WEX, a leading financial technology service provider, has announced its collaboration with online business management platform MYOB to deliver B2B payments for Australian businesses.

MYOB provides business and accounting software to 1.2 million businesses in Australia and New Zealand.

The collaboration gives WEX customers access to MYOB’s business payment platform to pay their suppliers via WEX virtual credit cards.

Utilising the MYOB solution, WEX customers can enjoy a more seamless and efficient experience when making payments to suppliers, even if suppliers do not typically accept virtual credit cards and without the need for suppliers to make any changes to how they receive payments.

MYOB general manager for financial services, Andrew Baines said, “Cashflow is absolutely critical for businesses, and this relationship with WEX provides its customers with more choice around payment options, allowing more flexibility to choose a solution which works best for their business at a particular moment in time.

"WEX’s B2B payment capability will be a strong complement with MYOB’s business payment platform, and we’re delighted to offer this experience to its Australian customers.”

WEX director of business development and partnerships for EMEA and APAC, Justin Cross said, “WEX’s corporate payments business is continuing to work with innovative brands like MYOB to support local business growth and ensure payments are not an afterthought. We are committed to growing with Australian brands by helping them build their financial infrastructure and providing a seamless customer experience through simplified payment transactions.”

About WEX 

Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel, and healthcare. WEX operates in more than 10 countries and in 20 currencies through about 5,000 associates around the world. WEX fleet cards offer 15 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions grew to approximately $40 billion in 2019; and the WEX Health financial technology platform helps 390,000 employers and more than 32 million consumers better manage healthcare expenses. www.wexinc.com.

About MYOB

MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. At the heart of MYOB is a customer base of 1.2 million businesses and a network of more than 40,000 accountants, bookkeepers and consultants, for whom MYOB delivers end-to-end business and accounting solutions. MYOB operates across four key segments: Small and Medium Enterprises (SME), Enterprise, Financial Services and Practice. myob.com,  @MYOB.

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THE overwhelming success of the Federal Government’s HomeBuilder scheme in driving economic recovery is confirmed by new data released today, according to Master Builders Australia.

“It’s even more proof that a stronger building industry means a stronger economy,” Master Builders Australia CEO Denita Wawn said.

“HomeBuilder has been the star in the government’s economic recovery plan since it was announced in June last year along with measures such as JobKeeper.

“HomeBuilder will support $18 billion in new home construction and $50 billion in economic activity across the wider economy,” Ms Wawn said.

“The surge in new home construction being driven by HomeBuilder has averted the valley of death that was confronting residential builders and tradies due to the pandemic.

“Without HomeBuilder thousands of small builder and tradie businesses would have gone under and hundreds of thousands of jobs would have been lost,” Ms Wawn said.

“There is no doubt that the Federal Government’s decisive action to implement HomeBuilder in the eye of the Covid storm saved the day for thousands of small builders and tradies, the people they employ and communities they support around the country.

“The success of HomeBuilder also demonstrates that measures that support people to overcome the deposit gap is a game-changer in making homeownership available to more Australians,” she said.

“The benefits of homeownership to individuals, families and the community can never be underestimated and the government also deserves credit for element of HomeBuilder’s success,” Ms Wawn said.

www.masterbuilders.com.au

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THE Accommodation Association has welcomed the publication of the NSW Government’s 2030 NSW Visitor Economy Industry Strategy which recognises the importance of mobilising government funding and support for the visitor economy. 

Importantly, Accommodation Association CEO Dean Long said the strategy recognises the significant impact of COVID with a three-phase plan: Recovery, Momentum and Accelerate.
 
Mr Long said it demonstrated the government’s strong confidence in the NSW visitor economy by retaining the pre-COVID 2030 targets to triple the 2009 overnight visitor expenditure ($18.3billion) for an overnight visitor expenditure of $55 billion by 2030, incorporating a regional target of $25 billion by 2030.

“The Accommodation Association welcomes the Visitor Economy Strategy 2030 and acknowledges this as a critical step in the recovery of NSW’s tourism sector," he said. "We welcome the commitment to a Visitor Economy Index, which will ensure that outcomes are tracked and reported ensuring the strategy and implementation can be adjusted accordingly.
 
“We congratulate the NSW Government on their leadership and collaborative approach in developing this roadmap and committing to helping our members and the entire sector not only recover but also thrive in the future. NSW is the largest visitor economy in Australia and this roadmap will help rebuild our $43 billion visitor economy and grow it to $65 billion by 2030."

