Business Update – 8 June 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
ATO reminds Australians about changes this tax season
The Australian Tax Office anticipates that many will continue to be impacted by COVID-19, and is offering support to get your taxes right the first time. A summary can be found here.
RBA rate rise biggest in 22 years, expected to rise further in coming months
The Reserve Bank delivered its biggest one-off interest rate rise in more than two decades, 0.85%, while admitting inflation was going to get worse than predicted just a month ago.
Labor calls for wage increase
The submission was made to the Fair Work Commission on Friday, with an aim to assist minimum wage workers, who the party views as “heroes of the pandemic.”
Biden brushes off Musk’s comments
The American President touted the country’s strong jobs report, and wished the Tesla CEO “lots of luck on his trip to the moon,” when questioned about Musk’s recent comments about having a “super bad feeling” about the economy.
Iceberg lettuce $12 a head in Queensland
Floods, the pandemic and fertiliser shortages put increasing pressure on suppliers, with no immediate relief in sight.
Crypto is complicated at tax time
Cryptocurrency owners have been warned to start working out what they owe in anticipation of the upcoming tax season. Lessons come from the US, where their recent tax season saw some people owing more than what they earned after the recent crypto crash.
Food producers warn petrol prices will be passed to consumer
Jason Fritsch, the chief executive of Kagome, stated that with petrol prices out of control and raw material prices on the rise, it’s only a matter of time before consumers see even higher prices at the supermarket.
Australians are staying home with more colds and flu this season
As winter approaches, workplace absences due to colds and flu were up 50% for the first two weeks of May. The drastic increase is due to a “perfect storm” of circulating winter illnesses and a lack of immunity due to the population not being exposed to the flu in recent years.
Job vacancies grow nearly 25% in regional Australia
The latest data from the Regional Australia Institute shows that there were 84,600 regional job vacancies in April 2022. The numbers reveal the optimism that is driving growth outside capital cities, though a lack of services and housing constrain opportunities.
ATO issues reminder to small business owners about changes to superannuation
Starting July 1, there are changes to who is eligible for superannuation, as well as how much super businesses will need to pay staff.
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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.