Weekly Digest – 15 May 2024

Weekly Digest – 15 May 2024

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

ATO flags 3 key focus areas for this tax time

As ‘tax time’ approaches, the Australian Taxation Office (ATO) has announced it will be taking a close look at 3 common errors being made by taxpayers: Incorrectly claiming work-related expenses; inflating claims for rental properties; failing to include all income when lodging.

Australians prioritise savings over splurging with impending stage 3 tax cut

As Australia braces for an impending Stage 3 tax cut set to roll out on July 1, a significant portion of its citizens are opting for prudence over indulgence, according to a recent survey.

Addressing Australia’s skills gap a national priority

Addressing Australia’s growing skills gap must be a priority if the Federal Government is committed to boosting productivity, growing the economy and reclaiming our competitive edge, according to the Business Council.

Australia Economic Outlook

The global economy is recovering but inflation proves to be sticky. Domestically, the outlook remains positive but weaker growth is expected for 2024.

Roy Morgan business confidence improves marginally in April

There were mixed results in April with businesses growing more confident about the performance of the Australian economy over the next year, but less confident about the performance of the economy over the longer-term over the next five years.

ATO expands data-matching program for crypto assets

The ATO has advised in a recent notice that it will collect data from cryptocurrency designated service providers as part of a data-matching program to ensure taxpayers are meeting their tax and super obligations.

Landlords warned over ‘double dipping’ on deductibles and other tax errors that could cost government $1.2 billion

As Australia’s tax season rolls around again, the national tax office has a familiar group in its sights: landlords.  The Australian Tax Office (ATO) this week revealed Australians with rental properties were one of three groups under scrutiny, after findings that nine out of 10 landlords were making mistakes on their returns.

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