Weekly Digest – 19 June 2024

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 rise will be absorbed into spending, but if you’re smart, you’ll use at least part of this extra money to help you get ahead.

ATO warning to rental property owners: don’t let your tax return be a ‘fixer-upper’

The Australian Taxation Office (ATO) is warning rental property owners that their tax returns are in the spotlight this tax time. ATO Assistant Commissioner Rob Thomson explained the ATO has found the majority of rental property owners are making errors in their tax returns.

Business turnover rises for most industries in April

Business turnover in trend terms rose 0.1 per cent in April according to figures released by the Australian Bureau of Statistics (ABS).

Service-based small businesses lead productivity decline

Service-based small businesses in hospitality, arts and education led a nationwide decline in productivity last year, according to a new report. Hospitality businesses generated $40.2 in sales per hour worked in 2023 against a national average of $100.3, according to Xero’s Small Business Productivity: Industry and Regional Trends report released on Thursday.

NAB monthly business survey

Business confidence fell back into negative territory in May as conditions continued to gradually soften, suggesting the subdued economic activity seen in the Q1 GDP data has continued into Q2, according to the NAB Monthly Business Survey.  Business conditions slipped just below average with trading conditions and profitability easing – though the employment sub-component improved somewhat to be back above average.

Research recommends ceasing super tax concessions

New research has recommended that superannuation tax concessions should be ended or at least limited. The Australia Institute said superannuation tax concessions benefit only the top 10 per cent of earners and those whose super balances do not meet the asset criteria for the part pension.

‘Unaffordable’: State of Australia’s housing market laid bare

Australia is facing some of the most unaffordable housing in living memory, with the extent of the crisis exposing a stark reality for the country.

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