spacer spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
    Latest Accounting News

Telephone: 03 9727 1244
Facsimile: 03 9727 0244
Email: Email Us

Address: Suite 2, 96 Manchester Rd, Mooroolbark VIC 3138
spacer
Hot Issues
Businesses ghosting the ATO targeted in debt collection blitz
Claiming the tax-free threshold: getting it right
Aussies tired of ‘dodgy tax criminals’, warns ATO
Protect your small business by following these essential steps.
Super guarantee a focus area for ATO business debt collection
Controversial ‘Airbnb tax’ set to become law
Withholding for foreign residents: an ATO focus area
1 in 3 crypto owners confused about tax, study reveals
20 Years of Silicon Valley Trends: 2004 - 2024 Insights
ATO reveals common rental property errors from data-matching program
New SMSF expense rules: what you need to know
Government releases details on luxury car tax changes
Treasurer unveils design details for payday super
6 steps to create a mentally healthy and vibrant workplace
What are the government’s intentions with negative gearing?
Small business decries ‘unfair’ payday super changes
The Leaders Who Refused to Step Down 1939 - 2024
Time for a superannuation check-up?
Scam alert: fake ASIC branding on social media
Millions of landlords the target of expanded ATO crackdown
Government urged to exempt small firms from TPB reforms
ATO warns businesses on looming TPAR deadline
How to read a Balance Sheet
Unregistered or Registered Trade Marks?
Most Popular Operating Systems 1999 - 2022
7 Steps to Dealing With a Legal Issue or Dispute
How Do I Resolve a Dispute With My Supplier?
Changes to Casual Employment in August 2024
Temporary FBT break lifts plug-in hybrid sales 130%
The five reasons why the $A is likely to rise further - if recession is avoided
June quarter inflation data reduces risk of rate risk
‘Bleisure’ travel claims in ATO sights, experts warn
Articles archive
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 4 of 2022
Articles
A 2022 Advent Calendar for our clients
Difference Between Leasing vs Hire Purchase
How Have Australians Reacted to Interest Rate Hikes?
FBT – Christmas Parties and Taxi Fare/Rideshare
Employee Christmas Parties and Gifts – Any FBT?
Big-end-of-town tax: miners, banks pay up, but for one-third it’s zip
Cash flow forecasting template
Buyback law closes loophole ‘but franking credits here to stay’
Budget October 2022-23-Comprehensive summary
Federal budget 2022 -- Winners and Loser
Federal Budget 2022/23 - Documents and Facts Sheets
Budget: all the key points you need to know
Sole traders cut back super, work longer hours
Small business debt and tax gap at top of ATO hit list
Christmas ‘crunch time for economy, inflation outlook’
What business needs to know about the skills and technology boosts
SMSF scam investigation sees call centre raided
How to avoid personal liability when dealing with DPNs
The Countries that Consume the Most Beer in the World
ATO’s interest charges hit highest level in seven years
Australian Taxation Office warns against asset wash sales
Take action on valuations now to avoid delays, says ATO
Australian Taxation Office-(ATO) reminder to small businesses this tax time
Christmas ‘crunch time for economy, inflation outlook’

Christmas will be crunch time for the economy because an end-of-year bonanza would add fuel to the inflation fire, says HLB Mann Judd.



 


And despite two rate rises still on the cards this year, the RBA would need to hit 4 per cent before it reined in prices, said restructuring and risk advisory partner Todd Gammel.


So inflation was unlikely to flatten out until some time next year “Because I don't think we're going to do enough this year”.


“[The RBA] went 25 basis points this month. If they go another 75 over the next two months, that still only gets us to 3.35 [per cent] by the end of the year.


“Is that going to be enough? Maybe not. I suspect that we'll be probably getting closer to 4 per cent before anything really happens on inflation.”


He said Australia woulld also know by Christmas if it was possible to avoid a recession.


“I think we could avoid a recession but what we should be aiming for is trying to get a soft landing … and that’s almost impossible in economics these days.”


“It will depend on what happens at Christmas and whether everybody goes crazy. If there's still enough latent demand built up and everybody decides I'm going to have two hams this year because it's Christmas and I don't care — and I'm alive.”


He said a squeeze on working capital — exacerbated by the ATO’s resumption of debt collection — would also become critical around December, when businesses had to pay these extra wages and holiday entitlements.


If January was slow, turnover would drop and by February there would be downward pressure on inflation.


However, “We just need to wait till demand comes down and I don't think demand is coming down quickly”.


“Our economy doesn't react as quickly as the US and that's part of the problem. And the RBA haven't done this for a while. So when is their trigger point going to be? Because they're not going to want to push it too far, too quickly.”


The global picture was much worse especially in the UK, and it was touch and go whether Australia would win or lose from the economic fortunes of the US and China.


Mr Gammel said if China bounced back, Australia’s inflation would be pulled higher but if US went into recession — and the UK and Europe — that would pull us the other way.


Australia’s economy was structurally different to Europe’s though, and even with double-digit inflation there in Australia it was unlikely to reach 10 per cent.


 


 


 


Philip King


24 October 2022


accountantsdaily.com.au




5th-November-2022
 
sitemap | site by AcctWeb