A daily download of SME, startup, fintech and tax news from around Australia.
Australian businesses will move to mandatory digital payroll reporting on July 1 and there are warnings many operators are not prepared for what is being called one of the biggest changes to business operations since the GST was introduced.
From July 1, all Australian employers will be required to report pay and superannuation information to the Australian Taxation Office in one click via single-touch payroll systems.
Non-bank lender Prospa, which will float on the ASX on Tuesday, has pledged to pass on lower funding costs to borrowers, as it expands into payments by setting up an Afterpay-style, buy-now, pay-later service for small businesses to buy stock and equipment.
Prospa, which will count AustralianSuper as a substantial shareholder after raising $110 million in its second attempt at an initial public offering , is set to list with a market capitalisation of $610 million, based on its $3.78 offer price.
A business lender backed by investment bank Credit Suisse says its insurance-backed invoice financing, a new model, will allow it to lend to Australian companies wanting to manage lumpy cash flow at single-digit interest rates.
Switzerland-based Tradeplus24 – which raised $170 million in equity and debt from Swiss financial infrastructure provider SIX Group and German bank Berliner Volksbank in February to support its Australian launch – is in the final stages of negotiating an additional, $100 million-plus funding facility in the local market. It plans to be lending in Australia by the end of the month.
Rabbit feet. Four-leaf clover. Lucky undies.
Prospa founders Beau Bertoli and Greg Moshal don’t seem like the superstitious types, but 12 months on from the dramatic delay of the company’s float – just 15 minutes before it was due to hit the ASX – you could forgive the pair for clutching a lucky charm or two ahead of Tuesday morning’s listing.
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