A daily download of SME, startup, fintech and tax news from around Australia.
New data from an industry association has revealed that 1 in 3 Australian organisations admit to making employee payment mistakes every pay run, and the CEO and CFO never know about it. Across 45 per cent of organisations, it’s the employees who alert managers to the errors.
The Australian Payroll Association ( Australian Payroll Association ) – Australia’s leading network for payroll training, consulting and advisory – surveyed 601 payroll managers across the country’s big and small businesses, and across myriad industries.
Banks have been given a green light to make their own judgment calls about whether a borrower can repay a loan after the Federal Court dismissed the corporate regulator’s case alleging Westpac breached responsible lending rules.
In a ruling that will be closely scrutinised by lenders, Federal Court judge Nye Perram said Westpac should be free to use spending benchmarks and not automatically required to consider declared living expenses.
Over half of Australian small business owners are concerned their business will be scammed, yet a quarter do not have processes in place to prevent the latest wave of scams, according to new research.
The Westpac State of SME Scams report found small businesses are paying a hefty price to scammers; on average losing $38,845 and recovering much less than half (44%).
Almost half (46%) of small businesses suffered additional financial consequences after the incident, most commonly having to invest significantly in improved scam protection (25%).
New PayPal research reveals growing demand for alternative lending, with 42% of Australian SMBs saying they have used a non-bank, alternative lender.
PayPal Australia has today announced that it has provided over $500 million (AUD) of finance to Australian small business through its alternative finance offering, PayPal Working Capital.
Demonstrating the demand for faster, flexible funding alternatives, over 25,000 business loans have been made to more than 7,000 Australian small businesses since the launch of PayPal Working Capital locally in 2014.
The small business ombudsman has asked the consumer watchdog to investigate Google’s advertising policies amid claims small businesses are being blocked from advertising on the site without a clear explanation.
Australian Small Business and Family Enterprise Ombudsman Kate Carnell said she had received several complaints from small businesses about Google advertisements, including computer repairers who have been unable to advertise on the search engine.
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