Pulse Alert – News Pulse for August 21, 2019

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

Paying more than $10,000 in cash could make you a criminal under proposed law

Australians could face two-year jail sentences and fines of up to $25,200 under proposed laws that limit the use of cash to $10,000 — a move some groups argue would create an Orwellian state by giving authorities greater control over people’s finances.

A number of stakeholders have called on the Federal Government to withdraw the proposed laws, which were first announced in the 2018-19 budget as part of measures to fight the so-called black economy.

Ombudsman urges action on small business growth “collapse”

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell says she is deeply concerned by fresh data showing small business growth is in crisis, urging the government to do more to break down the barriers to business expansion.

“The Institute of Public Affairs’ (IPA) latest research has found an alarming decline in the rate of small business growth,” Ms Carnell says.

‘A wages crisis’: the Coalition Government is shirking its duty

THE WAGES OF average Australian workers have not had a significant increase in eight years, according to many economic experts, shadow government ministers and union officials alike.

These Australians – the same ones who are victims of the growing inequality over that time – have witnessed the  cost-of-living increase markedly .

Meanwhile, wage stagnation is approaching record proportions .

Hardship rules on credit reporting to impact small businesses

Banks would face penalties of up to $100,000 for failing to tell a credit reporting agency when a consumer had a financial hardship arrangement in place if draft laws for mandatory comprehensive credit reporting are implemented.

If passed the legislation would likely impact both consumers and small business owners as credit information would flow more freely between banks and reporting agencies.

Instagram will pay security researchers to track down rogue app developers that scrape and misuse user data

Instagram is inviting outside security researchers to help it track down malicious developers who misuse user data.

On Monday, the Facebook-owned photo-sharing app announced it is launching a Data Abuse Bounty program, through which outside experts can earn cash “bounties” by tracking down cases where users’ data is being misappropriated or abused.

Royal commission reforms to “broken” banking code delayed as ombudsman urges scrutiny over get-out-of-jail clauses

Australian small business and family enterprise ombudsman (ASBFEO) Kate Carnell has called on corporate regulator ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au to cast its eye over “get-out-of-jail clauses” in industry banking regulations as part of its consideration of a controversial banking royal commission recommendation.

A proposed expansion to the definition of ‘small business’ under the 2019 Banking Code of Practice has been waylaid by the prospect of a lengthy review after the Australian Banking Association (ABA) raised concerns with the Hayne-endorsed change earlier this year.

Drayton to lead Intuit in Australia

Intuit, the company behind the well-known QuickBooks cloud accounting system, has appointed Natira Drayton as its country manager and vice president for Australia.

“We’re thrilled to have Natira leading the Australian business,” said Intuit QuickBooks international senior vice president Dominic Allon.

“Her appointment strengthens our position in the local market and leaves us well placed to achieve our long-term goal – to be the number one financial management solution for Australian small business owners and advisors.”

Seek stakes claim to become a global HR and payroll SaaS vendor

Australian online job ads juggernaut Seek on Tuesday has fleshed out its plans to expand its revenue base by becoming a scaleable human resources SaaS vendor.

In a move recruiters and Seek’s competitors have been anticipating for some months, Seek on Tuesday spelled out plans to scale-up its fledgling HR and payroll software arm dubbed Employment Hero by aiming it at an Australian addressable market it estimates to be over $1.5 billion.

Hardship rules on credit reporting to impact small businesses

Banks would face penalties of up to $100,000 for failing to tell a credit reporting agency when a consumer had a financial hardship arrangement in place if draft laws for mandatory comprehensive credit reporting are implemented.

If passed the legislation would likely impact both consumers and small business owners as credit information would flow more freely between banks and reporting agencies.

What are the dos and don’ts of applying for finance through a broker?

Let’s talk about finance. For a growing business, or a business going through a dip or slow period, it’s one of the most important subjects there is – and also one of the most daunting. If you get it wrong there could be dire consequences, and it’s not always easy to get.

The most common way of finding a source of funding for your business is through a broker. Brokers are seen by most as a blessing, assisting business owners in navigating their way through the tricky commercial lending space by providing guidance and opening doors to trusted lending partners. A good broker will have a comprehensive view of the products available it businesses, and play a key role in assisting time-poor business owners to find the lender that best suits their needs by evaluating the trade-off of the speed, flexibility, and price, that the potential funding comes with.

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.

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