25/08/2022
Welcome back to our Weekly Digest. Read on for the latest updates in tax, accounting and the economy.
25/08/2022
Sellers still making massive profits despite interest rate rises
New data from PropTrack has revealed the suburbs where sellers are still making a lot of money off of selling their homes. As interest rates started to climb in May, property values have decreased, but some areas are holding steady.
New average full-time wage revealed
The latest earnings report from the Australian Bureau of Statistics has revealed that $92,000 per year is the new average wage. While full-time earners got a 2.9% raise on average last year, it’s only about one third the rate of inflation, which means real wages are sliding backwards.
Ways for women to top up their super
On average, there is a $51,000 difference between men and women when it comes to how much is in their super for those ages 55 to 59. Several factors contribute to the difference, including time away from the workforce to raise children and lower comparative wages.
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Star Reminders
Businesses who make payments to contractors may need to report these payments and lodge a Taxable payments annual report (TPAR).
It is due for lodgement by 28 August 2022 each year.