ATO’s tips for correctly claiming deductions for rental properties Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses. Repairs and general maintenance are expenses for work done to remedy or prevent defects, damage or deterioration from using the property to earn income.  These expenses can be claimed in the year the expense occurred. Initial repairs include any work done to…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Conflicting data: Is wage growth cooling down or heating up? While the official ABS data showed the Wage Price Index (WPI) rose 0.8% in June quarter 2024, and 4.1% for the year, the reality on the ground might be over double that, according to payroll platform Employment Hero. E-commerce…  Read more

Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. Australian shares follow Wall Street’s lead after jobs data calms recession fears A week after US jobs data sent global financial markets into a panic, a strong rally on Wall Street has seen the S&P 500 record its best day since November 2022 — erasing almost all of the losses…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Hope for homeowners as RBA tipped to slash interest rates by Christmas The Reserve Bank of Australia (RBA) is tipped to keep interest rates on hold next week, but hard-pressed mortgage holders should expect a cut by Christmas. From 36 economic experts canvassed in the latest Finder Cash Rate…  Read more

Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. Hints on state of economy as cost relief kicks in Experts will scour the first trickle of financial data for early clues on the state of Australia’s economy since tax relief kicked in. The purchasing managers’ indexes for the manufacturing and services sectors land this week, as pay packets rise…  Read more

  ATO’s ‘main residence exemption tips’ The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in.  The ATO hopes that the following tips will help in this regard: Taxpayers should consider if they have started earning income from their home (in which case they may need to get a market valuation for CGT purposes). When renting out…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Latest NAB survey shows growing concerns among businesses about Australia’s economy Australian businesses are becoming more concerned about the outlook for the economy as forward-looking indicators in National Australia Bank’s fresh survey revealed a softening. The bank’s latest quarterly business survey on Thursday revealed expected business conditions fell at…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The Australian dollar is showing some strength, and that could be good news for travellers For a relatively small, open economy, Australia’s currency is heavily traded. In fact, it’s on the podium for one of the world’s most traded. So it’s known to be pushed and pulled on global…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘Rippling effect’: 3000 companies collapse Despite a desperate demand for new homes, the “rippling effect” of an economic downturn has seen a staggering number of building companies go bust in the past year with nearly 3000 failing. Mortgage holders reducing monthly repayments adding years to borrowing term Mortgage holders…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s competitiveness hits 13-year high Australia rose to 13th from 19th place out of 67 nations for competitiveness, according to the Swiss-based IMD World Competitiveness Yearbook 2024. It was Australia’s highest ranking in 13 years. Employers call for more overseas workers as Australian ‘skills gaps’ hurt productivity Australian workers…  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. 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

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