With the end of financial year (EOFY) 2022 just around the corner, it’s crucial for business owners to know about soon-to-be-implemented changes in Australian super funds.

Come 1 July, companies need to be prepared to address superannuation guarantee (SG) modifications to ensure they remain compliant.

Global economic growth is slowing as fiscal policy is becoming less accommodative (after two years of massive stimulus), high inflation in developed countries is crimping consumer spending and monetary policy is tightening to combat the breakout in inflation.

Usually share markets are relatively calm and so don’t generate a lot of attention. But periodically they tumble and generate headlines like “billions wiped off share market” & “biggest share plunge since…” Sometimes it ends quickly and the market heads back up again and is forgotten about. But once every so often share markets keep falling for a while.

Lower tax on your investments can help you reach your financial goals sooner. But don’t choose an investment based on tax benefits alone.

The RBA has increased its official cash rate by another 0.5% taking it to 0.85% for the second rate hike in this cycle. This was above market expectations. Our expectation was for a 0.4% hike with the risk that it would be 0.5%.

Australians who received government support during the COVID-19 pandemic have been warned to include it as income in their tax returns.

The personal super contributions that you claim as a deduction will count towards your concessional contributions cap.

After a massive 28.6% gain from their pandemic low – which was the biggest gain over 21 months since 2003 – national average home prices fell for the first time in May since September 2020 based on CoreLogic data.

Australia is in for a period of banking sector turbulence as households deal with rising inflation and mortgage payments, the industry regulator says.

A number of changes were proposed by the Government during the election campaign, and support was also announced for a number of proposals made by the previous Government.

The ALP won the election and is set to Govern most likely in its in own right or as a minority government.

It was another volatile weak in share markets with worries that rate hikes, cost pressures and Chinese supply disruptions would hit profits after downgrades from some US retailers and tech stocks.

Government grants or payments you receive if you or your business have been impacted by COVID-19 may have tax implications.

Share markets had another rough week with ongoing worries about monetary tightening to combat high inflation driving a possible recession, before a bounce from oversold levels at the end of the week.

The recent surge in inflation both domestically and globally is well known, with Australian annual headline inflation increasing to 5.1% over the year to March (the highest in 22 years) and the trimmed mean (the Reserve Bank’s preferred underlying inflation measure) at 3.7% per annum, well above the 2-3% inflation target and the highest rate since 2009.