The ATO Paid $5.3 Billion In Tax Returns During July 2021
Recently published figures from the ATO (Australian Tax Office) has shown that 2.1 million taxpayers across the country have so far received an average tax refund of $2,490 this contributing to a total of $5.3 billion, in the first four weeks into 2021 tax time. Assistant Treasurer Michael Sukkar tried putting a positive spin on […]
Millions of Australian Workers Set To Benefit From Increased Superannuation Payments
Millions of Australians are set to benefit from an increase to superannuation payments which came into effect on Thursday 1st July. The superannuation guarantee (SG) has been bumped up from 9.5 percent to 10 percent. This means workers set to receive more pay towards their retirement nest eggs. Industry Super Australia (ISA) says 6.7 million […]
Important Information About Tax Cuts And Super Changes Introduced on 1st July 2021
Tax relief for workers and businesses, higher superannuation payments and housing assistance for first home buyers are just some of the changes set to occur at the start of the new financial year on Thursday 1st July, as a number of measures from the 2021 federal budget come into effect. Arguably the most significant change […]
Reasons Why 1st July Is Too Early to File Your Tax Return
Millions of Australians are feeling enthusiastic about receiving their annual tax refund, but filling your tax return on 1st July has the potential to land you in some serious trouble with the tax office. The lure of a $1080 tax cut, available to millions of Aussies this financial year, might entice you to do your […]
The Average Australian Workers Earns Just Over $60,000
Recently published data from the Australian Tax Office (ATO) has revealed that the average salary in Australia is just over $60,000. Figures from the 2018-19 financial year showed that the average salary for Australians who submitted tax returns was $63,085. This is an increase up from $1634 recorded in the previous year. The median reported […]
Small Businesses Encouraged to Pay Attention to Key Areas and Act Now in EOFY Tax Planning
Many Australians are guilty of leaving their tax planning until the last minute. Tax advisors are getting in early this year, with a particular warning to small businesses to act as soon as possible. The economic uncertainty of the 2020–21 financial year should motivate SMEs to review tax planning strategies immediately and not at the […]
Last Minute End Of Year Financial Year Tax Planning Tactics
The financial year has almost drawn to a close, however there are still many effective strategies you might be able to put in place. These strategies will ensure that you pay no more tax than you have to for the 2020-21 year and maximise any refunds you might be entitled to. Although the best tactics […]
Observations on Food Retail in Australia 2018/19
Our year in food retail has seen the widespread closure of outlets, rather than regeneration. It has been a tough year, with the dual influence of rising costs and external pressures. There has been an escalation in shutdowns as marginal operators have started closing the doors earlier and walking away from unrealistic leases.
Press in this area has been increasing and there has been a slew of prominent restaurants closing their doors.