Stay up to date with your daily dose of the news affecting small business owners. Here’s what you need to know on Tuesday, August 27, 2019.
Uber slapped with fringe benefits tax
Following the recent launch of Uber for Business, some small business owners may be in for a rude shock, as the tax office has reported the fringe benefits tax (FBT) exemption that applies to taxi services does not extend to ride share services such as Uber. This could potentially impact 1000s of small businesses that currently use the service for business trips.
Markets bounce back following Trump’s claims of a trade deal
The share market has rebounded following a massive slide yesterday as President Trump announces that China had been calling him ‘wanting to do a trade deal…’ While the Chinese insist no such call has been made, Trump’s proclamation has been enough to see the market stabilise and the Aussie dollar rebound.
New program to end bill shock for business owners
In response to the findings of the Retail Electricity Pricing Inquiry the government has launched the Business Energy Advice Program in an effort to deliver a fairer deal on energy prices to small business owners. Speaking at the launch of the program, the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell applauded the introduction of the free advice service. The Business Energy Advice Program will help small businesses with 20 or less employees choose the best-priced energy options to suit their needs. It is hoped the new service will allow small businesses to get better deals and eliminate bill stress.
ACCC fighting unfair contract terms
Unfair contract terms are a key focus in the ACCC’s latest Small Business in Focus report. The bi-annual report provides an update on key developments in the small business, franchising, and agriculture sectors. ACCC Deputy Chair Mick Keogh said: “Unfair contract terms are a big focus for the ACCC, and we want to make sure small businesses are not at a disadvantage because of one-sided ‘take it or leave it’ contracts.” The ACCC encourages small business owners to take a closer look at their existing contracts and if terms seem unfair, to call it out and seek advice from the ACCC.