Business Banking news and advice

All the latest business banking news and top tips to help stay up to date on business banking trends and products.

Eofy for freelancers tax return must knows

EOFY for freelancers: Tax return must-knows

The last 12 months have been a wild ride for many working in the gig economy. Whether you were an established freelancer or took up a side hustle during lockdown, you’ve likely experienced some major ups and downs over the last year of economic uncertainty.

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Smes say their biggest money stress is no longer pandemic related

SMEs say their biggest money stress is no longer pandemic-related

The financial impact of COVID-19 on small businesses may be lessening, but new research shows other pressures including cashflow and utility bills have crept up back to pre-pandemic levels. The report from accounting platform MYOB released this week, found that cashflow and the cost of utilities were top concerns for small to medium-sized enterprises (SMEs) over the past six months, felt by 32% of respondents. The bi-annual MYOB Business Monitor also revealed a growing number of SMEs have concerns around accessing business finance (up 6%) and dealing with late customer payments (up 4%). These two money worries saw the biggest jump in percentage points since December last year. Meanwhile, 35% of SMEs said they still feel pressure from the pandemic, but that figure is down 20% compared to the same time last year. The report is based on a survey with more than 1,000 small business owners and operators. MYOB’s general manager for SME, Emma Fawcett said small business issues that temporarily fell off the radar during the pandemic have now returned. “It’s an unfortunate return to ‘business as usual’ for the country’s 2.29 million SMEs with 14 of the 16 business pressures measured by the MYOB Business Monitor increasing in the last six months. This demonstrates that as COVID-19 pressure subsides, other business pressures increase,” she said. “SME concerns with payment times and old bugbears associated with physical presence - such as utilities like electricity and gas - are back on the table.”

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Commbank expands zero interest credit card to support boom in millennial business owners

Commbank expands zero-interest credit card to support boom in millennial business owners

In response to more millennials becoming entrepreneurs over the past year, the Commonwealth Bank has now extended its zero-interest credit card ‘Neo’ to small business customers.‘Neo’ was launched some eight months ago to compete with the rise of Buy Now Pay Later products, and came soon after fellow big bank NAB’s release of its own version of a zero-interest credit card called StraightUp. While this product was initially meant for consumers, CommBank’s latest research suggests younger small business owners are another untapped market. CommBank found that customers aged 25 to 40 made up more than half of all its new business transaction accounts in the last six months. These millennials accounted for 57% of new bank accounts during this period, while Gen Zers (those aged 24 or younger) opened another 10% of new accounts. The research also revealed that the portion of millennials with a side hustle has risen by a massive 40% over the past year. “While it’s been a challenging year for many small businesses, the pandemic did present entrepreneurs with the time and opportunity to start a small business as a passion project or an alternative source of income and we’ve seen many of our new business customers skewing younger,” CommBank’s executive group manager of small business banking, Claire Roberts said.

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