🗞️ Tax deductible chores

Good morning. If you have yet to do your tax return and are wondering what expenses to claim to 'bulk up' your return, don't follow the example of Alexander Shugai.

Mr Shugai, an IT professional, unsuccessfully claimed $30,000 in work-related expenses, including $11,240 paid to his wife for cleaning services at home.

He also claimed 50% of the council bin cost because his IT business created many 'scraps of paper', along with other household expenses such as band-aids, which he justified "because when he carried out his own computer repairs, he cut himself".

All the headlines and more below...

AUSTRALIAN NEWS

Australia a laggard in the global battle to beat inflation

• Australia is projected to have the second-highest inflation rate among 42 countries next year, contrasting sharply with the broader global trend of declining inflation rates as reported by the IMF. LINK

• An IT professional tried to claim $11,420 in tax deductions for chores performed by his wife. LINK

• Profit margins at Coles and Woolworths were in line with major overseas supermarkets in 2008, while they are now the highest in the world. LINK

• Australia's September jobs report revealed a record-high employment rate of 64.4% among the working-age population, with over 64,000 new jobs created, predominantly full-time, despite a weak economy and ongoing interest rate hikes. LINK

• The IMF has highlighted Australia's $3.9T superannuation sector as a significant risk to financial stability, citing concerns over the ease with which workers can shift funds into high-risk investments like private equity. LINK

GLOBAL NEWS

World Bank to loan Argentina over US$2 billion for social support

• The World Bank announced it will loan Argentina over US$2B to support social security, education, transport, energy and poverty alleviation amidst the country’s severe economic challenges and high inflation. LINK

• Bitcoin has surged to US$69,474, with traders betting that it could reach US$80,000 next month amid expectations of friendlier cryptocurrency regulation if Donald Trump returns to the White House. LINK

• The IMF cautions that Donald Trump's proposed trade tariffs could negatively impact global growth amid a surge in trade-distorting measures from 1,000 in 2019 to 3,000 today, despite upgrading its outlook for the UK economy. LINK

• Over 10,500 artists, including members of ABBA and Radiohead, have signed an open letter denouncing the unlicensed use of their works in AI development. LINK

COMPANY NEWS

‘Stop all time wasting’: Woolworths workers tracked and timed under new efficiency crackdown

• Woolworths workers, particularly in warehouses, are subjected to rigorous tracking and performance pressure through an algorithmic management system that monitors their productivity. LINK

• Woolworths and Coles have attributed their alleged manipulation of discounts to supplier-requested price increases and high inflation. LINK

• ASIC has sued QBE, accusing the insurance company of misleading over 500,000 customers regarding promised discounts on general insurance premiums from July 2017 to September 2022. LINK

• Hundreds of Qantas engineers began a 24-hour strike across Melbourne and Brisbane to demand better pay amid ongoing negotiations. LINK

• Passengers on Qantas flight QF1624 from Perth to Paraburdoo reported feeling "terrified" after experiencing mechanical issues that prompted preparations for an emergency landing. LINK

• ByteDance dismissed an employee in August due to maliciously interfering with training of AI models. LINK

• Tabcorp's CEO announced that the company will undergo further cost-cutting and staff reductions following a $1.36B loss, aiming to simplify operations and enhance efficiency in the organisation. LINK

• Meta and CEO Mark Zuckerberg successfully dismissed a shareholder lawsuit alleging misleading statements about child safety on Facebook and Instagram. LINK

• Heineken's Q3 organic net revenue rose driven by strong sales of its higher-priced brands and a 11% increase in non-alcoholic beer and cider. LINK

• Shein is launching its first branded credit card in partnership with Mexican fintech Stori to enhance access to credit in Mexico amidst its growing popularity in Latin America. LINK

• Shein's revenue growth slowed to 23% in H1 2024, down from 40% last year, while profits plummeted over 70% to just under $400M amid rising competition from Temu. LINK

• L'Oreal's saw a 3.4% growth in Q3 sales, but fell short of expectations due to decreased consumer spending in China, marking its weakest quarterly organic sales growth since Q3 2020. LINK

• MA Financial reported an 11% year-on-year increase in Q3 assets under management, driven by growth in its Finsure and MA Money segments. LINK

• Canva reported a 38% increase in paying subscribers, add another 1,000 employees this year and introduced the AI-powered Dream Lab during its 'Droptober' update whilst reporting over 200 million users. LINK

• The CEO of Domain, Nine Entertainment's digital real estate business, will step down after 6 years amid a turbulent year for Nine. LINK

• Volvo Cars downgraded its full-year sales growth forecast due to a market slowdown, weakened electric vehicle demand and increased competition. LINK

CHART OF THE DAY

New polling shows a deadlocked US presidential race across key swing states

ONE MORE SCROLL

Editor’s Pick: Meta fires staffers for using US$25 meal credits on household goods.

Draft Pick: The Diamonds lost to the New Zealand Silver Ferns leaving New Zealand 2.0 up with two games left to play in Australia.

Odd Pick: Alleged Bitcoin hacker searched 'signs the FBI is after you'.

TRIVIA

HSC Japanese Exam

We are deep into HSC week 2 and given one of the exams today will be Japanese, we have gone for 5 Japan based questions:

1. Which Japanese city was the first to experience an atomic bomb attack during World War II?

2. What is the English translation of the Japanese word "arigatou"?

3. Which Japanese city is known for its historic temples and geisha districts?

4. What is the English translation of "sakura"?

5. In which year did Japan host the Summer Olympics for the second time?

Answers below

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ANSWERS

1. Hiroshima
2. Thank you
3. Kyoto
4. Cherry blossom
5. 2021 (originally planned for 2020, postponed due to COVID-19)

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