Pulse Alert – News Pulse for June 12, 2019

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

Get ATO-compliant in time for the rollout of single touch payroll for small business 

With the introduction of Single Touch Payroll (STP) only weeks away, hundreds of thousands of small businesses are still yet to make the switch to the real-time reporting system. In fact, according to a YouGov galaxy survey of 517 micro-business owners in April found 70% had no idea what STP is .

Although the current STP rules require medium and large enterprises to send super and income tax information to the ATO Australian Taxation Office, small businesses, with fewer than 20 people, will now need to implement the new process.

Business fund slammed by Productivity Commission

The “proliferation” of government financing vehicles under the Coalition to fund small business and other sectors has been criticised by the Productivity Commission for risking taxpayer funds and potentially helping special interests who lobbied for the support.

The independent commission’s annual Trade & Assistance Review delivers a rebuke to the Morrison government for expanding government financing schemes for climate change, infrastructure in Northern Australia and the Pacific, and small and medium enterprises (SMEs).

Push for new gig economy laws

The debate over the need for further legislation to better regulate the gig economy has been reignited following a “devastating” Fair Work Ombudsman decision handed down late last week.

The Fair Work Ombudsman (FWO) final report from of its investigation into Uber’s engagement with drivers, ruled that Uber drivers should not be classified as employees, nor receive the benefits associated with that.

Non-bank lenders are on the rise and they’re charging massive rates of interest

Tougher lending standards imposed by the big banks since the banking royal commission have opened the door for non-bank lenders to grab a bigger slice of the market.

In some cases the interest rates charged by these lenders are extraordinary, and the practices of the debt collectors they work with are often unscrupulous.

Ombudsman welcomes Bill to better protect subcontractors

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed changes to the Small Business Development Corporation Act 1983 tabled by Small Business Minister Paul Papalia in the Western Australian Parliament today.

The amendments will boost the powers of WA’s Small Business Commissioner David Eaton to receive and investigate complaints of mistreatment of subcontractors and small businesses on construction projects.

Small Business amendment Bill to better protect subcontractors tabled

Changes to the Small Business Development Corporation Act 1983 to boost the powers of the Small Business Commissioner were tabled in State Parliament today by Small Business Minister Paul Papalia.

The reforms will underpin the establishment of a specialised investigations and inquiry unit within the Small Business Development Commission (SBDC) aimed at improving corporate and government behaviour and removing unfair practices.

Intuit ‘won’t artificially price’ new bookkeeping service

Last week, Intuit launched QuickBooks Live in the US, offering the ability for a small business to link up with an independent bookkeeper certified by Intuit for assistance with basicAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au bookkeeping work.

Intuit has yet to commit to a launch date in the Australian market, but has hinted towards a rollout in six to nine months’ time.

“Lean ships”: Cash-strapped small businesses plan to snub $30,000 instant asset write-off 

A government move to increase the instant asset write-off threshold to $30,000 earlier this year was applauded by small business advocates, but as tax time approaches new research suggests many intend to snub the scheme.

Retailers, including Officeworks, Harvey Norman and others, have kicked off their EOFY advertising campaigns in recent weeks, targeting business owners with references to the asset write-off.

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