A new report by Power Retail has revealed Buy Now Pay Later (BNPL) services which launched in the Australian market in 2015 are exploding in popularity. The report suggests retailers who ignore BNPL do so at their peril. The ‘Buy Now, Pay Later – Fad or Future?’ report surveyed 5,000+ retailers and consumers across Australia to discover… Read more »
Australia’s first independent, employee choice-of-fund platform, Roll-it Super, has announced its pilot launch, with plans to address Australia’s default superannuation sector. The launch follows the alarming Productivity Commission report into Superannuation, which found low income employees in under-performing default super funds retire with $635,000 (53 per cent) fewer savings than their counterparts in high-performing funds.… Read more »
Blue Sky Venture Capital’s Elaine Stead is a ‘boomerang’. She laughingly explains that while she grew up in Adelaide, she soon fled the city of churches, for brighter horizons. Yet just like a boomerang, Stead has found her way home. Speaking at Startup Grind she explains how a girl from the “disadvantaged side of town”… Read more »
Research by small business lender Prospa has found small business owners are sacrificing health and well being as they struggle to make time to relax due to business pressures. One in four business owners reported working seven days a week to keep their business afloat. While three quarters suggest running their business impacts their ability… Read more »
The Access to Justice Inquiry has found small business owners are paying hundreds of thousands of dollars in order to resolve payment disputes, double the cost of a decade ago. Payment times and terms are the biggest cause of disputes, with small businesses forking out as much as $130,000 during the dispute process. Australian Small Business… Read more »
The Australian Financial Complaints Authority (AFCA) has received over 13,000 enquiries in its first month of operation and 6522 complaints from consumers and small business owners in regards to financial products and services. “This number of calls and complaints is on par with what we were expecting,” said CEO and Chief Ombudsman David Locke. “We… Read more »
Small business finance provider, OnDeck, has found cyclical patterns in the lending habits of the nation’s small businesses. The lender’s data reveals definite peaks and troughs in small business online lending and confirmed strong cyclical funding patterns across the sector in Australia. Pre festive season saw the number of small businesses loan applications jump 145… Read more »
A recent survey has found only 7 per cent of small business owners know their business credit score and the majority are also ignorant of Compulsory Credit Reporting (CCR) and how it could impact their ability to get finance. The survey was conducted by cloud accounting solution provider MYOB on behalf of OnDeck. It studied… Read more »
New research by cloud accounting solution, Xero, has found one in five small businesses are still relying on old-fashioned methods to process their payrolls despite the fact Single Touch Payroll (STP) is expected to be extended as compulsory to all businesses from July 1 2019. STP is a new way of reporting tax and super… Read more »
Small business owners need to ‘eat their vegetables’ by ensuring their business is set up to make a profit first and foremost. While it might sound like common sense, in my experience too many small businesses are so focused on sales in their early years, they don’t know how much those sales are costing them.… Read more »
In an effort to combat the challenges faced by small business regarding tax compliance, Labor frontbencher, MP Andrew Leigh, has proposed funding be established for 10 free tax clinics across the country to assist micro-businesses and low-income taxpayers in understanding their tax obligations. The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has welcomed the… Read more »
Despite the growing interest in cryptocurrency, fintech leader Aleksandar Svetski doesn’t believe digital currencies will have any “imminent” effect on small businesses, but warns business owners to prepare for a financial system that will become “natively” digital by 2040. Bitcoin and other cryptocurrencies have caused a financial frenzy over the last few years, but it… Read more »
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