Weekly Digest – 26 May 2022



Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

GST fraud attempts circulating on social media lead to extra security measures

Due to a significant number of GST refund fraud attempts, legitimate businesses may face extra steps to receive their refunds as extra security measures are put in place. Tighter controls around ABN and GST registration have been established.

Australian markets tumble

Of the 200 companies on the ASX index, only six came out ahead by market close on Friday, after a staggering Wall Street plunge bled into other markets. Tech firms took the biggest hit.

Real wages projected to fall by 3% in 2022

Australia’s jobless rate is the lowest it’s been in 48 years at 4%, and wages are tipped to grow over the next 2 years. Despite this, real wages are projected to shrink by 3% due to runaway inflation.

Interest rates rise for the first time since 2010

The Reserve Bank of Australia has lifted cash interest rates by 0.25 percentage points, to 0.35%. The rise is expected to stoke the cost-of-living debate in the federal election.

ATO cracking down on GST scheme

The Australian Tax Office has launched an investigation into a widespread fraudulent GST scheme, which has cost the office $850 million. A suspected 40,000 people have listed fake businesses in order to claim GST refunds.

Real estate analysts worry about interest rate hike

With the rise in interest rates last week, real estate analysts warn that a drop of 15 percent could be on the horizon for home prices.

Changes to company tax rates are in effect

Companies, corporate earning trusts, and public trading trusts may be eligible for a reduced tax rate this season. Learn more about the changes and find out who qualifies here.

STP Phase 2 requires more information when submitting payroll

Single Touch Payroll (STP) reporting is now in Phase 2. Extra information is now required of employers every time they submit payroll.

Confirmation of income required by CCS recipients

Those who received Child Care Subsidy (CCS) in 2019-20 or 2020-21 must confirm their income to continue receiving payments by 30 June 2022. Future subsidies will not be received without income confirmation.

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