MESSAGE FROM OUR CEO – May 2018

CoSBA has taken the decision to publish the Broadcast on a monthly basis highlighting the significant issues for small business over the preceding month, rather than weekly, this is our first monthly Broadcast. In our judgement the significant issues for the month of May were the banking royal commission, the ‘mongrel bunch of bastards’ report by Four Corners and Fairfax …

Small business with under 20 staff most vulnerable to scams: ACCC

SmartCompany, May 25, 2018 The ACCC received 5432 scam reports from businesses last year, but more than 50% of those came from small businesses with fewer than 20 employees. ACCC deputy chair Dr Michael Schaper tells SmartCompany it is “absolutely” the case that businesses of this size are the most vulnerable to scammers. Small retailers are particularly vulnerable, he says. …

SMEs caught in spokes as big wheels keep turning

The Australian, June 1, 2018 After much anticipation, the Hayne royal commission has turned its spotlight on small business — the often forgotten sector that is regarded as the engine room of the Australian economy. And it hasn’t been pretty for our major financial institutions. Small and medium-sized enterprises have long been ignored by the big four, especially during the …

Banking royal commission: ASIC’s collaborative approach draws Hayne’s fire

The Australian, June 1, 2018 The corporate watchdog’s offer to “work with’ banks breaking laws banning unfair contracts with small businesses has drawn fire from financial services royal commissioner Kenneth Hayne. Mr Hayne this morning asked the head of the Australian Securities and Investments Commission’s deposit-taking and credit team, Michael Saadat, why it didn’t just tell banks they needed to …

Banks split on code of conduct over small business

The Australian, June 1,2018 A rift between the big banks and second-tier lenders has held the sector back from agreeing on a toughened-up code of conduct with the corporate regulator, ­according to Australian Banking Association chief executive Anna Bligh. Appearing before the financial services royal commission yesterday, the former Queensland premier said she hoped a long-running dispute with the Australian …

ATO boss says ‘mongrel bunch of bastards’ report by Four Corners and Fairfax was unfair and offensive

ABC News, Updated 30.5.2018 Australian Taxation Office (ATO) boss Chris Jordan has attacked a joint Four Corners and Fairfax investigation as offensive and inaccurate, arguing it breached the ABC’s editorial policies. Key points: Chris Jordan says the Four Corners and Fairfax investigation into his department was unfair He says the reporting may have breached the ABC’s editorial policies, but hasn’t …

Inspector General of Taxation launches review of ATO garnishee notices: “We want to know about people’s experiences”

SmartCompany, May 16, 2018 The Inspector-General of Taxation has launched a review into how the Australian Taxation Office (ATO) issues garnishee notices after a Four Corners and Fairfax investigation last month suggested tax office staff were being directed to issue garnishee arrangements to small businesses as “standard” practice. Groups like Self-Employed Australia have argued for an overhaul of the garnishee …

The ATO is repeating the hideous mistakes of bank boards

The Australian, May 23, 2018, Robert Gottliebsen Normally when a succession of executives confess before a royal commission that customers were treated badly, boards and chief executives can duck for cover and blame the executives. But when it comes to small business, the core of the blame lies with bank boards and not the executives. The disclosures in the royal …

We¹re not mongrels and we don¹t cook people, says ATO boss

Ken Phillips, CEO, Self-Employed Australia, 31 May 2018 Yesterday morning the head of the Australian Taxation Office, Mr Chris Jordan, denied that the ATO were a ‘mongrel bunch of bastards’. (See ABC report here.) Mr Jordan was making a presentation to a Senate Estimates hearing and responding to the Four Corners show on 9 April ‘Mongrel Bunch of Bastards’. Mr Jordan also rejected …

Fair Work Commission raises minimum wage to $18.93 an hour

The Australian, June 1, 2018 The Fair Work Commission has awarded a $24.30-a-week increase in the minimum wage in its annual review. The weekly minimum wage will rise by 3.5 per cent to $719.20. The new hourly rate is $18.93. The commission rejected the ACTU claims for a record $50-a-week pay rise finding granting the claim would have adverse employment …