Business Update Week 14 2023

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

Changes to home-based business expenses

Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here.

Get ready for STP Phase 2

Single Touch Payroll has been expanded with the introduction of STP Phase 2, which requires employers to report more information about their employees each payday through payroll software.

4 tips for better record keeping

The ATO has rounded up their top four tips to nail your record keeping to help you manage your business and cash flow and ensure you get the right outcome with your tax return. Learn what to do here.

Sunrise host challenges claims on young Australians’ saving habits

Sunrise host David Koch criticized the belief that young Australians are too lazy to save for a home, concluding that it has nothing to do with avocado toast. Koch compared the financial burdens facing those buying a home in the late 1980s versus now, concluding that cheap house prices meant that Baby Boomers had a better deal.

Qantas accused of ‘dawdling’

The Western Australian government has lashed out at Qantas, accusing the airline of “dawdling” and causing unnecessary delays in relocating to T1 at Perth airport.

F45 faces lawsuits, stock collapse, and bankrupt franchises amidst rapid expansion

Australian gym franchise F45 is facing multiple lawsuits in the US, a plummeting stock price, and a growing number of bankrupt or for-sale franchises in Australia.

Australian bank boss warns of a potential financial crisis

ANZ Bank CEO Shayne Elliott warned Australia to prepare for higher banking costs and potential financial crisis, as households and businesses have yet to feel the impact of the recent global banking turmoil. The sudden fall of Silicon Valley Bank earlier this month caused aftershocks in the banking industry.

White Paper claims private renting in Australia is a broken system

LongView and PEXA have released a White Paper entitled Private Renting in Australia – A Broken System, which argues that private renting in Australia works poorly for both tenants and landlords, with poor tenure security and rising rents affecting tenants, while many landlords would be better off investing in alternatives like superannuation.

Sanity’s brick-and-mortar stores to close

Sanity will close its remaining 50 stores by April and will now only operate online, leaving nostalgic music lovers without physical stores to visit.

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
March 2022-23 Activity Statement: 21 April 2023
April 2022-23 Activity Statement: 21 May 2023
May 2022-23 Activity Statement: 21 June 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
4th Quarter 2022-23 (incl. PAYGI): 28 July 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.)

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

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