A daily download of SME, startup, fintech and tax news from around Australia.
It’s the beginning of the new financial year and a raft of tax changes have arrived as of the first of the month – if you run amall businesses, it’s up to you to be across these changes.
On 1 July 2019, a flood of taxes came into play that small businesses need to be aware of.
“Tax law never stands still, and a number of changes that are in place from 1 July 2019 will likely impact how small businesses operate,” said Susan Franks, Senior Tax Advocate, Chartered Accountants Australia and New Zealand (CA ANZ).
George Calombaris is the latest in a long list of hospitality bosses to be caught underpaying their workers. This time, by millions of dollars. And while public response has been swift in condemning the now-former Masterchef star, this behaviour is nothing new within the industry. Indeed, it follows a string of high profile underpayment cases including the likes of Neil Perry, the Shangri-La Hotel and Domino’s.
In 2018, a Fair Work Ombudsman blitz found 72 percent of hospitality businesses across drinking and dining hot spots in Glebe, Richmond and Fortitude Valley were breaching regulations. The most common offense? Underpayment of hourly rate wages owed to workers. In an industry that employs more than 830,000 people within Australia – that means an awful lot of money is being unlawfully withheld.
The Hon. Karen Andrews MP, Minister for Industry, Science and Technology will today launch the National Innovation Games, bringing together emerging talent from universities and the VET sector, small to medium businesses, and leading corporations in cities and regions to kick-start an inclusive innovation culture in Australia.
The National Innovation Games – a series of 30 Games to be held over the next two years – is funded by the Australian Government Department of Industry, Innovation and Science and delivered by the Council of Small Business Organisations of Australia (COSBOA Council of Small Business Australia) and Paddl Co., a startup developing new ways to better prepare business and talent for the future of work.
Announcing at MYOB Partner Connect 2019, MYOB general manager of product David Weickhardt said the integration of its corporate compliance product within its practice suite would solve “software hairball” issues that accountants faced with different products.
The new product builds on the existing desktop solution and allows accountants to plot ownership and shareholding diagrams as well as manage forms and signatures online.
Businesses will be able to earn credit card reward points and MYOB reward points to pay suppliers and employees.
A new MYOB Rewards program will allow small businesses paying with a credit card to earn double points when making payments through the software. MYOB Rewards, announced as part of MYOB’s Partner Connect conference in Melbourne on Wednesday, will be powered by Mastercard and launched to businesses later this year.
General manager of product at MYOB David Weickhardt said they wanted to be able to bring the benefits of rewards points to all credit cardholders.
Accounting software provider MYOB has announced a deal with Bunnings that will simplify bill processing for their mutual customers, plus a rewards program for the MYOB PayBy payments service.
Around a year ago, MYOB added a feature that allows small businesses to have invoices from participating suppliers sent directly to their MYOB in tray for processing. The latest company to join the scheme is Bunnings.
Bunnings is “the single biggest invoicer in Australia,” MYOB general manager of product Dave Weickhardt told a media briefing shortly before the start of the MYOB Connect partner conference in Melbourne this morning.
Game on for National Innovation Games | Ministers for the Department of Industry, Innovation and Science
Joint media release with the Minister for Employment, Skills, Small and Family Business, Senator the Hon Michaelia Cash
The Morrison Government is helping small businesses to grow and create more jobs, with the launch of the National Innovation Games on the Gold Coast today.
Minister for Industry, Science and Technology Karen Andrews said ten teams of businesses, students and graduates will put their minds to the test in the competition, which fosters creative thinking and collaboration.
The federal government is set to reintroduce its mandatory comprehensive credit reporting legislation after being left stranded in the run-up to the May election, nearly two years after the bill was first announced.
The draft bill, which requires major banks to provide credit information and active consumer credit accounts to eligible reporting bodies and FinTechs, has been released by Treasury for consultation and is expected to be introduced to Parliament by the end of the year in preparation for a launch next year.
If you think 2018 was a transformative year for the Australian financial services sector, this year has been just as eventful. In July, a beta test of Australia’s open banking system officially began. The big four banks are now required to publicly share product data about credit and debit cards, deposit accounts and transaction accounts via APIs. The pilot will test the performance, reliability and security of the open banking system. However, the banks now have until February 2020 to share consumer data.
Open banking, part of the Consumer Data Right, is a set of rules introduced by the government that will mean consumers can choose to give their banking data to third-party providers, such as comparison websites and app developers. These third parties could, for example, analyse your spending habits to offer budgeting advice or make product recommendations such as credit card or mortgage offers.
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