It’s July 1 which means the start of a new financial year.

Many Australians will be thinking about their tax refunds, which will be more than usual thanks to the latest round of tax cuts.

As well as this the superannuation rate is now 10 per cent, and corporate taxes for business has dropped to 25 per cent. Unfortunately for New South Wales and Queensland property owners, you’ll be paying higher rates.

The ASX 200 rose over 22 per cent in FY21 but has begun the new financial year retreating. As at 11.30am it was down 0.34 per cent.

At 1pm, the ASX will see the biggest IPO since 2019 in property transaction settlement platform PEXA (ASX:PEX).

While the most attention will inevitably be on PEXA’s performance come today’s end there has already been one IPO today in Australian Rare Earths (ASX:AR3) and it has come out of the blocks gaining 80 per cent.

 

WINNERS

Here are the best performing ASX small cap stocks in morning trade for Thursday July 1:

Swipe or scroll to reveal the full table. Click headings to sort.

Tech made up many other spots on the ASX winners list on this first day of the new financial year.

Fintech Propell (ASX:PHL) announced it was offering BNPL to its SME client base.

Rhipe Ltd (ASX:RHP), a reseller of cloud computing products, received a takeover bid from Norwegian-listed Crayon Group. While the board has not yet endorsed the offer it has allowed Crayon to undertake due diligence.

Workplace management company Knosys (ASX:KNO) announced a snap up of its own, in library management software business LIBERO.

In resources, winners included gold plays Predictive Discovery (ASX:PDI) and Challenger Exploration (ASX:CEL) off the back of their latest exploration results.

 

LOSERS

Here are the worst performing ASX small cap stocks in morning trade for Thursday July 1:

Swipe or scroll to reveal the full table. Click headings to sort.