In order for you to be able to make informed decisions and remain competitive in your business, you need to be accessing real time data and insights. Having a strong reporting framework is more important than ever. A reporting framework will enable you to capture all the data on a regular basis that is important to your business and keep you on track with your strategic goals. 

What’s the Deal with Working from Home?

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. Find out more about this and the latest update for Australian small business.

How good is ChatGPT at tax?

Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system.

Its all the rage!! Since OpenAI launched its AI tool ChatGPT in November last year and Microsoft recently announced its US$10bn investment. Reportedly, ChatGPT collected over 1m users within days of launching.

At its meeting today, the Reserve Bank delivered another 25 basis point rate hike, bringing the cash rate to a 10-year high of 3.10%. Inflation in Australia is too high, at 6.9% over the year to October. Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role. Returning inflation to target requires a more sustainable balance between demand and supply.

In the wake of the Optus data leak, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But there are no guarantees that even the strongest safety measures will prevent an attack. So, what does that mean for business and their customers?