The Reserve Bank of Australia (RBA) has kept the official cash rate at the historically low level of 0.1 percent in their April meeting, despite rising concerns of soaring cost of living for ordinary Australians.

March 2022 Small Business Tax Update: This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.

It has been an interesting start to the year for business owners in Australia. If you are feeling some pressure, rightly so. It’s important to be cognisant of the storm brewing around you if you are going to take a proactive approach to growth and business management.

After months of saying that the cash rate would likely remain at its current record low throughout the year, RBA Governor Philip Lowe said that it was “plausible” the central bank could hike interest rates in 2022.

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

We’re already in February and in less than 2 months since the start of 2022, the big 4 banks have all hiked their fixed rates. In fact, Westpac has hiked twice this year!

The official cash rate has been kept at a record low 0.1 per cent – for now – while the Reserve Bank of Australia (RBA) has confirmed it will halt the bond buying program that helped to support the economy through the Covid-19 crisis.