Check out our article in the April/May 2023 issue of The Tradie magazine. Brett Edmonds and the team here at Oracle Accounting & Wealth are ready to supply all bookkeeping, taxation and business-logistics needs to the ever growing building & construction industry. “Tradies are good at bringing the business in, and this is where their time should be spent, rather than worrying about the books and all the other things… Read more
Welcome back to our OAW Weekly Business Update. Read on for the latest news from the week. Why the RBA should not use interest rates to target the housing market or debt A panel reviewing the Reserve Bank of Australia RBA has recommended against using interest rates to target the housing market or address concerns about high levels of debt held by Australians. Collaboration to bring more EV charging stations… Read more
The huge tax blow that’s going to see tradies and small businesses across Australia pay more…and why it’s going to spark a rush on Utes: ‘Paying a lot more’ Tradies have until June 30 to buy a Ute They can claim it in one year on their tax That’s under instant asset write off scheme Jim Chalmers’ budget blow to hit small businesses Tradies will soon lose the right to… Read more
The Australian Tax Office (ATO) has released the country’s 100 largest HELP/HECS debts through a Freedom of Information request – and the highest debt is a whopping $737,000. The second-biggest has ballooned to nearly half a million dollars, with the third coming in at $387,000. The lowest in the top 100 was more than $219,000. These 100 graduates have the dubious honour of owing a total of around $25 million… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Reserve Bank of Australia considers a rate hike The Reserve Bank revealed that it was a “close call” not to raise interest rates at its last meeting due to concerns over inflation and the housing market, but ultimately decided to maintain the current rate of 0.25%. ATO using data-matching… Read more
Tax time is approaching again at an alarming speed and we’re here to remind you that a focus of the Australian Tax Office (ATO) this year is undeclared luxury gifts #gifted to influencers. Earlier this year the ATO issued a warning to influencers regarding financial penalties for failure to declare gifts received as income or incentives. These are considered non-cash benefits and can include jewellery, designer clothing, cars, holidays, appliance and… Read more
Middle-income Australians will cop one of the largest tax increases in Australian history after the May federal budget. More than 10 million Australians will be left feeling the pinch of a looming decision to scrap tax cuts, with many expected to lose up to $600 in refunds. The record breaking tax hike comes as households are grappling with high interest rates and skyrocketing costs of living. Treasurer Jim Chalmers is… Read more
Increasing cashflow is the dream of many tradies. But like a complete bathroom reno, rarely is it a straightforward task. Actioning your trading and payment terms can be a solid way of ensuring savings are coming in on a scheduled basis. Not all business changes can be implemented by the average tradie, which is why the team at Oracle Accounting & Wealth is on your side. They have a team… Read more
Welcome back to our Weekly Newsletter. Read on for the latest updates from the week. Federal Court decision shakes up public holiday rostering rules for employers A recent ruling by the Federal Court requires employers to request their employees’ availability to work on public holidays in advance instead of just rostering them to work. Employers must introduce a mechanism for making such requests before issuing any direction to work on… Read more
A recent decision from the Federal Court will change the way you roster employees to work public holidays, including the upcoming Easter public holidays. If you weren’t already aware of this ruling, it’s important you get across this quickly, as employers now need to make sure, in advance of any public holiday, that they have a mechanism in place to confirm their employees’ ability to work the day. This ruling… Read more
Thomas Neumeier and Madison Liston are living at his parent’s home as they plan their dream wedding. They have an interesting strategy for how to pay for their special day. “What we’re planning to do is just by refinancing our six properties at twice each, we should be able to pay for the wedding with that,” said Mr Neumeier, who works for a bank but has his loans with other institutions.… Read more
Welcome back to our Weekly Business Update. Read on for the latest news and updates from the week. Australian house prices surge, but experts are divided over whether this is a real recovery The Australian housing market has surged in recent months, but experts are divided on whether it’s a “dead cat bounce” or the start of a real recovery. Lenders offer incentives to attract home loan customers amid surging… Read more
If you operate some or all of your business from home, you may be able to claim the business-use portion of expenses you incur. For example: occupancy expenses (such as mortgage interest or rent, council rates, land taxes and home insurance premiums) running expenses (such as electricity, gas, phone, internet, stationery, cleaning and the decline in value of assets). The temporary shortcut method ended on 30 June 2022, and the fixed-rate… Read more
Welcome back to our Weekly Business Update. Read on for the latest updates and news from the week. Changes to home-based business expenses Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here. Get ready for STP Phase 2 Single Touch Payroll has… Read more
Single Touch Payroll (STP) has been expanded, and the ATO have now introduced STP Phase 2. As an employer, you’ll need to report more information about your employees each pay day. You can do this through your payroll software. The ATO have worked closely with Digital Service Providers (DSPs) and most payroll software is now ready for STP Phase 2 reporting. Contact your DSP to check that your payroll software… Read more
The Albanese government supports another wage rise for low-income Australians – but is reluctant to put a figure as to how much extra they should be paid. In stark contrast to last year when Prime Minister Anthony Albanese regularly held up a one dollar coin to represent the “modest” hourly wage rise he said workers needed to keep up with inflation, the government is hesitant to repeat the stunt. The government is… Read more
Welcome back to our Weekly Business Update. Read on for the latest updates from the week. Why Australian banks will come out the other side of the global crisis According to Reserve Bank of Australia assistant governor Chris Kent, Australia’s banks are “unquestionably strong” and are equipped to handle a prolonged period of market strain. The banks are already well advanced on their bond issuance plans for the year and… Read more
The current housing crisis has renewed debates about how to regulate short-term rental platforms such as Airbnb. The international research on the impact of these rentals is clear: when landlords “host” tourists rather than residents, housing supply is depleted, rents rise and neighbourhoods change. Given Australia’s dire shortage of rental housing, restricting short-term rentals seems like a no-brainer. New research published this week showed the share of rental properties under… Read more
Jim Chalmers has defended Australia’s nuclear submarine plans in the face of questions about how taxpayers are going to foot the massive bill and whether other programs such as the National Disability Insurance Scheme could be cut to pay for it. The Treasurer said Australia “can’t afford not to” undertake the next stage in the AUKUS endeavour confirmed by Anthony Albanese alongside UK Prime Minister Rishi Sunak and US President… Read more
Welcome back to our Weekly Business Update. Read on for the latest updates and news from the week. 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. Bank collapses lead… Read more