Weekly Digest – 17 May 2023

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

The good, bad and indifferent of the Federal Budget: a small-business owner’s view

The Federal Budget has both positives and negatives for small business owners, such as tax cuts and increased access to capital, but also increased compliance costs and a lack of support for the retail sector.

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ASX set to inch higher as Wall Street edges up ahead of key report

The Australian stock market is expected to open higher, following a positive lead from Wall Street ahead of a key economic report.

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Massive impact on jobs’ by raising interest rates more aggressively

The Reserve Bank of Australia has warned that aggressive interest rate hikes could put 200,000 jobs at risk. They have instead suggested a more gradual approach.

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Fake schools, fake students: Criminals make mockery of education visas

Criminals are exploiting Australia’s education visa system by creating fake schools and enrolling fake students, making a mockery of the system.

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Personal transfer balance caps displayed from 11 July 2023

From 11 July 2023, personal transfer balance caps will be displayed on the ATO website, limiting the amount of superannuation an individual can transfer into retirement phase.

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Top investor slams ‘entitled’ Australians

An investor has criticised young Australians for seeking work-life balance, claiming they are “soft” and lack ambition. He believes they should be working harder to achieve success.

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Why the teachings of Yoda should be applied to stage three tax cuts

This article argues that the teachings of Yoda from Star Wars can be applied to the Stage Three tax cuts, such as being mindful of the future and not being driven by short-term gains.

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Do you know your fringe benefits?

Employers should be aware of the different types of fringe benefits they can offer their employees, such as salary packaging, novated leasing and entertainment benefits. These benefits are subject to taxation and must be reported to the ATO.

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Are bigger super funds better?

No, actually — despite what the industry is doing Australian superannuation funds have grown significantly in size and complexity, with many now investing in a range of asset classes and strategies to maximise returns.

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Aristocrat to buy NeoGames for 1.8 billion

Aristocrat Leisure has announced the acquisition of NeoGames for $1.8 billion, creating a global leader in digital gaming and lottery solutions.

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