Business Update – 8 February 2023

Business Update – 8 February 2023 - houses on a Monopoly board
Photo By Jhertle

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Australian house prices poised for record surge in 2024, predicts Commonwealth Bank economist

Australian homeowners may be in for a windfall this year as the country’s largest bank, the Commonwealth Bank of Australia (CBA), anticipates a significant surge in house prices. Belinda Moore, a senior economist at CBA, made the bold prediction on Thursday, stating that the value of houses is poised to jump by an impressive five per cent over the next 12 months.

ATO launches free online learning support for small businesses

The ATO has launched a new online learning platform offering free courses to help small business owners master their tax and super obligations. The ‘Essentials to strengthen your small business’ website includes more than 20 short courses and a calendar of key lodgement due dates to support small businesses.

BCA calls for national discussion on tax reform

The Business Council of Australia is calling for a national discussion on tax reform to start a process which deals with the extraordinary economic cliff Australia will face in the future, including a declining participation rate and revenue shortfall of $140 billion.

Evidence backs case for critical merger law reform

Reform of laws governing mergers and acquisitions is urgently needed to bring Australia in line with other developed economies and ensure the merger laws are effective in preventing anti-competitive transactions, particularly during the current cost-of-living crisis, the ACCC has told the Treasury Competition Review.

Changes in reporting requirements for not-for-profits

From the 2023–24 income year onward, not-for-profits (NFPs) with an active Australian business number (ABN) will need to lodge an annual NFP self-review return to access income tax exemptions. Prepare early for the new annual reporting requirement.

Super’s proposed changes: what you need to know

Draft legislation has been proposed by Australian Treasurer Jim Chalmers aimed at reducing tax concessions for those with super savings exceeding A$3 million. CPA Australia’s superannuation expert analyses what this means.

I’ve spent most of my career studying superannuation. Here are five things I wish I knew earlier

Superannuation researcher, Professor Susan Thorp, shares five key insights from her lifetime of study. “As a person closing in on retirement, I admit I had no idea in my 20s how much my future, and the futures of those close to me, would depend on my superannuation savings”, writes Professor Susan Thorp.

A report into price gouging is expected to cause trouble for Australia’s most powerful companies

A report into soaring grocery prices, rising energy bills and steep airfares is to be released this week with expectations that its findings and recommendations will cause a headache for some of the country’s biggest and most powerful companies.

Inflation is declining. What does this mean for your wallet?

While inflation is decreasing, UNSW Business School experts say it remains high. What is causing the decline, and how does it affect Australians?

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