At a time of significant uncertainly, the Strategy forms the basis of a clear roadmap for recovery pointing to stronger government commitment to:

• Sydney and Greater Sydney. For the first time the strategy recognises the metropolis of three cities encapsulated in the Greater Sydney Commission vision and the importance of Western Sydney Airport (2026) in escalating growth.
• The Strategy recognises the significant economic contribution of the Sydney market to the NSW economy committing to the development of a compelling brand, programs and campaigns for Sydney.
• Securing major events and business events to both position NSW globally, support recovery and accelerate growth.
• Investing in tourism infrastructure with a clear plan. The Strategy points to a Visitor Infrastructure Framework and game changing concepts such as the creation of Special Activation Precincts, making land ready for investors and building enabling infrastructure.
• Recognising the increased need for enhanced skills and workforce planning if the industry is to recover and to improve the competitiveness of our tourism offering.

“The Accommodation Association looks forward to working closely with the NSW Government and Destination NSW  to deliver on the plan for the accommodation sector in NSW," Mr Long said.

The Accommodation Association represents close to 3,500 hotels, motels and accommodation providers, over 150,000 rooms and nearly 100,000 employees across Australia (pre COVID). Accommodation contributes $17 billion to the Australian economy.

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IN ITS SUBMISSION to the Treasury Discussion Paper (December 2020): Education and training expense deductions for individuals, the Institute of Public Accountants (IPA) has given whole-hearted support for the proposal.

“The IPA is very supportive of any initiatives that encourage individuals to upgrade their human capital skills over their working life and the proposal in the Discussion Paper fits well with these ideals” said IPA chief executive officer, Andrew Conway.

“Human capital is the fundamental driver of productivity. There are strong linkages between education and entrepreneurial activity, particularly for the small business sector and the wider economy. 

“The economy has been savaged by the financial impacts of COVID and we are supportive of initiatives that are aimed at improving our productive capacity.  However, along with COVID, our labour supply market is facing the issues of an aging workforce, the loss of skilled migration and many business closures due to the pandemic. All of which require the need for individuals to reskill to meet new opportunities," Mr Conway said.

“Many individuals will have multiple careers over their lifetime which indicates a strong need for continued upgrading of skills.

“Our current tax settings do not support or encourage the retraining and reskilling once an individual has commenced earning an income in their chosen field. The requirement for a tax deduction is limited to expenses in gaining or producing assessable income to an individual’s current employment activities.

“The proposed measure in the discussion paper will add to the current support for higher education while addressing a void in the existing arrangements for individuals who are currently earning an income and may be unable to access any of the existing support initiatives. It also assists individuals who work for smaller entities that do not provide employer support for retraining or reskilling.

“The cost to revenue of implementing this measure will be more than offset by the additional productive capacity added to the economy through a more skilled and flexible workforce. 

“We appreciate that tax concessions cost money and therefore we propose, that if this initiative is implemented, that the risk be shared with the individual who proposes to take advantage of the concession," he said.

“Quarantining half the upfront deduction until the individual earns income from an activity associated with the retraining is an appropriate model to ensure that taxpayers do not wear the entire cost of education outlay in cases where the retraining does not result in the furtherance of a new activity. In areas of skill shortages (to be defined), we are not opposed to the concept of full deductibility. Both these measures will ensure the new initiative achieves its policy intention through better targeting of the concession.

“We urge the government to move on this proposal as quickly as possible, considering our labour market shortages and the loss of genuine productivity so greatly needed to lift the economy,” Mr Conway said.

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies. With the acquisition of the Institute of Financial Accountants in the UK, the IPA Group was formed, with more than 40,000 members and students in over 80 countries. The IPA Group is the largest SME focused accountancy organisation in the world.

www.publicaccountants.org.au

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SUPERANNUATION funds MTAA Super and Tasplan have announced they will be known as Spirit Super after completion of their merger on April 1, 2021.

Spirit Super will be Australia’s newest industry super fund and will have about $23 billion funds under management and 326,000 members across Australia.

MTAA Super CEO Leeanne Turner said the new name perfectly represented the fund’s drive to be a national super fund that offers superior service, value, and member focus.    

“What I love about Spirit Super is it captures the energy of what we’re about,” Ms Turner said. “It’s fresh and optimistic and innovative — everything we want to be.

“The new name also speaks to the past achievements of our funds,” Ms Turner said. “MTAA Super and Tasplan are both outstanding funds and take great pride in providing historically strong long-term returns, excellent value and service to our members. As Spirit Super, we will have greater capacity to continue improving our products and service and to really embrace a member-first approach to everything we do.”

