tax

With the recent tax cuts continuing to flow into the bank accounts of low and middle income earners, we are seeing a lot sales activity being generated.

Last week Amazon Prime Day saw 65 hours of bargain prices for members. This in turn saw a raft of other online and bricks and mortar retailers also slash prices in a bid to stay competitive, while Coles has this week launched a limited time only homewares sales event with prices for certain items as low as $2.

But you don’t need to be a large retailer to offer great discounts to boost revenue. With those earning between $48,000 and $90,000 – accounting for a significant portion of taxpayers – receiving $1,080 in tax relief many Australians are getting in the mood to shop.

The last time something comparable to this occurred was during the Global Financial Crisis when the Rudd Government gifted $900 to all taxpayers with the specific instruction ‘to spend’. The ABS figures for that month in 2009 saw sales skyrocket as Australians flocked to the shops.

Although these tax breaks don’t go towards all taxpayers, the current Government has echoed Kevin Rudd’s 2009 message by encouraging people to spend their tax relief. So now is certainly the time to be looking at ways to capitalize on the anticipated boost in consumer spending. A simple, limited time only discount campaign can not only provide a short-term sugar hit to your business and clear out inventory, it can also win over customers permanently if they’re impressed with the quality of your product and/or service.

Meanwhile, tickets are selling fast for the 2019 National Retail Awards. This is the NRA’s signature event for the year and this year we have an extremely high calibre of finalists. If you haven’t already, you can secure your spot by booking here.

All the best for the week ahead!