Business Update Week 13 2023

27/03/2023 | My Bookkeeping Buddy

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

Why Australian banks will come out the other side of the global crisis

According to Reserve Bank of Australia assistant governor Chris Kent, Australia’s banks are “unquestionably strong” and are equipped to handle a prolonged period of market strain. The banks are already well advanced on their bond issuance plans for the year and could defer their issuance for a while.

Relief as Credit Suisse and UBS strike a deal

Though not out of the woods yet, fundies feel that the UBS-Credit Suisse deal should do a great deal to curb an impending worldwide financial crisis. In an all-share deal, UBS will pay 3 billion Swiss francs ($4.5 billion) for its former rival.

High fares and reduced capacity hurting airline recovery

Sydney Airport’s chief executive, Geoff Culbert, blamed high airfares and reduced airline capacity for stagnant domestic passenger recovery, as the airport reported 2.7 million travellers for February.

4.7 million Australians getting a cash boost to their social security payments

The federal government is doing what it can to support Australians “feeling the pinch”. Singles and couples on the Age Pension, Disability Support Pension and Carer Payment will receive a $37.50 per fortnight increase, while people over 22 without children will receive a $27.40 per fortnight increase.

Recession-proof suburbs do exist

As economists predict Australia could fall into a recession this year, four NSW suburbs have been marked as safe from any potential downturn. Learn where they are here.

Adelaide gets the first mobile phone detection camera

South Australia started a pilot program where cameras are installed on some of the state’s most high-risk roads to reduce driver distraction. Drivers caught using their phones while driving won’t face penalties until next year due to a grace period.

Virgin Australia IPO dampened amid Credit Suisse collapse

Global banking turmoil and share market volatility could cause a delay in the planned initial public offering and relisting of Virgin Australia. It was initially scheduled for June.

Further losses are expected this week for shareholders

Though there are plenty of reasons for optimism as world exchanges try to recover from last week’s turmoil, experts say that shareholders should expect further losses this week.

Government supports another wage rise but won’t say how much

Labor says it supports another wage rise for workers. However, they have been avoiding the question of what they feel that amount should be. The government is currently finalising its submission to the Fair Work Commission’s annual wage review.

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
February 2022-23 Activity Statement: 21 March 2023
March 2022-23 Activity Statement: 21 April 2023
April 2022-23 Activity Statement: 21 May 2023

BAS Quarterly Lodgements
1st Quarter 2022-23 (incl. PAYGI): 28 October 2022
2nd Quarter 2022-23 (incl. PAYGI): 28 February 2023
3rd Quarter 2022-23 (incl. PAYGI): 28 April 2023
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:
3rd Quarter 2022-23: 28 April 2023
(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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