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For small business owners and payroll managers, staying up-to-date on the latest superannuation changes is essential. And, with the Australian Superannuation Guarantee (SG) set to increase from 10.5% to 11% from 1st July 2023, it’s important to understand what this means and how it could affect your business. As an employer, this increase, and subsequent increases, will have an impact on your payroll management and accounting systems. Here’s what you…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Be ready – recession or not Businesses should be prepared for a recession, even if one is not imminent. Planning ahead and having a strategy in place can help businesses survive and even thrive during a recession. This includes having a cash reserve, reducing costs, and diversifying income streams.…  Read more

The Australian Government unveiled its annual budget this week, which aims to stimulate economic growth, address long-term challenges, and improve social services. The budget is focused on helping with the cost of living, with tax cuts for middle and low-income earners, while also allocating funding to health, education, and small businesses. If you have any questions about how this budget affects you, please get in touch. Tax Cuts One of…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia to deliver first budget surplus in 15 years Australia is set to deliver its first budget surplus in 15 years, with a small surplus of around A$4 billion for the fiscal year ending June and deficit estimates for subsequent years also decreased. Australia to ban public vaping in…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian markets take a hit after multiple US banks collapse Australian markets experienced a sharp decline on Tuesday after multiple banks collapsed in the United States. The ASX200 opened down 1.6% and fell a further 2%, wiping out all gains made this calendar year, with financials bearing the brunt.…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Inflation is still a concern as the economy slowly recovers Australia’s economy has recovered better than most from the COVID pandemic and is now 7% larger than before. But experts say that ongoing inflation is a continuing concern for everyday affordability. Mental health is a major concern as the…  Read more

Treasurer Josh Frydenberg has released the 2022 Federal Budget ahead of a Federal election in a few months. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview Due to soaring fuel prices, the fuel excise tax will be cut in half, saving motorists…  Read more