Finance News

The AUKUS agreement offers Western Australian businesses a unique opportunity to expand beyond traditional sectors and access international markets with tariff-free trade privileges.   To help businesses seize these opportunities, the Australian government is rolling out several grants, funding and training programs, and equipment investment initiatives to upskill workforces and enhance operational capacity.  What is AUKUS? The AUKUS deal is a trilateral partnership involving Australia, the United Kingdom, and the United States primarily aimed at improving regional security and advancing military technology.  Beyond defence, AUKUS presents substantial opportunities for Australian businesses to integrate into the global supply chain, tapping into areas...

The AUKUS agreement represents a prime opportunity for Western Australian businesses, particularly those in the Rockingham/Kwinana area, to position themselves at the forefront of a transformative economic shift.   With billions of dollars in government investment on the horizon, local businesses stand to benefit significantly from integration into global supply chains.   This moment is critical for WA companies to diversify beyond traditional sectors and capitalise on access to overseas markets, all while enjoying tariff-free trade benefits.  About the AUKUS Deal The AUKUS deal is a trilateral security partnership between Australia, the United Kingdom, and the United States designed to enhance regional...

The instant asset write-off, which was due to expire on 30 June 2024, was recently extended by another 12 months, which means eligible businesses can continue taking advantage of this tax benefit in the 2024-25 financial year. Instant asset write-off extended until June 2025 Under the instant asset write-off, eligible businesses can immediately deduct the full cost of eligible assets under $20,000 if they are first used or installed by the end of June 2025. To qualify for the scheme, a business must have an annual turnover of less than $10 million. The instant asset write-off can be used for:...

The Australian government has recently announced that starting from July 1, 2025, the general interest charge (GIC) and shortfall interest charge (SIC) will no longer be deductible. The move to expedite tax debt recovery efforts has been undertaken due to the fact that there is currently over $50 billion in collectable tax debt outstanding. This debt is predominantly owed by small businesses. The aim of this move is to recover the outstanding tax debt at a faster pace, which will help to improve the overall financial health of the country and ensure that businesses are fulfilling their tax obligations. By...

Economic trends can have a significant influence on the success of a business. Whether you’re a startup, small enterprise, or large corporation, understanding the current economic trends is crucial in steering your ship in the right direction. Let’s delve deeper into the whirlwind of Australia’s economic landscape and decipher what it means for businesses like yours. Key Economic Trends Driving Change Resilient Recovery Australia’s economy has been on a recovery spree, bouncing back from the tumultuous times of the COVID-19 pandemic. With the easing of restrictions, many sectors saw a resurgence in activity which spelt good news for businesses across...

As the festive season approaches, the Australian Taxation Office (ATO) is raising the heat on small business debt. With the Christmas and New Year period notorious for cashflow strains across various industries, it’s crucial for businesses to ensure they’re not caught off guard. Why the ATO is Cracking Down? The ATO has set its sights on businesses that may be sidestepping their tax obligations, including unpaid taxes and super liabilities. A significant surge in unpaid GST debt and tax arrears has contributed to the doubling of collectable tax debt since 2017 to $50 billion, with over two-thirds of this debt...

The recent surge in bond yields has sent ripples through financial markets, signifying a pivotal shift after four decades of low-interest rates. This development has drawn attention to the implications it holds for businesses.  Let’s break down the basics of bond yields, why they matter, and how they can impact your business.   Understanding bond yields A bond yield is the return an investor can expect to earn from a bond, expressed as a percentage of the bond’s face value. It’s a key indicator of the profitability of bonds, and changes in yields can have significant implications for financial markets.  The...