In this update you’ll find three interesting stories covering tax, business loans, electric vehicles and the economy:

- ATO issues CGT guidance
- EV sales rise 16.5%
- Inflation edges higher

The Australian Taxation Office (ATO) has reminded businesses they can claim a tax deduction on their 2023-24 lodgement if they recorded capital losses in previous financial years. But if you had a trust that recorded a capital loss in 2023-24, these losses cannot be distributed to the trust’s beneficiaries.

Demand for battery electric vehicles is growing so strongly that Australia might achieve a significant milestone by the end of the 2024 calendar year. A total of 632,412 new vehicles of all kinds were sold in the 2023-24 financial year, according to the Federal Chamber of Automotive Industries (FCAI). That included 50,219 electric vehicles (EV) – up 16.5% from the 43,092 sold the year before. “We hope to break the significant milestone of 100,000 EV sales in 2024,” FCAI Chief Executive Tony Weber said.

The minutes from the Reserve Bank's most recent monetary policy meeting, on June 18, reveal that board members felt inflation remained a little higher than previously expected. “Members judged that longer-term inflation expectations in Australia were still anchored but should continue to be monitored closely,” the minutes stated.