Interest rates decision

Source: Australian Parliamentary Secretary to the Minister for Industry

Today the independent Reserve Bank left interest rates on hold at 3.85 per cent.

It’s not the result millions of Australians were hoping for or what the market was expecting.

We have made substantial and sustained progress on inflation which is why interest rates have already been cut twice in five months this year.

We’ve seen elsewhere that when central banks cut rates, they don’t always cut at every meeting.

The RBA has indicated the direction of travel on inflation and interest rates has been established.

The latest monthly inflation figures showed that both headline and underlying inflation were in the bottom half of the Reserve Bank of Australia’s target band for the first time since August 2021.

Underlying monthly inflation has been in the RBA’s target band for six consecutive months and is at its lowest level since November 2021.

On the official quarterly figures, both headline and underlying inflation has already returned to the RBA’s target band for the first time since 2021.

Headline inflation was 6.1 per cent when we came to office, it’s now 2.4 per cent.

Under Labor, inflation is down substantially, real wages are up, unemployment is low, our economy is growing, and interest rates have come down twice, but the job’s not done because people are still under pressure.

Our economic plan is all about easing the cost of living and getting on top of inflation while maintaining jobs and that’s what we’re seeing in our economy.

Unlike other countries that have faced recessions and job losses, we’ve managed to get inflation down without sacrificing the gains we’ve made in our labour market.

We recognise that people are still under pressure and there’s more work to do in our economy and that’s why the cost‑of‑living relief that we’re rolling out right now is so important.

The global economy is uncertain and unpredictable but the progress we’ve made together means we’re well placed and well prepared to weather the storm.

We are managing this difficult global environment at the same time as we are building a more sustainable, productive and resilient economy.

The 2024–25 NFP self-review return is due by 31 October

Source: New places to play in Gungahlin

Non-charitable not-for-profits (NFPs) with an active Australian business number (ABN) need to lodge an annual NFP self-review return to notify their eligibility to self-assess as income tax exempt. The return is due each year between 1 July and 31 October.

If your organisation’s 2023–24 return is overdue, you will need to lodge that return before your 2024–25 return.

If you aren’t sure if your NFP is charitable, or you’re waiting on the outcome of your charity registration with the ACNC, check out the article in this edition of NFP news Lodging the NFP self-review return if your NFP may be charitable.

How to lodge

You can lodge online, through our self-help phone service, or with a registered tax agent.

Once you’ve set up access, Online services for business is the quickest way to lodge your NFP SRR. If you’ve lodged your 2023–24 NFP self-review return, your answers will be pre-populated in your 2024–25 return based on your last lodgment. When you lodge, make sure you review your answers before you submit your return.

For step-by-step guidance on how to update your ABN details and set up access to ATO online services, check out our Update, connect and lodge (PDF, 184 KB)This link will download a file flowchart.

If you are experiencing difficulties lodging online, you can still lodge your return using our automated self-help phone service on 13 72 26. You’ll need your NFP’s ABN and a reference number from any letter we’ve posted to your NFP.

Before you lodge, use the NFP self-review return question guide to preview the questions in the return and prepare your answers before lodging.

One of the questions on the return asks whether your organisation has and follows clauses in its governing document that prohibit the distribution of income or assets to members while it is operating and winding up.

We are providing additional support to NFPs and have extended the due date to update governing documents from 30 June 2025 to 30 June 2026 for organisations that have not made any distributions of income or assets to members. To get the extension, answer ‘Yes’ to the question in the return about your NFP’s governing document.

If you need more help with getting ready to lodge, there are plenty of useful tools and information available to help you understand the NFP self-review return at ato.gov.au/NFPtaxexempt.

Stay up to date

  • You can read more articles in the Not-for-profit newsroom and, if you haven’t already, subscribeExternal Link to our free monthly newsletter Not-for-profit news to be alerted when we publish new articles.
  • For updates throughout the month, Assistant Commissioner Jennifer Moltisanti regularly shares blog posts and updates on her LinkedInExternal Link profile. And you can check out our online platform ATO CommunityExternal Link to find answers to your tax and super questions.

Ute crushed by tree at Williamstown

Source: New South Wales – News

Emergency services worked quickly to free a driver after a tree fell on a ute at Williamstown this morning.

Just before 11.30am on Tuesday 8 July, a gum tree came down on top of a ute driving along Warren Road, Williamstown.

Members of the public, with a grader and chainsaws, assisted emergency crews to remove the tree from the roof of the ute and free the trapped driver and dog from the vehicle.

The driver was taken to hospital by ambulance in a serious condition.  The dog appears to have escaped injury and is being cared for.

Emergency services then worked to clear the road.

Police thank the members of the public and local volunteers for their assistance in this matter.

