Hornsby Based Accountants, Business Tax Agents and Consultants
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The latest Household, Incomes and Labour Dynamics in Australia (HILDA) Survey reveals that over the past two decades, the country’s highest earners have received significantly more tax relief than the average worker due to the phenomenon of ‘bracket creep’. The HILDA survey, conducted by the University of Melbourne, tracks economic well-being and other aspects of life in Australia. |
New research from the Productivity Commission has found there is still plenty of untapped potential in artificial intelligence (AI) for Australian businesses.
In the report, the Commission details several ways in which AI can address productivity in business, including:
* Skill and labour gaps: AI has the ability to add skills through potentially automating some tasks, leading to a smarter use of the limited workforce.
Around half of Australia’s small and medium enterprises (SMEs) struggle to secure finance from traditional lenders with terms that suit their needs. According to the Reserve Bank of Australia (RBA) a recent survey of SMEs revealed that respondents believe banks have tightened lending standards, making it harder to get loans.
Banks themselves have reported being more cautious lending to sectors that are more exposed to a slowing economy.
The requirement to use residential property as collateral for loans has been a problem for SMEs for a while.
The Australian Tax Office (ATO) is intensifying its efforts to address business tax debt as a result of what it calls concerning trends, particularly made worse by the Covid-19 pandemic.
Small businesses have come under fire for late and non-tax payments by the Australian Tax Office (ATO). During an address by the ATO deputy commissioner Vivek Chaudhary, he noted that payment culture, once prompt and successful, has swayed since the pandemic with many small businesses accumulating tax debts.
The ATO will return to business-as-usual when collecting overdue debt to reset expectations of cancelling or lowering penalties.
The ATO will focus on five areas:
* Unpaid superannuation payments