The merger follows a successful year for MTAA Super and Tasplan, with both funds receiving platinum ratings by SuperRatings and being named ‘Best Value for Money’ funds for 2020.

“That’s what makes this merger so exciting,” Ms Turner said. “This isn’t about a big fund absorbing a smaller fund. It’s about two successful funds coming together to get even better. It’s a true partnership that will provide a better super experience and outcomes to members across the nation.

“With MTAA Super’s strong long-term performance history and Tasplan’s superior customer satisfaction rating and award-winning digital services, we are bringing the best of both worlds to Spirit Super.”

Ms Turner was also pleased to announce a reduction in administration fees for all Spirit Super members.

“The details are being worked through, but there will be a drop in administration fees when Spirit Super kicks off. So right off the bat, members will start seeing the benefits of the merger.”

Tasplan chair Naomi Edwards said the new fund name was an important milestone to mark in the merger process.

“Our name is our future, so it was important we embraced something our members could be proud of and inspired by. I think Spirit Super nails it. Importantly, our name will also set us apart in the market. This will help us grow, compete, and continue pursuing opportunities in the best interests of our members.”

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NEXTGEN FUNDS Management has launched Australia’s first pure Artificial Intelligence (AI) Fund. It will invest in domestic and international technology businesses which deliver AI technologies that address environmental, social, and industrial challenges globally.

The Fund is aimed at sophisticated investors, including high net worth individuals, family offices and institutions. It will invest in a mixture of debt and equity and will maintain a diversified investment exposure across multiple industry sectors and growth stages ranging from start-up to pre-IPO. This includes a mix of developed and innovation in order to balance the risk profile.

Samuel Mullavey, head of distribution for NextGen Funds Management said, “The Fund’s key investment areas are where the adoption of AI will provide the greatest benefits economically, environmentally, and socially. These include sectors such as health and wellbeing, infrastructure and transport, environment and natural resources, cybersecurity, smart cities and buildings, and financial services.

“We believe AI will be the defining technology of our time. It is set for accelerated growth and demand and, as such, we have positioned the Fund to take advantage of the exciting investment opportunities unavailable to public markets.

“The Fund aims to deliver appropriate risk-adjusted returns to unitholders through a combination of capital growth and income generated from underlying investments in the rapidly expanding AI technology sector.

“With innovative technologies, including AI, forecast to be worth AU$315 billion to the Australian economy by 2028 and AU$22.2 trillion to the global economy by 2030, AI represents a significant new opportunity to enhance economies domestically and internationally.

“As a result, there are unprecedented levels of global activity and investment in AI. In recent times we have seen a total of AU$86 billion dedicated to AI programs and activities from 14 of the world’s most advanced economies. Locally the Australian technology industry will require up to 161,000 new expert AI professionals by 2030.

“In many cases, the technology is already available, but the challenge many smaller AI firms face is commercialising ideas into a viable product or service. This as a major opportunity to leverage our strong partnerships, experience, and networks, and provide the expert support required to navigate this tricky stage of development.

“We set out to be innovative in our offering and as such, the Fund’s agile strategy is to remain stage and sector agnostic so it can capitalise on multiple cross-sector opportunities and keep pace with changes in AI innovation.”

The NextGen Artificial Technology Fund has no floor nor ceiling on deal size.

While not guaranteed, the income yield objective of the Fund is 5 percent per annum with a total return objective of 10-12 percent per annum on an internal rate of return, pre-tax, post fees and costs.

Investments will be made in targeted opportunities, via individually structured arrangements that may include convertible notes, private equity, and debt funding such as secured loans.

The Fund is designed with a three to five-year investment term in mind and a minimum initial investment of $100,000. Following the minimum initial investment, investors may invest additional funds in multiples of $50,000. A minimum balance of $100,000 needs to be maintained.

Fees are 1.65 percent per annum exclusive of GST of Funds Under Management. A performance fee of 20 percent is charged above the Benchmark return of 7 percent and inclusive of pre-tax performance after management fees and other operating costs have been deducted.

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NEW SOUTH WALES could significantly increase technological innovation and new product development by creating beta-testing sites for university researchers.

that is the view of Stoic Venture Capital partner Geoff Waring, who said "technology innovation lifts employment while improving competitiveness of local companies at a global level".

“Creating a policy for beta-testing sites in NSW for university researchers would attract researchers, entrepreneurs, start-up companies, venture capital and multinationals to NSW,” Dr Waring said.

“It could also help to develop links between university research and industry as well as lead to the creation of new technology start-ups from the intellectual property developed at local universities.”

