Treasurer Jim Chalmers wants to ensure Australia’s lowest paid workers don’t go backwards, but stresses a real wage rise must not harm the economy. In its formal submission to the Fair Work Commission’s annual review of minimum and award wages, the federal Labor government said those...
Instant tax deduction On 13 April, the government announced a $1,000 instant tax deduction, so that taxpayers won’t need receipts to claim a deduction of less than $1,000 for work-related expenses in their tax return. This change is subject to passage of legislation and does not apply...
Have you purchased or are you purchasing a business asset this financial year? The instant asset write-off limit is $20,000 for the 2024-25 income year. If your business has an aggregated annual turnover of less than $10 million and uses the simplified depreciation rules, you may be...
Australians are being assured the nation is well-placed to avoid a recession as the Reserve Bank expresses alarm over Donald Trump’s trade war “rollercoaster”. Forecasts released by the Reserve Bank of Australia have painted a bleak picture of the economic blowback from a scenario in which...
Young workers earn 70 per cent of an adult wage but a union is demanding the federal government change this given the cost of living pressures. Under the “adult age, adult wage” campaign, the Shop, Distributive and Allied Employees Association (SDA) is lobbying for workers aged...
Regulating the reckless use of artificial intelligence, speeding up approvals for renewable energy projects, and changing privacy and corporate tax laws will be targeted in a push to boost the Australian economy. The Productivity Commission named 15 areas for urgent reform on Monday as part of...