Business Update – 29 June 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
ATO cracks down on family trust fraud, worrying tax advisors
Tax professionals worry that the ATO could now scrutinise past family trust behaviours, resulting in scenarios where people must repay enormous sums.
Lettuce seed sales skyrocket
Frustrated Aussies have started taking matters into their own hands as the cost of fresh produce reaches new heights. With supply chain issues sending prices through the roof, some consumers have reported prices of $12 for a single head of lettuce.
The pay rise ‘anchor’ explained
With inflation set to hit 7% by year’s end, critics say that the Reserve Bank of Australia’s 3.5% figure on what most people should get for a pay rise won’t cut it. The Guardian has created an explainer on how it will keep the economy moving.
Used car prices reach never-before-seen heights
New statistics from financial intelligence group Moody Analytics show that used cars are costing a staggering 65 per cent more than pre-Covid levels.
Sydney and Melbourne property prices set to fall
Analysts predict that Sydney and Melbourne are at the beginning of a housing market downturn that will go on for at least another 12 months.
RBA warns of future interest rate hikes
Reserve Bank governor Philip Lowe says interest rates are still very modest for an economy with low unemployment and high inflation, and that further rises should be expected by year’s end.
What expenses can be claimed if you work from home?
Though pandemic lockdowns have eased, the way people work has shifted. Brush up on what the ATO says you can claim on your tax return here. Please get in touch should you have any questions.
Government excludes crypto from foreign currency tax arrangements
The Australian Government has confirmed crypto currencies will continue to be excluded from foreign currency tax arrangements. The decision comes after El Salvador moved to allow Bitcoin as legal tender.
Russia defaults on foreign debt for first time since 1918
Strict international sanctions have made it impossible for Russia to pay its billions in debt back to international investors through American banks.
Lack of Chinese investment worrying
A new report shows that Chinese investment in the Australian economy fell a staggering 69 per cent in the last financial year, reaching 2007 levels. The shift signals a change in the international financial landscape.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.
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The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.