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.
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.
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.
5 New Years tax resolutions from the ATO
The ATO has some tips to help you get ahead and sort out your finances ahead of this tax season. Find them here.
A very tight labour market expected to continue
New figures from the ABS show that the unemployment rate remained steady at 3.5 percent in December despite nearly 15,000 jobs disappearing from the economy.
New ATO digital system met with skepticism from tax agents and clients
The ATO is discussing the digital client-to-agent linking process with several professional association members later this week. The aim is to make it harder for fraudsters to impersonate business leaders and submit fake tax refund claims through their tax agents.
Australians are ready to build, but there’s nobody to do the work
Building challenges are starting to ease, but finding a tradie is tough. The loss of international workers during the pandemic exacerbated Australia’s pre-existing skills shortage, and demand remains high across all trades.
Labor’s industrial relations reforms are now active
As of January 7, employers are prohibited from listing pay rates below minimum wage, which would breach the Fair Work Act. They face fines of up to $16,500 for breaking the new rules.
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