Business Update – 10 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.

Cash rate expected to rise this week

The official rate is expected to reach 0.6% or 0.75% – another rise in variable interest rates for homeowners and businesses

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.”

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.

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.

Get in touch

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