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Business Update – Week 13 2024

 |  My Bookkeeping Buddy

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Cost of living relief coming, just not a big budget cash splash

Australians can expect some fresh cost of living relief in May when the federal budget is unveiled, but Treasurer Jim Chalmers has ruled out a big cash splash.

Business conditions improve in February

February saw an uptick in business conditions as the economy showed signs of sustained resilience at the start of the new year, NAB reported in its latest monthly business survey. Despite this, confidence and forward orders remain lagging.

Roy Morgan Business Confidence increased rapidly in February, up 8.3pts to 101.5 – the first positive result above 100 for over a year

In February 2024, Roy Morgan Business Confidence was 101.5 (up 8.3pts since January 2024). This was the third consecutive monthly increase in Business Confidence – and the first time the index has recorded a positive result above 100 for over a year since January 2023 (106.4).

Proof Australia is actually in a recession

There is only one thing keeping Australia out of a technical recession and it’s not economic growth.  Gross domestic product (GDP) data released last week revealed the economy grew by just 0.2 per cent in the December quarter, slightly down on the 0.3 per cent growth that was recorded in the September quarter. But looking behind the numbers, the growth in the economy is actually due to the fact that over one million migrants arrived in Australia in the 2023 calendar year.

Lithium firm goes into meltdown

Perth-based Core Lithium has posted a huge loss as the chief executive and a board member jump ship. The $167.6 million loss and resignations come as the company’s share price has crumbled in the past year from $1.20 to $0.22 at the close Tuesday.

Superannuation squeeze: the staggering amount you now need for retirement

The amount Aussies need to retire and fund their golden years has hit a new record high, as insurance, food and electricity costs weigh on retiree budgets.

Business leaders say rates, inflation could stay higher for longer

Market heavyweights say interest rates may stay higher for longer amid structural economic changes and a higher long-term inflation rate, as the global economy adjusts to a new normal.

Superannuation funds have quietly started paying retirement ‘bonuses’

Super funds are paying out millions of dollars in retirement “bonuses”. But what are they, and does your fund offer one?

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 Quarterly Lodgements
3rd Quarter 2023-24 (incl. PAYGI): 28 April 2024
4th Quarter 2023-24 (incl. PAYGI): 28 July 2024
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.
Ask us how you can get an automatic 4 week lodgement and payment extension.

Superannuation Guarantee contributions:
3rd Quarter 2023-24: 28 April 2024
4th Quarter 2023-24 (incl. PAYGI): 28 July 2024
(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.)

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business. Book a time to talk here https://calendly.com/mybookbuddy

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