Sarah White

Unemployment Rate Rises to 4.1% 📈 The Australian Bureau of Statistics (ABS) reported a slight increase in the seasonally adjusted unemployment rate, now at 4.1% for June. The data, covering the period from 2 June to 15 June 2024, revealed an uptick of less than 0.1 percentage point. This change accompanies a rise in the participation rate to 66.9%, nearing the historical high of 67.0% set in November 2023. 🗣️ ABS head of labour statistics Bjorn Jarvis highlighted the dynamics behind these numbers, noting, "With employment rising by around 50,000 people and the number of unemployed growing by 10,000, the unemployment rate saw a slight increase." Despite this rise, the employment-to-population ratio also edged up to 64.2%, close to its historical peak of 64.4% in November 2023, indicating a relatively tight labour market. 📊 Additionally, the ABS observed that while unemployment figures grew by 10,000 in June, the overall employment increased by 42,000 people, surpassing the pre-pandemic average growth rate. Hours worked also saw a notable increase, with seasonally adjusted hours up by 0.8%. Interestingly, fewer people took annual leave in June, contributing to the rise in hours worked. The underemployment rate remained steady at 6.5%, and the underutilisation rate slightly decreased to 10.5%. #AustralianBureauOfStatistics #Unemployment #LabourMarket #EmploymentStatistics #AustralianEconomy #EconomicUpdate

Superannuation Contributions: Timing is Crucial! Planning to maximize your superannuation contributions this financial year? Ensure your contributions are received by your super fund before June 30 to avoid timing issues. Here’s why timing matters: 🔹 Court Case Insight: A recent court case confirmed that contributions count when received by the fund, not when made. A delay can push your contributions into the next financial year, potentially causing you to exceed caps. 🔹 ATO's Stance: Contributions are made when the fund's capital increases—when the funds are credited to the account, not when the transaction is initiated. 🔹 Methods and Timing: Electronic Transfer: When credited to the fund’s account. Personal Cheque: When received by the fund, provided it’s promptly presented and not dishonored. In Specie Transfers: When the fund obtains the asset’s beneficial ownership. 🔹 Key Consideration: This year, June 30 is a Sunday. Contributions over the weekend may not process in time. Large APRA-regulated funds have specific cut-off dates, and transfers between different banks or via clearing houses may face delays. 🔹 Action Plan: Make your contributions well before June 30 to ensure they’re received in the current financial year. Don't let timing issues impact your super contributions—plan ahead and consult with professionals if needed! #Superannuation #FinancialPlanning #TaxStrategy #RetirementPlanning #APFamilyOffice #APAccountancy https://lnkd.in/gHZ3YfkZ

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🚀 Thrive Advice: Your Essential Guide to the 2024-25 Budget & EOFY Payroll Tips! 🚀 As we head into the new financial year, we wanted to share some crucial updates that can help your business thrive: The 2024-25 NSW Budget The NSW budget has been released, forecasting significant challenges ahead. With a $3.6 billion deficit, rising unemployment, and a subdued economic outlook, it outlines measures to address these issues while highlighting the fiscal shock of an unfair GST carve-up, where $11.9 billion in GST grant revenue was reallocated away from NSW. Key NSW Budget Highlights Include: - Support for SMEs: Including energy rebates and training for apprentices. - Significant Investments: In housing and infrastructure. - Tax Measures: Impacting businesses and landlords. - Regional Support: And disaster recovery initiatives. EOFY Payroll Checklist It’s that time of year again – let’s make sure your payroll year-end in Xero is smooth and hassle-free! Follow our easy checklist: - Check Your Settings - Reconcile Payroll Transactions - Finalise Single Touch Payroll Data - Process Adjustments - Superannuation Payments 👉 Download the Checklist https://lnkd.in/gu63SVWn New Xero Plans Starting 1 July 2024, Xero is launching three new business plans—Xero Ignite, Xero Grow, and Xero Comprehensive—and enhancing the Ultimate plan in Australia. These plans offer easier access to essential tools with more features and no add-ons. For more details about the new plans, visit www.xero.com/newplans. We're Here to Help Need assistance with your payroll or have questions about the new Xero plans? Contact us today at 02 6362 8255 or email us at hello@thriveadvice.com.au. Our team at Thrive Advice is here to support you. Stay informed and prepared as we navigate the economic landscape together. #ThriveAdvice #Budget2024 #EOFY #Xero #BusinessSupport #PayrollTips

