THE NEWS WRAP: Government rethink on small business definition

The Federal Government is mulling over a broader definition of small business that would potentially provide tax cuts and red tape reductions to a larger pool of companies.

 

The proposal, floated by Small Business Minister Brendan O’Connor, comes as the head of the government’s business tax working group suggested a new corporate entity that would let SMEs enjoy some of the benefits of larger firms, without the associated red tape.

 

Myer boss slams penalty rates

Myer CEO Bernie Brookes has hit out at the government’s weekend penalty pay rates, claiming that the retailer may have to close some stores on Sundays and stop hiring university students.

 

Brooks said that shopping habits have changed, requiring “flexible” working conditions he said were lacking under the current pay system

 

New iPad goes on sale

 

Apple’s new iPad has gone on sale in Australia this morning, with Telstra stealing a march on Apple by opening two of its stores at midnight.

 

Long queues have already formed at the Apple store in Sydney, while Telstra managed to sell the first new iPads in Australia after opening up shops early. Apple shares have surged in response to the worldwide launch

 

Overnight

 

The Dow Jones Industrial Average gained 34.21 points to 13,228.31. The Australian dollar was steady at 104.64 US cents

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