🦘 Woolworths’ $5,000 Giveaway, Macquarie Bank Ditches Cash, Small Businesses Feeling The Heat From The ATO

G’day everyone!

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

• Macquarie Bank Ditches Cash

• Small Businesses Feeling The Heat From The ATO

• Woolworths’ $5,000 Giveaway

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

Macquarie Bank Moves to Digital: Cash and Cheques Out

Tick-tock! If you're banking with Macquarie, you've got fourdays before it all goes digital.

Macquarie Bank is on the fast track to becoming a digital-only zone, with a series of changes kicking off May 20.

This move will see the end of over-the-counter services, cheque handling, and cash deposits at Macquarie offices.

The big switch aims to mirror the evolving customer preferences which have seen a significant shift towards digital transactions.

The bank’s phase-out doesn’t stop there; by November 1, you won't be able to deal with any type of cheque or make super contributions via this traditional method either.

For those who like to keep it old-school with cash, ATM withdrawals remain an option.

Macquarie is pushing customers towards digital payment methods like BPAY, EFT, direct debit, and PayID, which are quicker and often easier. For businesses, the message is clear: get digital, or get left behind.

While the bank has already closed its automated telephone banking service, this transition aligns with broader banking trends, with ANZ, Commonwealth, and NAB also phasing out cheques.

Despite some backlash, digital banking appears to be the future, underscored by decreasing ATM use and increased digital transaction rates.

Tax Office Tightens the Noose: Businesses Brace for Impact

The tax man cometh, and he’s not messing around this year.

Australian businesses are feeling the heat with a record number of them, over 10,000 so far this year, hitting financial distress, surpassing the total of last year.

The grim reaper in this scenario? Overdue tax debts.

Insolvency experts from Jirsch Sutherland report a significant rise in restructuring efforts and voluntary administrations, particularly in small businesses that are buckling under the strain of tax debts and rising operational costs.

The Australian Taxation Office (ATO) has $50 billion hanging over its head in unpaid taxes, with small businesses accounting for about $33 billion.

Many of these debts include GST and PAYG withholdings that haven't been handed over to the taxman.

The ATO, pulling back from its lenient pandemic-era measures, is now taking a tougher stance on debt collection, signaling a challenging road ahead for businesses lagging behind on their tax obligations.

This shift is part of a broader change in creditor attitudes, where there’s less tolerance for mismanagement that contributes to financial distress.

Businesses are urged to get their act together, especially with compliance and reporting, as the ATO sharpens its focus on ensuring everyone pays what’s due.

Woolworths' Mega Giveaway: Win $5,000 to Spend on Groceries

Get ready to stock your pantry!

Woolworths is handing out a whopping one million Everyday Rewards points to a lucky shopper every day as part of their "Big Night In" promotion, running now through July 2.

That's not all - winners also score a $3,000 appliance package, including everything from air fryers to coffee machines.

If you're dreaming of shaving a cool $5,000 off your grocery bills or getting your hands on some shiny new kitchen gadgets, here's your chance.

To throw your hat in the ring, you'll need to purchase three participating products, like Arnott’s biscuits or Cadbury chocolates, and scan your Everyday Rewards card.

Love to play the odds? You can enter multiple times daily, and Everyday Rewards Extra members get a sweet deal with five times the entries.

But Woolworths isn't the only supermarket slashing prices.

Coles and IGA are also cutting costs on hundreds of items, making it a prime time for shoppers to save big across the board.

From juicy lamb shanks at Coles to winter staples at IGA, there are deals galore.

So, whether you're looking to fill your fridge or just save on snacks, keep those eyes peeled for savings at your local stores.

Australia Bolsters National AI Strategy with $39 Million Budget Boost

Australia is stepping up its AI game with a significant $39 million boost under the Future Made in Australia plan. 

This move is designed to secure the country’s spot in the rapidly evolving tech landscape, with funds earmarked for setting new standards and expanding the National AI Centre.

The focus? Safeguarding against the risks AI poses to national security and other sectors.

Over $21 million will go toward transforming the AI Centre, which is shifting to the Department of Industry, Science, and Resources (DISR).

The Centre's work includes developing watermarking standards to ensure AI-generated content is easily identifiable, enhancing transparency across digital media.

The budget also unlocks $15 million for easing AI restrictions in healthcare and other critical areas, aiming to foster innovation while maintaining robust security measures.

With AI's potential to revolutionize industries from healthcare to agriculture, ensuring it's used safely and responsibly is more crucial than ever.

This funding is part of Australia’s broader strategy to not only harness but also regulate AI, ensuring it benefits society without compromising safety or ethics.

As AI continues to integrate into every aspect of Australian life, from farming to finance, the government's proactive measures are setting the stage for a secure, AI-driven future.

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 💪

Keep an eye out for tomorrow's newsletter. Until then, we’d love to get your feedback below!