Super contribution caps to rise The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and salary sacrificed contributions. The non-concessional contribution cap will increase from $110,000 to $120,000. This ‘NCC’ cap is… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Inflation remains flat at 3.4% in January, fuelling hopes of RBA interest rate cut Inflation remained flat in January at a two-year low, helped by falling prices for meat and seafood, stoking hopes the Reserve Bank may bring forward interest rate cuts. NAB CEO on the economy, simplification, and… Read more
When was the last time you felt that you had a week’s worth of energy to pour into just four days of work? As COVID-19 has reshaped our work-life balance and continues to redefine what is essential in our professional world, the concept of a shorter workweek is gaining traction. With proposed legislation in various states and countries, and the ongoing conversation among professionals, it’s evident that the discussion around… Read more
For a business to thrive and grow, it essentially needs two things: a strategic plan and an ability to continually find new customers and tap into promising markets. Here’s how you can do that. The untapped potential in existing markets Start by re-evaluating your existing customer base. Profiling them will help you to more accurately define who your target consumers are. Explore different distribution channels that could be more effective… Read more
Government announces changes to proposed ‘Stage 3’ tax cuts Despite previous assurances, and after much speculation, the Government has announced tweaks to the ‘Stage 3’ tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16%; reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold; increase the threshold at which the 37%… Read more
Inflation – it’s a word that’s been on everyone’s lips recently. Rates are on the rise, and our small business community is feeling it the most. Increased supply costs, a lack of workforce, and dwindling profits are among the challenges faced. Let’s demystify inflation and delve into its impact on small businesses. Grasping Inflation In essence, inflation is the uptick in the cost of goods and services. Whether it’s a… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. NAB CEO’s 2024 economic outlook NAB CEO Ross McEwan says Australia is well-placed to recover in 2024 as Australians respond quickly to sharp cost of living increases. Blockchain start-up backed by major banks collapses into liquidation owing $14 million An Australian blockchain start-up lauded as the future of banking… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. High chance’ of RBA achieving its goals in 2024: CBA Commonwealth Bank of Australia chief economist Stephen Halmarick has predicted that the central bank’s desired outcomes from increasing interest rates are likely to come to fruition this year. Australian capital city rents up 13% over year as further hikes… Read more
When starting a business, you often wear all the hats – CEO, salesperson, marketer, and even janitor. But as your business grows, you’ll eventually hit a wall. There’s only so much you can do on your own. That’s when you might need to consider hiring your first employee. Hiring someone brings many benefits. It can double your workforce, free up your time to focus on the business, and introduce new… Read more
You might have a mental image of data breaches happening only at big institutions like banks, password managers, or even government agencies. But the truth is, any website that stores personal information can be vulnerable to a breach. Now, not all breaches are created equal, and the impact on individuals and businesses can vary greatly. But hey, don’t panic just yet! We’re here to lend a helping hand and shed… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s GDP is going backwards We have now had three consecutive quarters of falling GDP on a per capita basis. That last happened 40 years ago during the 1982-83 recession. That is not good. And it doesn’t get any better when you break down what drove what little growth there… Read more
Year-end (and other) staff parties With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT and ‘entertainment’ Under the FBT Act, employers must choose how they calculate their FBT meal… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Jim Chalmers welcomes OECD prediction RBA has reached interest rate peak The treasurer, Jim Chalmers, has welcomed a projection by the OECD that the Reserve Bank has probably reached its interest rate peak but played down the prospect of the government posting a second successive budget surplus. $392 million Industry Growth… Read more
ATO’s lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for the amnesty: had an annual turnover under $10 million when the original lodgment… Read more
In today’s digital age, online reviews can make or break a small business. With the ease of access to social media and review websites, customers can easily voice their opinions and experiences with your business online. As a small business owner, it’s essential to understand the importance of online reviews as they will impact your brand image, sales, and customer loyalty. Boost your brand image Online reviews are the first… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How much Aussies plan to spend on Christmas presents this year Australians are set to spend more on Christmas presents this year despite high inflation, interest rate hikes and cost of living pressures on households. The Christmas Retail Trends Report, conducted by Monash Business School’s Australian Consumer and Retail Studies,… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Cost of living rising faster than inflation for Aussie workers The cost of living for Australian workers is climbing faster than inflation as households around the country fall off the fixed-rate mortgage cliff and battle surging petrol prices. New data released by the Australian Bureau of Statistics (ABS) revealed living costs for workers… Read more
Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers may be able to claim deductions if they use these payments to: purchase replacement trading stock… Read more
Starting a business is a wild ride with its fair share of ups and downs. One hurdle many new entrepreneurs encounter is the difference between the profits they expected and the hard cash available at the financial year-end. This guide aims to alleviate these concerns by shedding light on where your missing revenue might be hiding. Possible causes of missing profits There may be several reasons why your business has… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. LoanOptions.ai crosses the ditch to launch in NZ market A Sydney-headquartered fintech that allows users to apply for loans in under eight minutes is expanding its services with a market entry into New Zealand, following a year of major growth for its Australian operations where the LoanOptions.ai platform has… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘No rate cuts’: Horror call on Aussie economy Since the Reserve Bank Australia (RBA) first began raising interest rates in May of last year, the volume of commentary on when they would be cut has become greater with each passing month. With mortgage rates having risen to the largest and fastest… Read more
