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From the instant asset write-off being extended for another 12 months to Australia's most wanted start-up employer, here's what's making small business news this week.
By
Emma Lawson

Source:
SBS Small Business Secrets
14 Sep - 9:45 AM  UPDATED 4 DAYS AGO

Instant Asset Write-Off Extension

The Federal Government has extended the $20,000 instant asset write-off for small businesses, for another 12 months.

It allows SME’s to instantly claim items like tools, computers, a photocopier, cash register, a restaurant oven or a second-hand ute, or generator, purchased for less than $20,000.

The Australian Tax Office has not set a limit on how many assets can be claimed.

While welcoming the extension, the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell wants the threshold to be raised to at least $100,000.

“For capital-intensive businesses, $20,000 is too low,” Ms. Carnell explains.

“If you’re a farmer and you want to buy an asset like a tractor, you’re not going to get one for anywhere near the $20,000 threshold”.

As the asset write-off is a tax deduction, claims can only be made against business profits.

The Australian Small Business and Family Enterprise Ombudsman releases fintech lender guide.

The ASBFEO Ombudsman Kate Carnell has put out a  guide to help small and medium enterprises (SME’s) to borrow money from online lending platforms.

Called ‘Borrowing from Fintech Lenders’, it’s a joint effort with theBankDoctor.org, and aims to improve transparency in the fintech industry. 

Various online lending platforms offer alternative finance for small businesses, often bypassing the banks’ requirement to put up property as security.

Neil Slonim from theBankDoctor.org says the guide will help SME’s to understand costs and to select which provider best meets their needs.

“This independent guide explains the key issues around borrowing from a fintech lender and will enable small business owners to make more informed decisions about whether borrowing from a fintech is a good option,”  he said.

Ms. Carnell is also urging the lending industry to abide by the Online Code of Lending Practice, in order to build trust within the sector.

Canva named Australia’s most wanted start-up employer

Canva, the online design platform has taken out the top spot for Linkedin’s ‘top 25 Australian startups people most want to work for’.

The report assessed interest levels from job seekers and employee engagement to rank companies in the tech workforce.

Founded in 2012, Canva is a graphic-design tool website that allows professionals and non-designers to create both web and print media content and graphics.

Online mattress company Koala, pet minding service Mad Paws, and freelance jobs marketplace Airtasker were other top contenders.

Watch the full episode.