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What is the state of our economy?
Ask the question, and the response usually depends on the audience’s position. Their personal or political views, interests and agenda!
And just when you thought it couldn’t get any worse, it’s reported that the International Monetary Fund (IMF) has warned Australia will have some of the rich world’s highest inflation this year - hours after the Reserve Bank of Australia warned it could raise interest rates to an 18-year high at its next meeting in three weeks.
Join the conversation!
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The Federal Treasurer acknowledges times are challenging. He has downplayed the nation's economic growth slump amid what has been dubbed a productivity crisis. It was reported that ‘he insists the Australian economy will improve next year despite warnings from global economic experts’.
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The Prime Minister says he understands. He has assured his ministers as the Government battles a deteriorating economic outlook and voters react to worsening cost of living pressures. He again predicted that political momentum would swing Labors way when it counted.
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The Reserve Bank of Australia (RBA) is fighting inflation within policy parameters. The RBA September meeting minutes blamed domestic factors for keeping underlying inflation elevated.
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The Shadow Treasurer is reported to have said, ‘The Albanese government keeps pouring debt petrol on the inflation fire and families and small businesses are paying the price through rising interest rates and higher prices at the supermarket.’
From 1 October, 2026, Businesses can no longer add a surcharge for payment using Visa cards, Mastercard, American Express and EFTPOS cards.
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The new rules only apply to card payment surcharges. They do not apply to other fees or surcharges, such as weekend and public holiday surcharges.
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Businesses can adjust prices to recover the cost of accepting card payments but must not give false or misleading information about prices or the reasons for any price increases. (Source: ACCC).
ATO - Implications for some small Businesses:
In response to pressure from Business groups and the Opposition, Federal Treasurer Jim Chalmers announced that the ATO has delayed the tax office credit card payment ban until the end of June next year.
It was reported that the tax office is now extending its consultation after employer groups argued that a credit card payment ban would create cashflow problems for small Businesses that had to pay off a tax liability, which could potentially see customers hit with higher prices.
If you have questions or concerns with any taxation matters, your obligations, responsibilities, or reporting, contact us at Blackburn Accounting. Our team is here to help guide you and provide answers and solutions.
If you have been following this series, we have come full circle! But it is never too early or too late to revisit Cashflow Management tips.
A topical subject, as small Businesses come to terms with the implications of the government’s new credit card surcharge ban. You may be one of the gyms, bars, cafes, salons, or other small businesses grappling with the changes and effects.
Strategy 1:
Adopt these 'healthy' practices to get your cash flowing:
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Profit margins: with the current ever-increasing costs of doing business, it’s critical to have true-cost pricing. Don’t let your profit margins be eaten away.
Whether it’s the price of eggs, credit, utilities or wages, you need to consider how to manage the increased cost of doing Business.
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Firstly, do you know what your profit margin is for your business?
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Secondly, do you know your profit margins for the goods and services that you offer?
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Thirdly, which product lines are not profitable and are affecting your business?
Tips:
Estate Planning for blended and joined families needs more than a standard Will to deal with the complexities. It’s crucial to address both members’ expectations, entitlements, and legal requirements. One size doesn’t fit all in these situations.
Considerations include;
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To provide for a current spouse
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Protect children from a previous relationship
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Preserve assets brought into the relationship for their children
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Treat everyone fairly
Research indicates that blended families are particularly vulnerable to estate disputes because of competing factions. Relationships can be complicated, not just in family composition but in the joining and creation of wealth when parents re-couple. Often, there are multiple eligible members, such as a surviving spouse and children from a previous relationship, all with expectations.
Disputes and challenges often arise when spouses are not adequately provided for; one group is left with little or no provision, and assets from part of the estate are subject to challenge.
Good, effective, and great! Words to describe Leaders doing the job well!
Good leadership meets the required standards, gets the job done, and is effective. Great takes it to the next level by surpassing expectations, adds value effort and leaves a positive, lasting impact.
But, importantly, not to mince words, the key is to focus on the essential qualities of Leadership.
In a time of unprecedented change in both society and the Business world, driven by demographics and technology, the need for good and great leaders has grown. As the workplace and workforce have adjusted to modern habits and values, so too must leaders adjust to ensure their style remains relevant.
Let's look at some core leadership traits;
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Leads by Example. In words, actions and behaviours. Respect is earned; stands by values and integrity to foster trust and build loyalty.
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Has a shared purpose and vision; inspires, motivates, and positively influences. Has the power to bring others along willingly.
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Demonstrates high emotional intelligence, recognising one size doesn't fit all in ways of working.
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