Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Treasurer knocks back recession concern but admits ‘uncertain times’ Treasurer Jim Chalmers has insisted Australia is not heading for a recession, despite the economy recording its weakest growth in nearly three years. GDP growth falls to just 0.1% as household cutbacks put handbrake on Australia’s economy Australia’s economy all…  Read more

ATO’s three focus areas this tax time The ATO will be taking a close look this ‘tax time’ at the following common errors made by taxpayers: Work related expenses: Taxpayers using the ‘revised fixed rate method’ of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the actual number of hours they worked from home, and the additional running costs they…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fair Work Commission increases minimum wage by 3.75% The Fair Work Commission (FWC) will increase the minimum wage for employees by 3.75%, factoring in tough economic conditions with long-term goals such as closing the gender pay gap. The new National Minimum Wage and awards wages will go into effect…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Have you made payments to non-residents? If you make interest, dividend or royalty payments to non-residents, you may need to pay and report withholding tax. Lendlease abandoning offshore markets to recycle $4.5b into Australian opportunities Development and construction giant Lendlease Group has taken a major step to scale back…  Read more

When Treasurer Jim Chalmers handed down the 2024-25 Federal Budget on 14 May 2024, it was clear that the government had a diverse range of objectives. From offering tax cuts to supporting vulnerable groups, the budget is packed with measures aimed at stimulating economic growth and providing relief. Let’s unpack the key points from this year’s budget, focusing on how they impact small businesses. Tax Incentives and Extensions Instant Asset…  Read more

Government warns of ‘malicious’ myGov scammers The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud. The ATO has received a large number of reports of scammers using fake myGov sites to steal myGov sign-in details, which can be used to commit tax and refund fraud in other people’s names. These criminals will often use text message or email to lure…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ATO flags 3 key focus areas for this tax time As ‘tax time’ approaches, the Australian Taxation Office (ATO) has announced it will be taking a close look at 3 common errors being made by taxpayers: Incorrectly claiming work-related expenses; inflating claims for rental properties; failing to include all…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. 2024 Federal Budget – NAB Economic Commentary The NAB Economics team has responded to the 2024 Federal Budget, providing commentary on what it means for health, small and medium business, education and individuals. Victoria passes legislation to phase out stamp duty on commercial and industrial properties Victoria’s transition from…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. New report reveals concerning reality about superannuation accounts Two-thirds of Australians don’t feel that their superannuation is in a good position for their age, new research has revealed. Data from the Australian Retirement Trust (ART) found that only 37 per cent of Australians know how to manage their super investment…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s economy ‘turned out stronger’ than expected AMP Chief Economist Shane Oliver says Australia’s economy has “turned out stronger” than expected. Annual inflation dipped to 3.6 per cent in the year to March.  It is down from 4.1 per cent in the 12 months to December. Economists say the result…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s economy: A mixed bag with signs of slowdown Amidst a backdrop of economic intricacies and evolving market dynamics, Australia’s fiscal landscape is both nuanced and volatile. As the Reserve Bank of Australia (RBA) maintains a cautious stance, retaining the cash rate in its recent deliberations, the nation’s economic…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s inflation rate comes in lower than expectations in February at 3.4% ABS data shows consumer price index is stabilising, which will feed into the RBA’s next interest rate decision in May. Inflation has held steady for the second month in a row, as cheaper meat and seafood helped offset…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s job boom sees unemployment rate fall Australia’s unemployment rate has fallen to 3.7% in February, according to data released by the Australian Bureau of Statistics (ABS), with around 116,000 people starting jobs in February. Resilience of Australian Households and Businesses In its latest Financial Stability Report released today, the…  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 relief coming, just not a big budget cash splash Australians can expect some fresh cost of living relief in May when the federal budget is unveiled, but Treasurer Jim Chalmers has ruled out a big cash splash. Business conditions improve in February February saw an uptick in business conditions as the…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australian economy grows ‘a little but not a lot’ Australia’s economy grew by 0.2 per cent in the December quarter, the smallest increase in more than a year but one that nonetheless pushed the nation to nine successive quarters of growth. Almost 1 million Australians are working at least two…  Read more

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

Getting caught up on a week that got away? Here’s your Weekly Digest of some stories relevant to business and the economy. Big reason interest rates will be cut – and soon Rate cuts aren’t forecast until December 2024 but this prediction doesn’t tell the full story of what’s happening in Australia. Australia’s economy likely to slow until stage-three tax cuts, lower interest rates and easing inflation kick in, CBA…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Assistance for businesses affected by storms or floods The Australian government is offering financial aid to businesses affected by floods through various programs. Support includes concessional loans, grants, tax relief, and counseling services. The aim is to help businesses recover, rebuild, and sustain operations in the aftermath of the…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australian house prices poised for record surge in 2024, predicts Commonwealth Bank economist Australian homeowners may be in for a windfall this year as the country’s largest bank, the Commonwealth Bank of Australia (CBA), anticipates a significant surge in house prices. Belinda Moore, a senior economist at CBA, made the…  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