Business Newsletter Oct 2024
Here’s what’s making news this month:
- Business turnover rises 4.6%
- ATO open to tax law tweaks
- Inflation trending down
- Invoice payment times revealed
All but one of the 13 industry groups monitored by the Australian Bureau of Statistics experienced a year-on-year rise in business turnover in July. Collectively, the 13 groups collected 4.6% more revenue in July than the year before. This was higher than the 3.5% inflation recorded in the same month (see story later in the newsletter), which means businesses experienced a ‘real’ increase in turnover.
The ATO recognises that tax laws sometimes produce unintended outcomes for taxpayers. As a result, the Commissioner has a discretionary power, known as the Commissioner's remedial power (CRP), which can be used to change how a tax law operates.
It can only be used where a law change would otherwise be required to remedy an issue with the law that was not intended by parliament. As a result, it can't be used to:
- Resolve specific issues affecting one business or individual.
- Object to a decision made by the Commissioner.
Inflation is moving in the right direction, having fallen from 4.0% in May to 3.8% in June and now 3.5% in July, according to the latest data from the Australian Bureau of Statistics.
How long does the average small business wait to receive payment for their invoices? Between July 2023 and May 2024, average payment times ranged between 22.2 and 22.8 days.