Did you miss today’s news? Check out the latest headlines that matter to small business owners with our daily briefs. Here’s what you need to know on Monday, November 4 2019.
Government plans independent review program for ATO complaints
Following record complaints against the ATO, taxpayers and small business owners could get a fairer deal as the government announces reforms to the compensation process. The Australian reports that as part of the new reforms, the ATO will now be forced to take into account the financial and personal capacity of a small business or taxpayer to respond to an auditor compliance order. The Tax Commissioner will also be given the power to arbitrate disputed claims, with businesses given greater rights to appeal ATO decisions. The move follows recent reports by whistleblowers that the tax office was targeting small business owners in an overly zealous fashion in an effort to grab payments for outstanding tax debts.
Retail spending worse than anticipated
Retail sales figures have fallen short of the anticipated 0.5 per cent lift in spending this quarter. Instead, the Australian Bureau of Statistics reports sales for September have dropped 0.1 per cent. Despite interest rate cuts and tax cuts, Aussie consumers are failing to spend up in stores. The news has come as a surprise to local economists with NAB predicting a rise of 0.5 per cent and ANZ expecting up to 0.7 per cent growth in sales. Job data has been equally disappointing this month with job ads in October falling to the lowest level in more than two and a half years.
Report finds women the best at managing money
Leading credit score provider Credit Simple’s state of the nation report has discovered women are better at managing money than men despite common misconceptions that men are savvier with their finances. Credit Simple found women have higher credit ratings in almost every state, city and region in Australia (apart from the Northern Territory) despite the gender pay gap Credit Simple CEO David Scognamiglio says women should have more confidence in managing their finances because, “broadly speaking, they’re doing a better job”. On average, Australian women have a score of 796, compared to only 778 for men.