Business Update – 31 January 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Interest rates are expected to keep rising despite softening inflation
Economists generally believe that the worst of inflation is behind us, but they also say that the Reserve Bank will continue to raise interest rates until prices come down.
Changes to FBT and providing employees with electric cars
Employers are no longer required to pay Fringe Benefits Tax (FBT) on benefits for eligible electric cars provided to employees and associated car expenses. Find details here.
30,000 Australians unable to withdraw FTX funds
The American cryptocurrency company’s spectacular collapse has left thousands of people out of pocket who invested in FTX Australia. Some claims are worth as much as $1m, with nobody able to gain access to their money.
Pacific businesses struggle as staff leave for Australia and New Zealand
In some pacific countries, it’s not uncommon for businesspeople from Australia and New Zealand to recruit staff from resorts to come work here. Local businesses try to raise their wages but can’t compete. The result is a serious worker shortage.
Desperate Australians turn to HelpPay to pay the bills
With prices still running out of control, some people are turning to crowdsourcing to help make ends meet. Usage of the HelpPay app usage skyrocketed by 60 percent over Christmas.
Remember at tax time to report grants received
Many businesses recently received support grants from the government designed to help weather tough times. Most grants are assessed as taxable income and must be reported when you do your taxes.
Linktree loses nearly $50m in one year
The unicorn tech company, once hailed as the next big thing, allows people to link their social media handles and personal brand to one website. The mammoth loss is attributed to company spending.
Scammers are targeting people seeking help with their taxes
The ATO is working with major social media platforms to crack down on fraudulent accounts that reach out to taxpayers on public social media pages. They warn the public to be vigilant and to ensure they are contacting the ATO directly when seeking help.
Report business activity in your tax return to keep your ABN active
If no business activity is reported in your tax return or other lodgements, your ABN may be flagged for cancellation. Learn more about how to keep it active or how to reactivate it if it’s been cancelled here.
4 investment trends for 2023
SmartCompany has rounded up 4 trends to watch when it comes to your investments this year. Learn what they are here.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.