Business Update – 1 July 2022

Business

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.

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.

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. Ask us if 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.

We’ve all lost $3500 on average

As interest rates rise, Australians have lost a significant amount of money in reduced super and property values and, to a lesser extent, crypto.

July 1 legal changes for businesses you need to know

A roundup of the changes coming for the new financial year can be found here.

Government promises more help coming after minimum wage increase

Prime Minister Anthony Albanese is promising the 5.2 per cent minimum wage increase is “just the beginning.” The Fair Work Commission handed down the inflation-beating increase earlier this week.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.