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Managing finances as an NDIS provider comes with its own set of challenges and opportunities. Effective accounting practices are crucial to ensure compliance, maintain financial health, and deliver quality services to your clients. Here are some key accounting tips to help you navigate the complexities of NDIS funding and operations: 1️⃣ Understand NDIS Guidelines: Familiarize yourself with the NDIS Price Guide and Support Catalogue. Ensure that your accounting practices comply with NDIS rules and regulations to avoid discrepancies and potential penalties. 2️⃣ Separate NDIS Funds: Keep NDIS funds separate from other business funds. This helps in maintaining clear financial records and simplifies the process of tracking NDIS-specific expenses and revenues. 3️⃣ Accurate Record-Keeping: Maintain detailed and accurate records of all financial transactions. This includes invoices, receipts, and support documentation for all NDIS-related expenses and income. 4️⃣ Automate Where Possible: Utilize accounting software that is tailored to the needs of NDIS providers. Automation can help reduce errors, save time, and ensure that you stay compliant with NDIS reporting requirements. 5️⃣ Regular Reconciliation: Conduct regular reconciliation of your accounts to ensure that all transactions are accurately recorded and that there are no discrepancies between your financial records and bank statements. 6️⃣ Monitor Cash Flow: Keep a close eye on your cash flow to ensure you have sufficient funds to cover operational costs and support services. 7️⃣ Claim Management: Ensure that your claims to the NDIS are accurate and timely. Keep track of all submitted claims and follow up on any delayed payments to maintain a healthy cash flow. 8️⃣ Budgeting and Forecasting: Develop and maintain a detailed budget that reflects your anticipated income and expenses. Regularly update your forecasts based on actual performance to stay on track and make informed financial decisions. 9️⃣ Compliance and Audit Preparation: Stay prepared for audits by keeping your financial records organized and up-to-date. Regularly review your compliance with NDIS requirements and address any issues promptly. 🔟 Seek Professional Advice: Consider engaging with a certified public accountant (CPA) who specializes in NDIS accounting. Their expertise can help you navigate complex financial regulations and optimize your accounting practices. By implementing these accounting tips, NDIS providers can ensure financial stability, compliance, and efficient management of their funds. #NDISAccounting #FinancialManagement #Compliance #NDISProviders #BusinessSuccess #LinkedInTips

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Welcome to The Evening Wrap-Up — a summary of the day's top news and views. Today, we're discussing Australia’s rising Consumer Price Index (CPI) — do today’s figures prove inflation is sticky? And what do they tell us about how Australians are responding to the cost-of-living crisis? Business correspondent Peter Ryan OAM GAICD, Senior Financial Planner Chris Carlin and Westpac Group Chief Economist Besa Deda break down what the latest CPI data tells us about Australia’s fight with inflation and how long it could last, and the impact it is having on our spending habits. How is inflation impacting you? Comment below. Also in this edition, why Aussie students are struggling with science, where most of our net worth lies, and we explore why airlines are making leisure travel even more luxurious. ✏️ Marty McCarthy #TheWrapUp #Australia #News 💡Expert posts: Peter Ryan OAM GAICD: https://lnkd.in/gg9YyWzv Chris Carlin: https://lnkd.in/gvivrAqv] Besa Deda: https://lnkd.in/gzzJ3aQW 📰 Sources:  Inflation inches higher (The Australian Financial Review) https://lnkd.in/gwmmuY4n  Science students struggling (The Age) https://lnkd.in/gkXEDX_j Net worth links to family home (The Age) https://lnkd.in/gnZyahgK Luxury travel rises (Financial Times) https://lnkd.in/gDW9bqKA

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This week sees around 600 economic data releases, ranging from April Australian Home Loans to Turkish Inflation Rate (forecast to be around 70%!). This is not all relevant to us and the decisions we make. So, what is important to us and what are we keeping our eyes on? Tuesday - The release of the Euro area inflation and GDP data; is an important factor in assessing the path of interest rates. Wednesday - The interest rate decision from the US Federal Reserve Bank; is expected to hold at 5.5%. Of more importance, will be the accompanying press conference. Friday - The release of the US Unemployment rate - another important bellwether for the strength of the US economy So there is plenty to keep us, the markets, and commentators busy! #investmentinsights #investmentmanagers #smithandpinching

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🌟 🚀 How to Promote your Business on Social Media 🚀🌟 Our easy to read slide show deck has practical tips proven successful by an NDIS ™️ entrepreneur today! How to promote your business on social media breaks it down step by step making it easy to follow. Looking to promote your NDIS business on social media but don't know where to start? Look no further! Developed by the founder of Whole Warrior Network @wholewarriornetwork, this 17 page slide show deck is packed with practical tips and tricks that have been proven successful by an NDIS ™️ entrepreneur today! With a total social media following and membership of five figures, the Whole Warrior Network knows a thing or two about effective digital marketing. And now, that knowledge can be in your hands! This slide show deck is perfect for busy startup NDIS providers who need to know how to start advertising their NDIS business today to get some cash flow coming in. You'll learn how to market your NDIS business towards attracting your first 10 customers, setting you on the path to becoming a successful NDIS provider with online lead generation and effective customer engagement tips. 🚀🌟 Download it now from only $50 for a limited time https://lnkd.in/ghNnAbZp #socialmedia #digitalmedia #howto #startup #marketing #wholewarriornetwork #ndisprovider #privatepractice

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