UPDATE: Arrest – Aggravated robbery – Katherine

Source: Northern Territory Police and Fire Services

Today, Katherine Criminal Investigation Branch and Strike Force Cerberus arrested a 14-year-old male in relation to an aggravated robbery that occurred last week.

Around 9am, police executed a search warrant at an address in Katherine East where a 14-year-old male was arrested.

He was allegedly involved in a second aggravated robbery from the same evening and items from this crime scene were located during the search of the residence where he was arrested.

The 14-year-old remains in police custody with charges expected to follow.

Investigation into the matter remain ongoing.

Police continue to urge anyone with information to make contact on 131 444 or report anonymously through Crime Stoppers on 1800 333 000.

CFA celebrates NAIDOC Week

Source:

The theme for NAIDOC Week this year centres around The Next Generation: Strength, Vision & Legacy.

This week is an opportunity for us to proudly reflect and celebrate with the many members we have across CFA that belong to First Peoples communities and recognise their invaluable knowledge and cultural continuums that they continue to impart within our organisational activities.

We encourage members to get involved in local NAIDOC week events and learn more about building a better CFA for First Peoples in Victoria.

CFA Cultural Heritage Advisor, Donna Sherwen and CFA Board Chair Jo Plummer share what NAIDOC Week means to them.

“NAIDOC Week has moved into something much bigger and broader. It’s one of the most important, significant weeks in the cultural calendar,” Donna said.

“When we see our young ones coming up into this space it is so important that we ensure that every little thing is passed on to them, so that they can carry this into the next generation.

“They’ve taken lessons from our past and our history, but they’re going to move forward with a much better understanding of who we are and where we’re going, to share with everybody.”

“The real meaning here for me this NAIDOC Week is thinking about the future generation and our First Peoples and how we enable them to treasure and share the beautiful stories, the cultural heritage that has so much wisdom within it, not only with us but to our next generation of young people,” Jo said.

“Go forth this week, learn something new, get involved, I have no doubt as we continue to develop our partnerships with our cultural heritage people and our First Peoples that we will learn to do and be better together.

“We all have a role to play in helping our young people both share and celebrate our cultural heritage, the oldest living culture in the world.”

Submitted by CFA media

Division 7A – benchmark interest rate

Source: New places to play in Gungahlin

Benchmark interest rates

Under Division 7A of Part III of the Income Tax Assessment Act 1936, the ‘benchmark interest rate’ for an income year is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’. This is the ‘Housing loans; Banks; Variable; Standard; Owner-occupier’ rate last published by the Reserve Bank of AustraliaExternal Link before the start of the income year. The benchmark interest rate for an income year does not change if the Reserve Bank of Australia later revises its published rate after the start of the income year.

Current and past benchmark interest rates

These rates apply to private companies with an income year ending 30 June.

A private company that meets certain requirements may adopt an income year ending on a date other than 30 June – a substituted accounting period. Those companies will need to determine the relevant rate.

Benchmark interest rates – 2021 to 2026 income years

Income year ended 30 June

Rate

ATO reference

2026

8.37%

This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 6 June 2025.

2025

8.77%

This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 7 June 2024.

2024

8.27%

This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 7 June 2023.

2023

4.77%

This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 2 June 2022.

2022

4.52%

This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 2 June 2021.

2021

4.52%

This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 2 June 2020.

Substituted accounting period

If a private company has adopted a substituted accounting period, the applicable benchmark interest rate is the ‘Housing loans; Banks; Variable; Standard; Owner-occupier’ rate last published by the Reserve Bank of AustraliaExternal Link before the start of the private company’s substituted accounting period.

Example 1: substituted accounting period starting on 1 November 2022

Company ABC has a substituted accounting period starting on 1 November 2022. According to the Reserve Bank of Australia website, the last interest rate published before 1 November 2022 was 6.77%. This was the rate for September 2022, published in October 2022. The benchmark interest rate for Company ABC’s income year starting 1 November 2022 is 6.77%.

End of example

Example 2: substituted accounting period starting on 1 May 2023

Company XYZ has a substituted accounting period starting on 1 May 2023. According to the Reserve Bank of Australia website, the last interest rate published before 1 May 2023 was 8.02%. This was the rate for March 2023, published in April 2023. The benchmark interest rate for Company XYZ’s income year starting 1 May 2023 is 8.02%.

End of example

Access the Division 7A calculator and decision tool.

This tool will help you determine the effects and your obligations on Division 7A – Loans by private companies.

Progress for affordable housing in Curtin

Source: Northern Territory Police and Fire Services

Our CBR is the ACT Government’s key channel to connect with Canberrans and keep you up-to-date with what’s happening in the city. Our CBR includes a monthly print edition, email newsletter and website.

You can easily opt in or out of the newsletter subscription at any time.

