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There's little doubt that the start of 2022 has brought some challenges for Australia as we rode the Omicron wave into the new year. While there are certainly some challenges still ahead, the RBA Governor Phillip Lowe has flagged that there is also room for optimism.

This month's client update explores the RBA's perspective inflation, wages, supply, and Australian household savings. We also highlight the ATO focus on professional firms profits, the deductibility of COVID tests, cash injections for small business and changes to the Pandemic leave scheme.

We are here to help. Please contact us on 02 9957 4033 for assistance.

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This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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