Skipped today’s headlines? Don’t stress. Catch up on all the news that matters to small business owners. Here’s what you need to know on Thursday, September 12, 2019.
ATO to go after super nonpayers
The ATO has announced plans to go after 25,000 employers that are failing to pay their employees super. However, Industry Super Australia chief Bernie Dean says the move is too little too late. The ISA head honcho suggest the proposal will deal with less than one per cent of employees who are currently missing out on superannuation
“This means 2.825 million workers will continue to have their super stolen by dodgy employers while nothing is done,” Dean said.
Dean believes the time lapse between the payment of wages and super obligations is allowing unscrupulous operators to slip through the cracks, stealing millions of employee’s retirement benefits. Dean wants the laws changed so that super payment and wages align and is calling for the ATO to enforce harsher penalties on wrong-doers.
“To date, the ATO’s track record when it comes to handing down maximum penalties to those employers caught stealing their employees’ super has been negligible at best.”
Small business owners R Not OK
Today is R U OK? Day and while millions of Australians are getting behind the cause checking in on their friends and family members’ mental health and wellbeing, the nation’s business owners are more stressed than ever before. A recent survey by Reckon found small business owners are getting on average 4 hours sleep a night, burdened by work pressures or financial stresses.
Meanwhile, a survey by Everymind discovered almost 6 in ten (57 per cent of business owners) had higher levels of stress than the national average. Couple this with the CAANZ calling for more support for the drought-stricken farming community, and you have a picture of a nation in distress.
Beyond Blue has responded to the challenge by releasing a new mental health guide for business owners. You can find it at http://bb.org.au/supportingsmallbusiness
Banks shun adult industry
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell says banks are discriminating against legitimate small businesses in the adult industry by blocking their access to essential financial services.
Carnell is encouraging any businesses in the adult industry to contact her office to lodge a complaint.
Carnell said an EROS Association report found financial service providers were treating adults-only businesses unfavourably on the basis of internal policies against the sex industry rather than tailored assessments of financial risk.
“My office is continuously contacted by sex workers who have complained they have been denied banking services such as merchant facilities to allow them to conduct their business,” Carnell says.
“This is an ongoing issue and we have expressed our concerns to the Australian Banking Association and individual banks involved.
“There aren’t too many Australians who would rely on banks to be the moral arbiter for society,” Carnell said.