What’s New? – 17 May 2023

Weekly Digest: Updates on Business and Economy

Stay informed with the latest news updates on business and the economy through our Weekly Digest.

A Small-Business Owner’s Perspective on the Federal Budget: The Good, the Bad, and the Indifferent

The Federal Budget presents a mixed bag for small business owners, featuring tax cuts and improved access to capital. However, it also brings increased compliance costs and a lack of support for the retail sector.

ASX Expected to Rise as Wall Street Gains Ahead of Key Report

Anticipating a positive economic report, the Australian stock market is set to open higher following Wall Street’s encouraging performance.

Aggressive Interest Rate Hikes Could Have a Massive Impact on Jobs

The Reserve Bank of Australia has expressed concern that aggressively raising interest rates could jeopardize 200,000 jobs. Instead, they recommend a more gradual approach.

Criminals Exploit Education Visa System with Fake Schools and Students

Australia’s education visa system is being exploited by criminals who establish bogus schools and enroll fictitious students, undermining the integrity of the system.

Personal Transfer Balance Caps to be Published from July 11, 2023

Beginning July 11, 2023, the ATO website will display personal transfer balance caps, limiting the amount of superannuation individuals can transfer into retirement funds.

Top Investor Criticizes “Entitled” Australians

A prominent investor has reproached young Australians for prioritizing work-life balance and deems them “soft” and lacking ambition. He argues that they should exert more effort to achieve success.

Applying Yoda’s Teachings to Stage Three Tax Cuts

This article suggests that the principles espoused by Yoda in Star Wars can be applied to Stage Three tax cuts, emphasizing long-term vision and avoiding being driven solely by short-term gains.

Understanding Fringe Benefits for Employers

Employers should various types of fringe benefits they can offer employees, including salary packaging, novated leasing, and entertainment benefits. These benefits are subject to taxation and must be reported to the ATO.

Are Larger Super Funds Always Better?

Contrary to popular belief, the size and complexity of Australian superannuation funds have increased significantly. Many funds now employ diverse asset classes and strategies to maximize returns.

Aristocrat Acquires NeoGames for $1.8 Billion

Aristocrat Leisure has announced its acquisition of NeoGames for $1.8 billion, establishing a global leader in digital gaming and lottery solutions.

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