The news you need to know: October 18, 2019

Catch up on today’s headlines as we break down the news small business owners need to know on Friday, October 18, 2019.

ATO warns taxpayers to lodge before October 31 deadline

The Australian Taxation Office (ATO) is calling for people to lodge their tax returns by the October 31 deadline or miss out on refunds. Last year, around 475,000 taxpayers who completed their own return lodged late. Of these late lodgers, over 300,000 had missed out on refunds as a result.

Assistant Commissioner Karen Foat said it is crucial people not only meet the October deadline but accurately complete their return to ensure all income is accounted for.

“We know that tax can seem complicated, which is why we see so many people putting it off. People should know that it’s actually becoming increasingly quick and painless to lodge your return. Your tax return can be done from the comfort of your own living room, just by going online and logging into myTax (accessed via myGov).

Foat says Australians that use a  tax agent have longer to lodge their return but stressed they must be registered with a tax agent by the deadline.

Tim Reed announced as new president of the Business Council of Australia

The Business Council of Australia has appointed a new president, with former MYOB CEO Tim Reed taking over the reins from outgoing president Grant King.

Reed brings decades of experience working in the business sector. Speaking with journalists on Thursday, Reed said he would be focusing on ensuring Australian businesses had the skills they need to remain competitive.

“The number one thing that we need to be doing is making sure Australians have the skills to continue to have high paying jobs that drive productivity in our nation,” Reed said.

Aussies ditching credit for buy now pay later

Australians are cancelling their credit cars in favour of Buy Now Pay Later payment options according to research by comparison site mozo.com.au

Mozo’s researchers found close to half of all Buy Now Pay Later users have now ditched or cancelled their credit cards in favour of the new payment service.

“Buy Now Pay Later has changed the face of the way we pay for goods with more than 25 per cent of users cancelling their credit card and a further 23 per cent saying they no longer use it, said Kirsty Lamont, Mozo Director.

However, Lamont warned buy no pay later options were not without peril.

“The ease and convenience of opting for bite-size scheduled payments has certainly taken Australia by storm, but the pitfall is that it’s incredibly easy to bite off more than you can chew, and miss a payment,”