Small businesses hoping for spending boost at tax time

"As a small business owner, you're definitely feeling the pinch, both personally and in business," Kuoch told 9News Melbourne.Founder and owner of Goldelucks Bakery in Melbourne's east Phillip Kuoch said this financial year has been a challenge. New MYOB data shows almost half of those who receive a tax return will save it.

It is estimated 35 per cent of people will use it to pay down debt and just 10 per cent will spend it on something non-essential."We would normally see a much higher percentage of people likely to spend that end of year tax return and I think for our small business community that implies some pretty tough times ahead," Emma Fawcett from MYOB said.

In the current cost of living crisis, businesses need a spending boost and households need a savings boost.Super funds are urging Australians to put their tax return towards retirement so it grows. "It's going to mean $50,000, $60,000, $70,000 extra in your super," Australian Super education manager Peter Treseder said.FOLLOW US ON WHATSAPP HERE

: Stay across all the latest in breaking news, celebrity and sport via our WhatsApp channel. No comments, no algorithm and nobody can see your private details.

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bionic eye trial restoring 'sense of light' to small group of AustraliansThe bionic eye allows blind patients to locate doorways, avoid obstacles and find items on table-tops.
Source: 9NewsAUS - 🏆 10. / 72 Read more »

These Fijian PALM workers spend weekends feeding Australians struggling with cost of livingThey've travelled far from home to help their families in Fiji, but this group of PALM workers spends their Saturdays off cooking in Brisbane for Australians struggling with the cost of living.
Source: abcnews - 🏆 5. / 83 Read more »

Bigger cars, worse drivers: Why more and more Australians are getting killed on the roadRoads are improving and safety technology is getting better. So why are more and more Australians dying on the road each year?
Source: 9NewsAUS - 🏆 10. / 72 Read more »

‘Breaking the blockade’: the Australians risking arrest – and their livesSurya McEwen, who hopes to set sail on the ‘freedom flotilla’ to deliver aid to Palestinians under bombardment, says ‘I could not not go’
Source: GuardianAus - 🏆 1. / 98 Read more »

More flights on the way to evacuate stranded Australians from New CaledoniaAustralians stranded in New Caledonia following deadly riots will have another chance to leave after the Albanese government announced additional repatriation flights.
Source: SBSNews - 🏆 3. / 89 Read more »

Two more repatriation flights announced for Australians stranded in New CaledoniaCivil unrest in the French territory continues, with seven people dead since riots over proposed electoral changes broke out last week.
Source: abcnews - 🏆 5. / 83 Read more »