ATO releases data revealing record number of SMSFs worth over $100 million

The wealth of Australia’s top self-managed super funds (SMSFs) continues to grow. There were 32 funds worth more than $100 million in 2020, up from 27 in 2019, new documents reveal. Information about the top 100 largest SMSFs in the 2019-20 financial years has been released by the Australian Taxation Office (ATO) in response to a Crikey freedom of information request. The data reveals how Australia’s richest people are taking advantage of the favourable…  Read more

5 ways to combat inflation

It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend…  Read more

Business Update – 31 August 2022

Welcome back to our Weekly Digest. Read on for the latest updates during the past week! Consensus emerging on how to fill gaps in the workforce Big business is calling for a two-year boost to the annual migration intake of 220,000 for all jobs earning more than $90,000. Qantas optimistic despite posting loss Qantas revealed its full-year results last week – a $1.86 billion loss. Despite the poor showing for…  Read more

Understanding different types of insurances

There are many types of insurance for individuals, and choosing the right ones for you can be overwhelming. These policies are distinct, yet they often overlap. It’s smart to review your personal insurance policies any time you have a significant life event. This ensures that you and your loved ones are cared for should you find yourself unable to work. Read on for a brief explanation of the different types…  Read more

CBA adjusts home value predictions

A significant drop in house prices is expected to unfold sooner than expected under revised forecasting based on the Reserve Bank of Australia’s current tightening cycle. While the Commonwealth Bank of Australia in June predicted home prices would fall nationally by about 15 per cent in the subsequent 18 months, unexpected factors had prompted shifts in the forecasted timeline. “We have not changed our expectation that national dwelling prices will…  Read more

The peaks and pitfalls of a side hustle

Side hustles are growing in popularity as many people look for new ways to earn extra money, but one expert has warned there are pitfalls to avoid. According to Associate Professor Simone Scagnelli, from Edith Cowan University’s School of Business and Law, the most important thing is to choose a hobby you love. “I would say people should probably start easy, meaning do something they like, or may be good…  Read more

Business Update – 24 August 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Sellers still making massive profits despite interest rate rises New data from PropTrack has revealed the suburbs where sellers are still making a lot of money off of selling their homes. As interest rates started to climb in May, property values have decreased, but some areas are holding steady.…  Read more

When to raise your prices

It’s an inevitability in every business – you have to raise your prices to continue making a profit. There are many factors that go into deciding how much to charge, all of which are dynamic. The rising cost of goods, inflation, and a changing market are just a few reasons why any small business has to re-evaluate its rates regularly to stay competitive (and to stay in business). While it…  Read more

Australian Bureau of Statistics reveals average full-time wage

Despite the large figure, Australians who make under $92,000 a year are now considered below-average earners. This comes as the latest earnings report from the Australian Bureau of Statistics revealed that the average full-time worker makes $1769.80 a week, or $92,029.60 a year (pre-tax). Once you factor in overtime, penalty rates, bonuses and commission, the average full-time weekly total earnings increases to $1835.20 a week. This raises the average before-tax annual wage…  Read more

Will interest rates finally ease?

There is a glimmer of hope for Australians fearing more interest rate pain, with a leading economist predicting the massive hikes could soon start to ease. On August 2, the Reserve Bank of Australia raised interest rates for a fourth consecutive month, bringing them to a six-year high of 1.85 per cent. It was also the third month in a row the cash rate rose by 0.5 per cent, the…  Read more

Business Update – 17 August 2022

Welcome back to our Weekly Digest. Read on for the latest news and headlines over the week! Economist predicts rising interest rates will soon finally ease Independent economist Saul Eslake predicts that interest rates will settle somewhere around 2.5% by the end of the year. Vegetable prices set to get back on track Growers are reporting that they are starting to catch up after flooding devastated farms in large areas…  Read more

How and when is a good time to ask for a pay rise?

Wondering how and when to ask for a pay rise? It can be difficult to do, but with the cost of living and inflation both rising, it might be a good idea to consider asking for one. Being prepared will make this a whole lot easier and you may want to consider the below: Is it a good time to ask? Despite wages being worth quite a bit less than…  Read more

Business Update – 10 August 2022

Welcome back to our Weekly Digest. Read on for the latest updates. Markets continue to wobble The ASX followed Wall Street’s shaky lead last week, closing flat. Traders are reacting to a handful of uncertainties including surging inflation, recession fears, ongoing supply chain issues, and record low unemployment. What rising interest rates mean for those who don’t have a mortgage It’s no secret that interest rates have been steadily rising,…  Read more

What is the second stage of STP, and is your SME ready?

STP2 began January 1st, but many companies deferred that to the end of 2022. However, with the grace period rapidly coming to an end, it’s time for companies to turn those functions on with their DSPs (digital service providers) and, where necessary, communicate with employees about the new rules. To recap, STP2 will shift the way that payroll items are reported. In short, the Australian Taxation Office (ATO) will require more…  Read more

Is now really the best time to switch jobs?

Record numbers of employees are switching jobs in search of greater workplace satisfaction, but with rising inflation and cost of living, some experts say these uncertain economic times may not be the best time to make a move. Rising inflation is sending the cost of living skyrocketing, and rising interest rates, brought in to try and tame the rate of inflation, is putting extra pressure on homeowners. In another ominous…  Read more

Power bills will rise significantly

Australians are warned to brace for significant power bill hikes as a new report reveals prices in the country’s electricity market have surged to their highest ever levels, and there’s no sign that they’ll slow down. The Australian Energy Market Operator said in their quarterly report that wholesale gas prices soared to “unprecedented average levels” in the three months to July. There are early indications that will continue to rise…  Read more

Business Update – 3 August 2022

Welcome back to our Weekly Business News. Read on for the latest updates. The surprising reason people are turning to meal kits A new study revealed that with rising prices, up to 90% of supermarket shoppers will make an impulse purchase if something they didn’t plan to buy is on sale. Some Australians have found that switching to meal delivery kits actually saves money on their weekly shop to avoid…  Read more

Business Update – 27 July 2022

Welcome back to our Weekly Digest. Read on for the latest updates. Mortgage payment struggles lie ahead for homeowners RBA Deputy Governor Michelle Bullock estimates that 30 percent of homeowners will struggle to make mortgage payments as interest rates rise. Payment increases of 40 percent may be seen among homeowners who took advantage of record low fixed rates just five years ago. Job market may be affected by economic uncertainty…  Read more

Business Update – 20 July 2022

Welcome back to our Weekly Digest. Read on for the latest updates from the past week. 20-year comparison shows how drastically the housing market has changed At the turn of the millennium, the median age of first-time homebuyers was 24.5 years, with mortgages generally taken out on 20-year terms. Today, the median age has risen by at least ten years and 30-year terms are commonplace. China pleased by recent deal…  Read more

Business Update – 13 July 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Many air travellers stranded as airports see busiest days since the beginning of the pandemic A significant portion of the airline workforce is recovering from COVID-19 or the flu, making flight delays and cancellations increasingly common. Landlords warned to keep a “squeaky clean” record as tax season approaches According…  Read more

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