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The Banks are opposing unfair contract protections for small business people. Here’s their submission. But NAB were recently found to have engaged in  "…misleading and deceptive conduct … through its bank officer…" and had a mortgage guarantee set aside.

Extracts from the case National Australia Bank Limited v Smith [2014] NSWSC 1605 (13 November 2014) appear below— More...

ICA member Joe emailed us because he was trying to work out if he passed the Personal Services Income tax rules. I told him that few accountants understood the laws and on the basis of his experience, he agreed. He dug into our website (see the section headed “Taxation Matters” for members) and replied that he thinks he passes. It’s helpful to read the email exchange below: More...

ICA has expressed concern for some time about the proposed ‘stepping back’ by the Australian government over investment advice disclosure rules. In this, we drew on the criticisms voiced by Alan Kohler, one of Australia’s most respected financial commentators. Here’s what he said in Business Spectator in February and, more recently, here and here. More...

While the Abbott government is proposing disclosure requirements on unions, it is planning to remove similar requirements on financial advisers. Alan Kohler explains this well in Business Spectator. Minister Sinodonis is behind this. We’ve been critical of him before when he tried to attack Self Managed Super Funds. The Minister needs to ensure consistency with the government’s reforming efforts on disclosure. More...

We thought that Self Managed Super Funds were safe following the Cooper Review Report in 2010. But the Association for SMSFs has recently issued new warnings about a planned tax attack against people who control their own superannuation. More...

The story of the Calper’s Fund should be studied in Australia. Calpers is heavily union-controlled. It’s a case study in what can happen when corruption, maladministration and cocky, imprudent, politically motivated investment takes control. Full story here. More...

Just before Christmas 2012 the Gillard government snuck in a new small business credit bill.  It’s been strongly criticised for being anti-small business. We understand it imposes new restrictions on small businesses that organize and supply credit to other small businesses. Gillard’s ‘trick’ is that the new restrictions will not apply to big businesses (banks, etc). We know of some 130 small credit providers who are going to have to close because of this. This is part of a major pattern we’re seeing where the Gillard government favours big business and intentionally damages small business people. Talk about scammers! More...

Here’s the latest ATO newsletter on self-employed, small business tax issues. Covers distinguishing independent contractors from employees, tax and clean energy measures, Research and Development tax issues, correcting GST errors and more.

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Funding circles, like Zopa, look like part of a revolution in finance. Already this year in the UK half a million cheque accounts have been shifted from the big banks to smaller ones as people have had enough of the fiddling.  More...