🦘 Common Tax Return Mistakes, Consumer Confidence Takes A Hit, Highest Paid CEOs in 2023

G’day everyone!

Here’s what we’ve got in store for you today:

• Common Tax Return Mistakes

• Consumer Confidence Takes A Hit

• Highest Paid CEOs in 2023

Let’s have a look at the market snapshot before jumping into the news:

Watch Out, Aussie Taxpayers! EOFY Tax Return Mistakes Could Cost You Big

As the end of the financial year rolls around, tax experts are waving red flags about common mistakes that could hit your wallet hard.

The ATO is cracking down on errors in tax returns, especially dodgy deductions.

To avoid a pricey slip-up, steer clear of these pitfalls:

1. Incorrect Deductions: Don’t claim stuff you’re not eligible for. Keep those receipts ready!

2. Inflated Claims: Stretching the truth on work expenses, rental properties, or other deductions is a no-go.

3. Overlooked Income: Make sure to include every last cent, from bank interest to dividends and government payments.

Folks working from home, beware!

The ATO’s tightening the screws on what you can claim, so keep detailed records of everything.

Use spreadsheets, calendars, and bills to back up your claims, and avoid the lazy trap of copying last year’s numbers.

ATO Assistant Commissioner Rob Thomson has laid down the “golden rules”: Spend your own cash, make sure it's work-related, and keep solid proof.

Got rental properties? Be double sure about what counts as repairs and what doesn’t.

Wait for your income to be pre-filled before you lodge your return to catch all your earnings.

When in doubt, hit up a registered tax agent for help.

Stay sharp and keep that hard-earned money where it belongs!

Aussie Consumer Confidence Takes a Tumble in July

Hold onto your wallets, Australia!

Consumer sentiment took a nosedive this July, with the Westpac Consumer Sentiment Index dipping by 1.1%, landing at a concerning 82.7.

This is quite the drop from last month's reading.

Why the slump? Blame it on those pesky rising housing costs, inflation woes, and jittery feelings about future economic conditions.

It's got Aussies feeling a bit hesitant about opening their wallets and splurging, which could put a damper on overall economic activity.

The Westpac Consumer Sentiment Index is like the mood ring for Aussie economics, and right now, it’s showing a pretty cautious blue.

As consumers tighten their purse strings and shy away from big spending, the ripple effects could nudge the broader economy in a less rosy direction.

So, as we keep an eye on these financial vibes, it's clear that Aussies are proceeding with caution - putting the brakes on spending as they navigate these uncertain times.

Fasten your economic seatbelts, it might be a bumpy ride ahead.

Mega Paychecks: ResMed and News Corp Bosses Top CEO Earnings List for 2023

Looking to move into C-suite? Here’s the dream payday you could be looking at!

According to a new report by the Australian Council of Superannuation Investors (ACSI), ResMed’s Mick Farrell and News Corp’s Robert Thomson have snagged the top two spots as Australia’s highest-paid CEOs for 2023.

Both of these execs rake in some eye-watering sums, with Farrell pocketing $47.6 million and Thomson banking $41.5 million.

These sky-high salaries outshine even top Australian-domiciled earners: Greg Goodman from Goodman Group and Shemara Wikramanayake from Macquarie Group, who earned $27.3 million and $25.3 million respectively.

Even BHP's Mike Henry and Commonwealth Bank’s Matt Comyn, with their substantial $19.7 million and $10.5 million paydays, land further down the list.

The average pay packet for ASX 100 CEOs hovered around $3.87 million, a tad smaller than previous years, thanks to growing investor pressure.

However, despite the glitz and glamour, bonuses continue to be a hot debate topic.

At a median of 66.3% of their potential, it’s clear that performance bonuses add significantly to these mega salaries.

ACSI’s report also throws a cautionary note into the mix, suggesting Australian CEO pay could break out further, possibly mimicking the US’s even steeper pay culture, where S&P 500 bosses average $16.3 million.

So, while those CEO paychecks are glitzy, the debate over fair compensation is far from over.

Crisis in Australia's Trucking Industry: Brace for Higher Prices and Empty Shelves!

Australia's trucking industry is currently facing a major crisis that's expected to hit shoppers hard.

With higher prices and empty shelves likely, it’s time to stock up on essentials and prepare for a bumpy ride.

The trucking sector is grappling with a cocktail of issues, including rising fuel costs, driver shortages, and tough regulatory requirements.

These challenges have created a perfect storm, putting enormous pressure on the supply chain and disrupting deliveries across the nation.

Gone are the days when truckers were simply the backbone of the economy, as they now find themselves in the spotlight, dealing with hurdles that affect both businesses and consumers alike.

With fewer drivers behind the wheel, many retailers are struggling to restock their shelves, leading to higher prices for everyday items.

The impact doesn’t stop at the checkout counter.

Small businesses are feeling the squeeze too, as the cost of transporting goods eats into already thin profit margins.

Shoppers can expect to see inflation rear its ugly head, with the prices of food, household items, and other essentials creeping upwards.

Industry experts are calling for swift action to address these issues, emphasizing the need for better incentives to attract new drivers and more streamlined regulations to keep trucks on the road.

So, next time you’re out shopping, brace yourself - higher prices and sparse shelves might just become the new normal if this trucking turmoil continues.

You Made It!

If you’ve read all the way up to here, we just wanted to let you know that you’re an absolute legend!

Time to go to work and show off how clued up you are about what’s going on in the business world 💪

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