{"id":10235,"date":"2024-02-06T12:07:18","date_gmt":"2024-02-06T01:07:18","guid":{"rendered":"https:\/\/elementaa.com.au\/?post_type=weekly-digest&#038;p=10235"},"modified":"2024-02-06T13:12:45","modified_gmt":"2024-02-06T02:12:45","slug":"weekly-digest-7-february-2024","status":"publish","type":"weekly-digest","link":"https:\/\/elementaa.com.au\/weekly-digest\/weekly-digest-7-february-2024\/","title":{"rendered":"Weekly Digest \u2013 7 February 2024"},"content":{"rendered":"<p>Welcome to our Weekly Digest &#8211; stay in the know with some recent news updates relevant to business and the economy.<\/p>\n<h2>Australian house prices poised for record surge in 2024, predicts Commonwealth Bank economist<\/h2>\n<p>Australian homeowners may be in for a windfall this year as the country\u2019s largest bank, the\u00a0<a href=\"https:\/\/theabj.com.au\/2024\/02\/02\/australian-house-prices-poised-for-record-surge-in-2024-predicts-commonwealth-bank-economist\/\" target=\"_blank\" rel=\"noopener\">Commonwealth Bank of Australia (CBA), anticipates a significant surge in house prices.<\/a> Belinda Moore, a senior economist at CBA, made the bold prediction on Thursday, stating that the value of houses is poised to jump by an impressive five per cent over the next 12 months.<\/p>\n<h2>ATO launches free online learning support for small businesses<\/h2>\n<p>The ATO has launched a <a href=\"https:\/\/www.ato.gov.au\/media-centre\/ato-launches-free-online-learning-support-for-small-businesses\" target=\"_blank\" rel=\"noopener\">new online learning platform<\/a> offering free courses to help small business owners master their tax and super obligations. The \u2018<a class=\"external\" href=\"https:\/\/smallbusiness.taxsuperandyou.gov.au\/\" target=\"_blank\" rel=\"noopener\">Essentials to strengthen your small business<\/a>\u2019 website includes more than 20 short courses and a calendar of key lodgment due dates to support small businesses.<\/p>\n<h2>BCA calls for national discussion on tax reform<\/h2>\n<p>The Business Council of Australia is <a href=\"https:\/\/www.bca.com.au\/bca_calls_for_national_discussion_on_tax_reform\" target=\"_blank\" rel=\"noopener\">calling for a national discussion on tax reform<\/a> to start a process which deals with the extraordinary economic cliff Australia will face in the future, including a declining participation rate and revenue shortfall of $140 billion.<\/p>\n<h2>Evidence backs case for critical merger law reform<\/h2>\n<p>Reform of laws governing mergers and acquisitions is urgently needed to bring Australia in line with other developed economies and ensure the merger laws are effective in preventing anti-competitive transactions, particularly during the current cost-of-living crisis, the <a href=\"https:\/\/www.accc.gov.au\/media-release\/evidence-backs-case-for-critical-merger-law-reform\" target=\"_blank\" rel=\"noopener\">ACCC has told the Treasury Competition Review.<\/a><\/p>\n<h2>Changes in reporting requirements for not-for-profits<\/h2>\n<p>From the 2023\u201324 income year onward, not-for-profits (NFPs) with an active Australian business number (ABN) will need to lodge an annual\u00a0<em>NFP self-review return<\/em> to access income tax exemptions. <a href=\"https:\/\/www.ato.gov.au\/newsrooms\/business-bulletins-newsroom\/changes-in-reporting-requirements-for-not-for-profits\" target=\"_blank\" rel=\"noopener\">Prepare early for the new annual reporting requirement<\/a>.<\/p>\n<h2>Super&#8217;s proposed changes: what you need to know<\/h2>\n<p>Draft legislation has been proposed by Australian Treasurer Jim Chalmers aimed at reducing tax concessions for those with super savings exceeding A$3 million. CPA Australia&#8217;s superannuation expert analyses <a href=\"https:\/\/intheblack.cpaaustralia.com.au\/accounting\/supers-proposed-changes-what-you-need-to-know\" target=\"_blank\" rel=\"noopener\">what this means<\/a>.<\/p>\n<h2>I&#8217;ve spent most of my career studying superannuation. Here are five things I wish I knew earlier<\/h2>\n<p>Superannuation researcher, Professor Susan Thorp, shares <a href=\"https:\/\/www.abc.net.au\/news\/2024-01-29\/lifetime-studying-superannuation-5-things-knew-earlier\/103393946\" target=\"_blank\" rel=\"noopener\">five key insights from her lifetime of study<\/a>. &#8220;As a person closing in on retirement, I admit I had no idea in my 20s how much my future, and the futures of those close to me, would depend on my superannuation savings&#8221;, writes Professor Susan Thorp.<\/p>\n<h2>A report into price gouging is expected to cause trouble for Australia&#8217;s most powerful companies<\/h2>\n<p>A <a href=\"https:\/\/www.abc.net.au\/news\/2024-02-05\/price-gouging-grocery-prices-energy-bills-airfares-inquiry-actu\/103420574\" target=\"_blank\" rel=\"noopener\">report into soaring grocery prices, rising energy bills and steep airfares<\/a> is to be released this week with expectations that its findings and recommendations will cause a headache for some of the country&#8217;s biggest and most powerful companies.