Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Business confidence nudges up across Australia The Roy Morgan Business Confidence index was 95.1 in July 2024, up 3.6 points from a month ago and up 7.6 points from the same month last year. It comes after Stage 3 income tax cuts to consumers boosted the spending power…  Read more

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

Running a business is hard enough without having to wrestle with out-of-date accounting records. That’s where cloud accounting comes in—a modern solution that can make your life a whole lot easier. This article explores why small businesses should embrace cloud accounting and how it can drive your success. What is Cloud Accounting? Cloud accounting involves using online software to manage your financial records. Unlike traditional desktop accounting software, cloud-based solutions…  Read more

Leadership styles significantly impact team dynamics, productivity, and overall business success. While a passive leadership style may seem non-confrontational and agreeable, it often leads to unresolved issues, lack of direction, and decreased morale. Transforming from a passive to an assertive leadership style can be a game-changer for your business. Understanding Passive vs. Assertive Leadership Passive leaders usually: Avoid conflict at all costs Hesitate to express opinions or make decisions Allow…  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

Navigating the current economic environment can feel like an uphill battle, especially in relation to your pricing strategy. Globally, economies are experiencing an inflationary environment. In the US, for example, average prices have surged by over 20% since the start of the pandemic, significantly influencing consumer price sensitivity. With inflation becoming a part of our daily lives, your potential clients—regardless of industry—are likely to take more time to invest and…  Read more

Selecting the right accounting software is a crucial decision for your small business’s financial health and accuracy. With numerous options available, this process can seem daunting, but making an informed choice is essential to streamline operations and mitigate risks such as financial fraud and regulatory non-compliance. Introduction The challenge of choosing appropriate accounting software stems from the need to balance functionality, ease of use, and cost-effectiveness. As cloud computing continues…  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

From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected?  Would your staff know what to do? Would you be able to keep trading? Having a contingency plan is not just a precaution; it’s a necessity. Small businesses need to be prepared for a range of scenarios. Without a solid contingency plan, your business could face significant setbacks or…  Read more

Running a small business comes with its own unique set of challenges, and dealing with toxic employees is undoubtedly one of the trickiest. A single troublesome team member can disrupt productivity, affect team morale, and ultimately harm your business’s success. Knowing how to handle such situations effectively can turn things around. Let’s look at the types of toxic actions, how to address them, and provide practical steps to manage these…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Small businesses hoping for spending boost at tax time Small businesses are hoping for a spending boost next month fuelled by tax returns starting to land in the pockets of Australians. How to check if you’re owed a share of up to $580 million in unclaimed money Revenue NSW…  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. Tips for the upcoming tax cuts Every Aussie taxpayer will receive a pay rise on July 1 with the new stage three tax cuts kicking in, and it couldn’t come at a better time as millions struggle with a cost of living crisis. No doubt some of this pay…  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