Inside this month, we explore the ATO's tax time targets and the common problem areas where perception does not match reality. Plus, what can we expect from the Albanese Government in a difficult environment?

As expected, the Reserve Bank of Australia (RBA) has lifted the official cash rate for the second straight month to address higher than expected inflation while consumer confidence fell amid cost-of-living concerns, although the size of the increase surprised most economists.

There is one risk that many business owners are taking right now that is not calculated and not going to pay off well in the end. That is the risk of not paying attention to the current economic storm that is brewing. ‘Sleep walking’ is how some leaders are describing it right now. Putting your head in the sand and hoping it will all work out in the end. However, margin compression, if unattended to, could silently kill your business.

With the recent rise in the official cash rate by the RBA, many people are now concerned about what they should be doing with their current mortgages. Everyone is asking us the question - ‘should I fix my interest rates?’

Inside this month, we clear the confusion (as much as possible) on the 120% deduction for skills training and technology announced in the federal Budget. We also look at the ample number of changes coming into force from 1 July 2022. Finally, can you claim a deduction for your gym membership (and what the AAT has to say about this).

The adage when it comes to building your business is to solve problems, not sell products. The greater the problem you solve, the higher the fee you can charge. So, what happens during times of inflation?