Business Update Week 24 2022

13/06/2022 | My Bookkeeping Buddy

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

ATO reminds Australians about changes this tax season

The Australian Tax Office anticipates that many will continue to be impacted by COVID-19, and is offering support to get your taxes right the first time. A summary can be found here.

Cash rate expected to rise this week

The official rate is expected to reach 0.6% or 0.75% – another rise in variable interest rates for homeowners and businesses

Labor calls for wage increase

The submission was made to the Fair Work Commission on Friday, with an aim to assist minimum wage workers, who the party views as “heroes of the pandemic.”

Iceberg lettuce $12 a head in Queensland

Floods, the pandemic and fertiliser shortages put increasing pressure on suppliers, with no immediate relief in sight.

Crypto is complicated at tax time

Cryptocurrency owners have been warned to start working out what they owe in anticipation of the upcoming tax season. Lessons come from the US, where their recent tax season saw some people owing more than what they earned after the recent crypto crash.

Food producers warn gas prices will be passed to consumer

Jason Fritsch, the chief executive of Kagome, stated that with gas prices out of control and raw materials prices on the rise, it’s only a matter of time before consumers see even higher prices at the grocery store.

Australians are staying home with more colds and flu this season

As winter approaches, workplace absences due to colds and flu were up 50% for the first two weeks of May. The drastic increase is due to a “perfect storm” of circulating winter illnesses and a lack of immunity due to the population not being exposed to the flu in recent years.

Job vacancies grow nearly 25% in regional Australia

The latest data from the Regional Australia Institute shows that there were 84,600 regional job vacancies in April 2022. The numbers reveal the optimism that is driving growth outside capital cities, though a lack of services and housing constrain opportunities.

ATO issues reminder to small business owners about changes to superannuation

Starting July 1, there are changes to who is eligible for superannuation, as well as how much super businesses will need to pay staff.

ATO Lodgement Dates

These dates are from the ATO website and do not take into account possible extensions. If you are a My Bookkeeping Buddy Client you may be entitled to an extension. You remain responsible for ensuring that the necessary information is with us in time.

Final dates for lodgements and payments:

BAS/IAS Monthly Lodgements
May 2022 Activity Statement: 21 June 2022
June 2022 Activity Statement: 21 July 2022

BAS Quarterly Lodgements
4th /June Quarter 2022 (incl. PAYGI): 28 July 2022
When a due date falls on a Saturday, Sunday or Public Holiday (a day that is a public holiday for the whole of any state or territory in Australia), you can lodge or pay on the next business day.

Superannuation Guarantee contributions:
4th/ June Quarter 2022: 28 July 2022
(Contributions must be in the fund by this date. Late payments of superannuation are not tax deductible. If your business has overdue superannuation guarantee payments and you are unsure of how to proceed, please contact us to discuss.)

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