Business Update – Week 15 2024

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

Australia’s inflation rate comes in lower than expectations in February at 3.4%

ABS data shows consumer price index is stabilising, which will feed into the RBA’s next interest rate decision in May. Inflation has held steady for the second month in a row, as cheaper meat and seafood helped offset increases in rents and automotive fuel.

Australia pours $1 billion into solar power manufacturing

The Australian Renewable Energy Agency (ARENA) has expressed enthusiasm over the injection of $1 billion in new funding aimed at facilitating the expansion of domestic solar photovoltaic (PV) manufacturing across the entirety of the supply chain.

Handbrake on consumer spending means long tail for retail recession

The retail sector is not expected to return to healthy levels until the middle of next year as consumers remain reluctant to part with their dollars in the face of stubborn inflation and high interest rates.

Don’t lose sight of the backbone of this country

In 2021-22, the value of the SMB segment grew 15 per cent to $506bn and now accounts for one third of total GDP and employing nearly half of the Australian workforce. The untapped potential of SMBs in Australia has become a hot topic as organisations seek growth opportunities.

Big business warns against Greens Bill to break up supermarket giants grip on economy

Business groups are calling on the government to reject the Greens’ plan to break up Aussie supermarket brands warning it could leave consumers struggling even more with the cost of living pressure.

China backs down from Australian wine ban in major win for exporters

The Chinese government has lifted heavy tariffs on Australian wine imports, in the latest sign the trading relationship has stabilised. In a statement, the Australian government said it had been notified that from Friday China would remove its duties on Australian bottled wine.

The top tax deductions for your job

Tax time is just months away and that can only mean one thing: it will soon be time to lodge your tax return. Now is a great time to take stock of all the money you’ve spent on work-related items during the course of the year.

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

Want to grow your business? Our Free Resources will Help