Pulse Alert – News Pulse for July 11, 2019

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

ASIC rejects responsible lending criticisms

The corporate regulator has pushed back against claims that its enforcement of responsible lending laws is making it harder for banks to approve loans, acknowledging that credit flow is important to the economy.

The Council of Financial Regulators statement published on Wednesday reveals that at its recent meeting, members were briefed by the Australian Securities and Investments Commission on its public consultation on responsible lending guidance.

Aus-based employment platform raises AU$22m in funding round

Employment Hero, an emerging Australian business, has raised AU$22 million in Series C funding from some significant names in Australia.

Leading this round of funding was SEEK, the employment marketplace, with participation from OneVentures and AirTree Ventures. This round of funding brings the company’s valuation to more than AU$100 million.

Businesses vent frustration as tax calls double

Calls to the Tax Office have almost doubled as the transition to digital payrolls combined with enthusiasm about new tax cuts drives large volumes of enquiries from taxpayers.

A record 650,000 Australians lodged their tax returns in the first week of July, with the government successfully passing its income tax cut package. The Australian Taxation Office warned last week that tens of thousands of phone calls would result in longer wait times for businesses and individual taxpayers.

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