Tag: Economy

Business Insolvency Predicted To Rise

Blog
Insolvency Australia is reporting that an increasing number of SME businesses are entering unchartered waters that could lead to more corporate and personal insolvencies. IA Director, Gareth Gammon, said that whether or not the country goes into a recession, the economic outlook and a resumption of debt collection efforts by…

Do More Australians Prefer to Work from Home?

Blog
The pandemic pushed many businesses to adopt work-from-home formulas that would enable them to keep operations running while employees got to reduce their risk of exposure to the virus. As the pandemic winds down, businesses are seeking to have their employees return to full-time office attendance, though enthusiasm for this…

Payment Delays Costing Small Businesses $1.1bn A Year

Blog
According to a recent report prepared by Accenture and Xero, Australian small businesses are faced with cash flow problems due to three key reasons of delayed payments, seasonal slowdowns, and rising expenses. Following a review of data from more than 200,000 businesses in Australia, New Zealand and the UK, these…

Accounting Sector Amongst Top Wage Growth Earners

Blog
Data from the Australian Bureau of Statistics (ABS) confirms the seasonally-adjusted wage price index, or WPI, rose by 0.7% as of the June quarter, for the third consecutive quarter. The professional services segment, which includes accounting professionals, saw wages rise by 2.9%. This is one of the highest increases in…

RBA Hikes Interest Rates To 1.85 percent

Blog
Governor of the Reserve Bank of Australia (RBA), Philip Lowe, has announced that the cash rate target has been increased by 50 basis points to 1.85%. This is the fourth consecutive month in which the cash rate has been increased. In June and July, the rate was similarly increased by…

ATO Warns That Filing Early Increases Risk of Mistakes

Blog
The Australian Tax Office (ATO) wants taxpayers to be aware that filing their tax returns early may not be the best option. While you can begin filing returns as early as 1 July, you run the risk of making mistakes as not all required information will have been pre-filled at…

ATO Advice for Lodging Cryptocurrency Losses

Blog
With the recent downturn in the cryptocurrency market, there is likely to be a good number of investors that will be reporting losses. The Australian Tax Office (ATO) is however flagging this as an issue of concern that investors need to be more careful about at tax time. According to…

Accounting Professionals to Temper Salary Increment Expectations

Blog
The 2022-2023 Hays Salary Guide has shown that the accounting and finance sector is facing increased competition for skilled professionals. This is a problem many other industries are facing and has led to unemployment dropping to just 3.9% this year. It is expected to drop further to 3.5% in 2023,…

ATO Warns Taxpayers Against Double Dipping

Blog
The Australian Tax Office (ATO) has confirmed that in 2021, about 8.4 million Australian taxpayers filed claims on almost $19.8 billion in work-related expenses. Assistant Commissioner, Tim Loh, noted that these were a lot of deductions and that the tax body wanted to ensure taxpayers got their claims right the…

Wage Increases and Worker Shortages Affects SMEs

Blog
According to a new Xero survey, the small business sector is burdened by record wage increases that are occurring at the same time the industry is also contending with reduced sales growth driven by inflation. Following huge increases in sales figures, sales growth has slowed down to 5.8%, with the…