<\/p>\n<h2>Inflation is declining. What does this mean for your wallet?<\/h2>\n<p>While inflation is decreasing, UNSW Business School experts say it\u00a0remains high. <a href=\"https:\/\/newsroom.unsw.edu.au\/news\/business-law\/inflation-declining-what-does-mean-your-wallet\" target=\"_blank\" rel=\"noopener\">What is causing the decline, and how does it affect Australians?<\/a><\/p>\n<h2>Get in touch<\/h2>\n<p>Contact us if you have any questions or want to discuss the next steps for your business.<\/p>\n","protected":false},"featured_media":0,"comment_status":"close","ping_status":"closed","template":"","format":"standard","weekly-digest-topic":[],"weekly-digest-type":[],"weekly-digest-region":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Weekly Digest \u2013 7 February 2024 - Element Accountants &amp; Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/elementaa.com.au\/weekly-digest\/weekly-digest-7-february-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weekly Digest \u2013 7 February 2024 - Element Accountants &amp; Advisors\" \/>\n<meta property=\"og:description\" content=\"Welcome to our Weekly Digest &#8211; stay in the know with some recent news updates relevant to business and the economy. 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Australian house prices poised for record surge in 2024, predicts Commonwealth Bank economist Australian homeowners may be in for a windfall this year as the country\u2019s largest bank, the\u00a0Commonwealth Bank of Australia (CBA), anticipates [...]Read More... from Weekly Digest \u2013 7 February 2024","og_url":"https:\/\/elementaa.com.au\/weekly-digest\/weekly-digest-7-february-2024\/","og_site_name":"Element Accountants &amp; Advisors","article_modified_time":"2024-02-06T02:12:45+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/elementaa.com.au\/weekly-digest\/weekly-digest-7-february-2024\/","url":"https:\/\/elementaa.com.au\/weekly-digest\/weekly-digest-7-february-2024\/","name":"Weekly Digest \u2013 7 February 2024 - Element Accountants &amp; Advisors","isPartOf":{"@id":"https:\/\/elementaa.com.au\/#website"},"datePublished":"2024-02-06T01:07:18+00:00","dateModified":"2024-02-06T02:12:45+00:00","breadcrumb":{"@id":"https:\/\/elementaa.com.au\/weekly-digest\/weekly-digest-7-february-2024\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/elementaa.com.au\/weekly-digest\/weekly-digest-7-february-2024\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/elementaa.com.au\/weekly-digest\/weekly-digest-7-february-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Weekly Digests","item":"https:\/\/elementaa.com.au\/weekly-digest\/"},{"@type":"ListItem","position":2,"name":"Weekly Digest \u2013 7 February 2024"}]},{"@type":"WebSite","@id":"https:\/\/elementaa.com.au\/#website","url":"https:\/\/elementaa.com.au\/","name":"Element Accountants &amp; Advisors","description":"A boutique accounting, taxation and advisory firm located in Lambton","publisher":{"@id":"https:\/\/elementaa.com.au\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/elementaa.com.au\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/elementaa.com.au\/#organization","name":"Element Accountants &amp; Advisors","url":"https:\/\/elementaa.com.au\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/elementaa.com.au\/#\/schema\/logo\/image\/","url":"https:\/\/elementaa.com.au\/app\/uploads\/EAA-logo.png","contentUrl":"https:\/\/elementaa.com.au\/app\/uploads\/EAA-logo.png","width":500,"height":220,"caption":"Element Accountants &amp; Advisors"},"image":{"@id":"https:\/\/elementaa.com.au\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/weekly_digests\/10235"}],"collection":[{"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/weekly_digests"}],"about":[{"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/types\/weekly-digest"}],"replies":[{"embeddable":true,"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/comments?post=10235"}],"version-history":[{"count":1,"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/weekly_digests\/10235\/revisions"}],"predecessor-version":[{"id":10236,"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/weekly_digests\/10235\/revisions\/10236"}],"wp:attachment":[{"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/media?parent=10235"}],"wp:term":[{"taxonomy":"weekly-digest-topic","embeddable":true,"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/weekly-digest-topic?post=10235"},{"taxonomy":"weekly-digest-type","embeddable":true,"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/weekly-digest-type?post=10235"},{"taxonomy":"weekly-digest-region","embeddable":true,"href":"https:\/\/elementaa.com.au\/wp-json\/wp\/v2\/weekly-digest-region?post=10235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}