added cost burden.”

Ombudsman welcomes Victorian Business Growth Fund

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed plans by the Victorian Government to establish a $250 million Business Growth Fund to help small and medium businesses access capital, and looks forward to seeing further details about the fund.

“I’m supportive of any initiative that gives SME operators access to funding at a time when they are being heavily impacted by tightening requirements by lenders,” Ms Carnell said.

Accountants’ tax time warning: lodge early at your peril

Taxpayers quickly filing annual returns with the ATO Australian Taxation Office face extra complexity in 2019, prompting the Institute of Public Accountants to suggest some Australians consider a short delay.

In the wake of last month’s federal election, the Coalition is yet to pass legislation increasing the low-and middle-income tax offset, set to apply for the 2019 income year.

Uber drivers are not employees, won’t get the minimum wage, finds FWO

The Fair Work Ombudsman has finalised its investigation into Uber and found its drivers to be independent contractors, not employees.

Its decision confirms that Uber drivers are not entitled to receive the minimum wage, annual leave, sick leave or any benefits that employees receive.

How R&D is the secret to success for three big players

One simple strategic decision is behind the success of Huawei founder Ren Zhengfei , Atlassian co-founder Mike Cannon-Brookes and Xero founder Rod Drury.

All three realised early on in their careers that the route to long-term global success was to invest more in research and development than their competitors.

Senator lashes attempt to ‘shut down’ media and whistleblowers

Federal police raids on Australian media organisations will muzzle whistleblowers in the private and public sectors, a key crossbench senator says, as he ramps up calls for public-interest protections.

Centre Alliance senator Rex Patrick, on whom the Coalition could be forced to rely to get its policies through Parliament, said raids last week on the ABC and the apartment of News Corp journalist Annika Smethurst were an attempt by the government to shut down the “third arm” of transparency.

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