PRRT augmentation and gross domestic product factor rates

Source: New places to play in Gungahlin

For information about the different classes of deductible expenditure and which uplift rates to use for each class of deductible expenditure, refer to PRRT deductible expenditure.

Table: Petroleum resource rent tax (PRRT) augmentation and gross domestic product (GDP) factor rates

Year

Long term bond rate (LTBR) expressed as a %

LTBR + 5%

LTBR + 15%

Gross domestic product (GDP) factor rate*

2024

4.25

9.25

N/A

1.027

2023

3.61

8.61

N/A

1.061

2022

2.11

7.11

N/A

1.069

2021

1.18

6.18

N/A

1.027

2020

1.03

6.03

N/A

1.019

2019

2.25

7.25

17.25

1.032

2018

2.70

7.70

17.70

1.017

2017

2.42

7.42

17.42

1.039

2016

2.61

7.61

17.61

0.997

2015

3.00

8.00

18.00

0.997

2014

3.98

8.98

18.98

1.015

2013

3.24

8.24

18.24

0.997

2012

4.01

9.01

19.01

1.016

2011

5.31

10.31

20.31

1.063

2010

5.50

10.50

20.50

1.013

2009

4.95

9.95

19.95

1.051

2008

6.18

11.18

21.18

1.042

2007

5.82

10.82

20.82

1.046

2006

5.40

10.40

20.40

1.050

2005

5.42

10.42

20.42

1.040

2004

5.68

10.68

20.68

1.035

2003

5.34

10.34

20.34

1.028

2002

5.88

10.88

20.88

1.026

2001

5.82

10.82

20.82

1.045

2000

6.51

11.51

21.51

1.017

1999

5.45

10.45

20.45

1.004

1998

5.98

10.98

20.98

1.018

1997

7.63

12.63

22.63

1.015

1996

8.67

13.67

23.67

1.029

1995

9.85

14.85

24.85

1.021

1994

7.39

12.39

22.39

1.015

1993

8.35

13.35

23.35

1.010

1992

9.87

14.87

24.87

1.014

1991

12.11

17.11

27.11

1.030

1990

13.31

28.31

28.31

1.058

1989

12.86

27.86

27.86

1.093

1988

12.55

27.55

27.55

1.084

1987

13.57

28.57

28.57

1.083

1986

13.65

28.65

28.65

1.068

1985

13.41

28.41

28.41

1.065

1984

12.72

27.72

27.72

1.071

1983

14.43

29.43

29.43

1.111

1982

15.48

30.48

30.48

1.103

1981

12.58

27.58

27.58

1.108

1980

10.66

25.66

25.66

1.104

Note

* The GDP factor rate is based on the annual change to the gross domestic product (GDP) implicit price deflator index as first published by the Australian Bureau of Statistics (ABS).

This ABS publication 5206.0 – Australian National Accounts: National Income, Expenditure and ProductExternal Link is updated quarterly.

For additional legislative information on the GDP factor rate calculation methodology and/or augmented bond rate, see the Petroleum Resource Rent Tax Assessment Act 1987:

Call for information – Criminal damage – Alice Springs

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force is investigating a criminal damage incident that occurred early this morning in Alice Springs.

Around 4am, the Joint Emergency Services Communication Centre (JESCC) received reports of a male smashing the windows of a restaurant on Railway Terrace in the Alice Springs CBD.

It is alleged the male had been refused service at the restaurant drive-through and subsequently parked the silver Holden Commodore he was driving, retrieved a blunt weapon from the boot and smashed multiple windows of the restaurant, including the entrance door.

Police responded immediately however the offender fled the scene prior to their arrival in the Commodore.

No injuries were reported to police, and the offender remains outstanding.

Investigations are ongoing and anyone with information is urged to contact police on 131 444 and quote reference P25182316. Anonymous reports can be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/

Driver arrested after crashing stolen car at Athol Park

Source: New South Wales – News

A man was arrested after failing to stop for police in a stolen car at Athol Park overnight.

About 3.15am on Tuesday 8 July, police tried to pull over a vehicle on Athol Street, Athol Park, however, the driver refused to stop.

In the brief pursuit, the Holden SUV reached speeds of up to 120 km/h in the 50 km/h zone before trying to turn and colliding with a kerb on Glenroy Street, rendering the car undriveable.

The driver ran a short distance before being caught in Lavinia Street and arrested.

Police checks confirmed the Holden had been reported stolen from Salisbury Plain yesterday.

The 35-year-old Salisbury Park man was charged with illegal use, theft, drive dangerously to evade police, exceed speed and drive disqualified.

He did not apply for bail and will appear in the Port Adelaide Magistrates Court today.

The stolen vehicle was towed from the scene for forensic examination.

CO TBA