Business Update Week 17 2023

24/04/2023 | My Bookkeeping Buddy

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

Reserve Bank of Australia considers a rate hike

The Reserve Bank revealed that it was a “close call” not to raise interest rates at its last meeting due to concerns over inflation and the housing market, but ultimately decided to maintain the current rate of 0.25%.

ATO using data-matching technology to crack down on influencer gifts

The ATO is using data-matching technology to crack down on influencer gifts that may be taxable income. They urge social media influencers to ensure that they are accurately reporting any gifts or income received from their work to avoid potential penalties

Household incomes at “risk of collapse”

Australian households are at risk of collapse due to a combination of factors, including low wage growth, high unemployment, and the possibility of rising interest rates, according to the Commonwealth Bank’s chief economist, Stephen Halmarick.

Financial advisers warn students about the impact of indexation on HECS-HELP debt

Financial advisers are warning students to be aware of the impact of indexation on their HECS-HELP debt, which can cause the debt to increase even if no repayments are made. They are encouraging students to seek professional advice on managing their finances to avoid being burdened with excessive debt after graduation.

Australians are among the least likely in the world to pay with cash

A new global report found that Australians are among the least likely in the world to use cash for payment, with cash transactions accounting for only 6% of all POS payments made. It also noted that the COVID-19 pandemic has accelerated the trend away from cash as more people opt for digital payment methods.

Australians lost over $3 billion to scams in 2022, with investment scams being the most common type

The Australian Competition and Consumer Commission (ACCC) has revealed that Australians lost over $3 billion to scams in 2022, with investment scams being the most common type. The ACCC is urging consumers to be vigilant and cautious when dealing with unsolicited requests for money and to report any suspected scams to the authorities.

Dinnerly freezes prices to combat cost of living

Meal delivery service Dinnerly has announced that it will be freezing its prices in an effort to tackle cost of living pressures on Australian households. The company has stated that it hopes this will provide some relief to its customers during a time of economic uncertainty.

Hacker behind Medibank cyber attack has choice words for Australians

A Russian hacker claiming to be part of the REvil ransomware group responsible for the Medibank cyber attack revealed that the group is based in Ukraine and has a history of targeting large corporations for ransom. He also claimed to have successfully breached the systems of several other companies and demanded large sums of money for the return of stolen data.

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.)

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