Stay up to date with what's happened in Australian markets over the past month.

Cost of living pressures, inflation and interest rates were major concerns in the lead-up to the May federal election.

Stay up to date with what's happened in Australian markets over the past month.

The economic event that overshadowed all others in April was the increase in inflation.

The release of the March quarter Consumer Price Index (CPI) showed inflation up 2.1% in the quarter and 5.1% on an annual basis. This was the biggest increase since 2001 and well above the Reserve Bank’s target of 2-3%.

Stay up to date with what's happened in Australian markets over the past month.

The war in Ukraine added a major new source of uncertainty to the local and global economic outlook in March.

Inflationary pressure continued as global economies recover from the pandemic and as crude oil prices surged due to economic sanctions against Russia.

If you’re a small business owner and the pandemic has made you reassess your future, whether it be retirement or selling your business and starting afresh somewhere else, just remember that there may be capital gains tax (CGT) consequences to such a move. However, the tax law does provide four concessions to enable eligible individuals to eliminate or at least reduce the capital gain on a CGT asset provided certain conditions are met.

Stay up to date with what's happened in Australian markets over the past month.

Russia’s invasion of Ukraine in late February increased volatility on global financial markets and fuelled uncertainty about the pace of global economic recovery.

If your business has had issues paying your tax debt due to the ongoing effects and uncertainty surrounding the COVID-19 pandemic, remember that the best option is to engage with the ATO to manage those debts. Failure to get in touch with the ATO to come to an arrangement will not only affect the potential penalties imposed, but may also your business’ credit score.

As a part of an economic package to help businesses recover from the impacts of the COVID-19 pandemic, the government provided cheap credit to qualifying small and medium enterprises in the form of the SME Recovery Loan Scheme. When it was first introduced, and until 31 December 2021, the government essentially guaranteed 80% of the loan amount.

Stay up to date with what's happened in Australian markets over the past month.

January is normally a quiet month on the economic scene, but not this year. Inflation and speculation about rising interest rates dominated the month, sending global shares tumbling.

Stay up to date with what's happened in Australian markets over the past month.

The global economy and financial markets ended the year as they began, dominated by the pandemic, as the world grappled with a new wave of COVID-19.

With tax time 2021 nearly over, many businesses will now finalising their tax returns. For many of these businesses, the 2020-21 income year may not have been a good year due to various lockdowns and COVID-19 restrictions. Businesses whose total deductions exceed their assessable income for the year will generally make a tax loss which can then be carried forward, back, or be utilised in future years, depending on your preference and eligibility criteria.