Tag: Cash

ATO Cautions Against Early Release SMSF Scams

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The Australian Tax Office (ATO) is cautioning members of the public and SMSF trustees from engaging in illegal early release schemes. The schemes involve channelling super funds or assets into SMSFs in an attempt to grant people illegal access to their retirement benefits before they have qualified to do so.…

Australians’ Savings Dip as Cost of Living Surges

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More Australians appear to be financially struggling as the cost of living continues to rise. A survey undertaken by the website Compare the Market found that as much as 15% of people had no savings they could tap into in case of emergencies. On average, Australians are estimated to have…

SMEs Urged to Take Up Energy Tax Incentive

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Treasurer Jim Chalmers has confirmed plans to introduce the Small Business Energy Incentive which will see small and medium enterprises (SMEs) rewarded with up to $20,000 in tax breaks for electrification and energy efficiency efforts. This tax incentive is set to be part of the upcoming budget and is expected…

Middle-Income Earners Warned of End to LMITO Relief

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The low and middle-income tax offset (LMITO), also referred to as the lamington offset, is a tax relief that an estimated over 10 million Australian taxpayers have enjoyed since the 2018-2019 financial year. Introduced by the previous Liberal government, it was due to end on 30 June 2022. The current…

Tax Avoidance Hot Issue For ATO

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To suppress tax dodging behaviour, the government is pushing hard at several initiatives at the federal, state and territorial levels. Last year, the Australian Tax Office (ATO) reported that about a third of large corporations did not pay tax for the 2020-2021 financial year. Despite this substantial difference, the ATO…

CPI In Australia Tops Out At 7.8 percent For 2022

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The latest report by the Australian Bureau of Statistics has found that the consumer price index (CPI) rose by 1.9% for the December quarter of 2022 and a total of 7.8% for the year. This is the fourth consecutive quarter during which the index has risen at a level higher…

Labour Market Woes Far from Over

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According to the Australian Bureau of Statistics (ABS), there was a slight decline in job vacancies in November 2022. Vacancies fell by 23,000, or 5%, from August, leaving a shortfall of 444,000. This also represents an 8% fall in job vacancies from the peak reached in May 2022. The latest…

Payment Delays Costing Small Businesses $1.1bn A Year

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According to a recent report prepared by Accenture and Xero, Australian small businesses are faced with cash flow problems due to three key reasons of delayed payments, seasonal slowdowns, and rising expenses. Following a review of data from more than 200,000 businesses in Australia, New Zealand and the UK, these…

Accounting Sector Amongst Top Wage Growth Earners

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Data from the Australian Bureau of Statistics (ABS) confirms the seasonally-adjusted wage price index, or WPI, rose by 0.7% as of the June quarter, for the third consecutive quarter. The professional services segment, which includes accounting professionals, saw wages rise by 2.9%. This is one of the highest increases in…

RBA Hikes Interest Rates To 1.85 percent

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Governor of the Reserve Bank of Australia (RBA), Philip Lowe, has announced that the cash rate target has been increased by 50 basis points to 1.85%. This is the fourth consecutive month in which the cash rate has been increased. In June and July, the rate was similarly increased by…