Dr Waring said NSW’s current procurement innovation stream for small and medium sized companies whereby contracts of up to $1 million may be awarded following successful proof of concept trial, does not currently meet the needs of university researchers who are at a very early level of development.

Many of NSW’s most difficult problems are beyond the technology capability of existing suppliers, so need unproven technology development, he said.

“These difficult problems include ecological conservation, the effects of climate change and pandemics. University researchers have a parallel problem proving their technology that works in the lab also works and is safe in use. Venture capital investors want to see a proof of concept before they invest. All these parties gain from a small-scale beta test."

If the NSW Government shared more information with university researchers about the priority problems they faced and had a process to evaluate emerging technologies, the universities could bring to the government potential technologies that could be trialled on a small scale in NSW locations, he said.

Small pilot trials could be undertaken in a managed environment to minimise risk.

“There would need to be requirements around safety, data privacy and a minimum level of technology readiness according to the standardised benchmarks,” Dr Waring said. “Coming from a university would also give the science a high degree of legitimacy.”

This has similarities to the Federal Business Research and Innovation Initiative and Melbourne 5G IoT testbed and prototype street programs, Dr Waring said.

"This is an innovative approach that could assist researchers and investors to overcome information gaps that act as a barrier to financing while exploring solutions to city problems that are too difficult for existing providers.”

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. Stoic is unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP) and takes a collaborative approach to investing in the highest potential companies. Atlas Advisors Australia AFOF is the major limited partner for the Fund. www.stoicvc.com.au

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ELIGIBLE employers are now able to register for the new JobMaker Hiring Credit scheme, being administered by the Austrlaian Taxation Office (ATO) on behalf of the Federal Government.

The JobMaker Hiring Credit payment is a wage subsidy paid directly to employers that aims to help accelerate growth in the employment of young people during the COVID-19 economic recovery. The scheme is an incentive for businesses to employ additional job seekers aged 16 to 35 years.

Eligible employers can access the payment for up to 12 months for each eligible additional employee they hire between October 7, 2020 and October 6, 2021. They will be able to claim up to $200 a week for each additional eligible employee they hire aged 16 to 29 years, and up to $100 a week for those aged 30 to 35 years.  

This means an employer will be eligible for up to a total of $10,400 over the year for each eligible employee aged 16 to 29 years or $5,200 if aged 30 to 35 years.

Deputy Commissioner James O’Halloran said the ATO was working hard to make it as easy as possible for employers to access the government’s JobMaker Hiring Credit payment.

“The ATO is here to support employers and the community to easily access important economic stimulus like the JobMaker Hiring Credit,” Mr O’Halloran said.

Mr O’Halloran encouraged businesses to check their eligibility and take this first step to register for the scheme from this week and then employers would be ready to move to quickly make a claim in February 2021.

"You cannot claim if you are not registered," he said.

“We encourage employers to register from now to ensure their hiring credits can be paid promptly from when the first quarterly claim period opens in February 2021,” Mr O’Halloran said.

“Employers are reminded that new employees must have received the Parenting Payment, Youth Allowance (Other) or JobSeeker Payment for at least 28 consecutive days (or two fortnights) within the 84 days (or six fortnights) of being hired to allow for a claim to be made by the employer.

“There are some key dates to keep in mind, and simple steps employers can take now, but please remember that not everything needs to be done from next week.”

• Employers and employees must meet eligibility requirements to receive the payment.
• Employees must be aged 16 to 35 years. 
• Employees must have started employment between 7 October 2020 and 6 October 2021 (inclusive) and 
• Employees need to have completed a minimum average of 20 hours (worked or paid) per week during the time they were employed in the JobMaker period.

“I encourage employers seeking advice on the JobMaker Hiring Credit to contact their tax or BAS agent, or call us on our dedicated help line 13 28 66,” Mr O'Halloran said.

ATO's key dates to remember:

• The JobMaker Hiring Credit scheme started on 7 October 2020.
• You may be able to claim for employees hired between 7 October 2020 and 6 October 2021.
• You can register from 7 December 2020 through ATO online services, the Business Portal or your registered tax or BAS agent. 
• Claims for the first quarterly payment will open on 1 February 2021.
• The last day you are able to claim for employees is 6 October 2021.
• If you hire an employee on 6 October 2021, you are able to claim for payment to 6 October 2022.
• The JobMaker Hiring Credit scheme will end on 6 October 2022.

More information on the JobMaker Hiring Credit scheme is available from our website at https://www.ato.gov.au/General/JobMaker-Hiring-Credit/

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