It was another volatile weak in share markets with worries that rate hikes, cost pressures and Chinese supply disruptions would hit profits after downgrades from some US retailers and tech stocks.

Government grants or payments you receive if you or your business have been impacted by COVID-19 may have tax implications.

Share markets had another rough week with ongoing worries about monetary tightening to combat high inflation driving a possible recession, before a bounce from oversold levels at the end of the week.

The recent surge in inflation both domestically and globally is well known, with Australian annual headline inflation increasing to 5.1% over the year to March (the highest in 22 years) and the trimmed mean (the Reserve Bank’s preferred underlying inflation measure) at 3.7% per annum, well above the 2-3% inflation target and the highest rate since 2009.

Last year saw very strong investment returns and was relatively calm in investment markets.

Fed’s determination to see off inflation with rate rises has not been seen since the 1980s.

Special rules apply if you receive an employment termination payment, genuine redundancy payment or payments from an approved early retirement scheme.

Investment markets and key developments over the past week
It was a turbulent week for markets after the US Federal Reserve raised interest rates by 0.5% at its May board meeting.

For the first time since November 2010, the RBA has raised its official cash rate – from 0.1% taking it to 0.35%.

The war in Ukraine will drag down 2022 global GDP, especially in the Eurozone. The question is if it causes a moderate or large impact to economic activity. We go through these issues in this Econosights.

The Future Fund now stands at $201 billion after posting a 10-year return of 10 per cent and despite challenging international markets.

A complete breakdown by sector and what you need to know in relation to the 2022 Federal Budget.