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2023-24 Federal Budget Summary
The Federal Treasurer Jim Chalmers handed down the 2023-24 Federal Budget on 9 May 2023. The following is a list of highlights from a business, tax, and superannuation perspective. Please read our full summary of the 2023-24 Federal Budget here.…
RBA increases cash rate by 25 basis points to 3.35 per cent
The Reserve Bank has raised interest rates for the ninth meeting in a row, taking the cash rate target to its highest level since September 2012. The 0.25 of a percentage point increase at today's RBA board meeting leaves the…
New Accountability Measures Proposed for ABN Holders
Originally announced in the 2018–19 Federal Budget, and now set out in draft legislation, are newly introduced accountability measures for ABN holders. Once in effect, this will mean you will have to: lodge outstanding income tax returns, and confirm the…
8 in a row
Today the Reserve Bank of Australia (RBA) increased official interest rate by 0.25% to 3.1%. This is the eighth increase in a row. The last time Australia had an interest rate above 3% was back in October 2012. The RBA…
Director ID Not Required for Former Company Directors
Former company directors, including those of corporate SMSF trustees, will not be required to obtain a director identification number (director ID) by 30 November if they have ceased all directorships before 1 December under a new draft legislative instrument released…
Paid Family and Domestic Violence Leave
From next year, employees will be able to access 10 days of paid family and domestic violence leave in a 12-month period. This includes casual and part-time employees. This new entitlement will replace the existing entitlement to 5 days of…
New income limits for the Commonwealth Seniors Health Card
Legislation to increase the income thresholds for the Commonwealth Seniors Health Card (CSHC) has received Royal Assent. The new thresholds will be effective from 4 November 2022. To meet the income test from 4 November 2022, you must earn no…
2022/23 October Federal Budget
On Tuesday, 25 October 2022, Treasurer Jim Chalmers handed down the 2022-23 October Federal Budget, his 1st Budget. While a Budget was handed down on 29 March 2022, this second Budget for 2022-23 updates economic forecasts and outlines the new…
Quotes to brighten up your day
We live in an unpredictable world where people fail, get judged, and are scared to get out of their comfort zones. Sometimes, all you need are a few words of wisdom that’ll uplift your spirits. Words, after all, have the…
Trivia
At avance, one of our core values is fun. We recently had an in-house trivia night. Here are some of the questions – do you know the answers? 1. Bubblegum was invented by an accountant – true or false? 2.…
