Business Update Week 19 2022

10/05/2022 | My Bookkeeping Buddy

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

GST fraud attempts circulating on social media lead to extra security measures

Due to a significant number of GST refund fraud attempts, legitimate businesses may face extra steps to receive their refunds as extra security measures are put in place. Tighter controls around ABN and GST registration have been established.

Australian markets tumble

Of the 200 companies on the ASX index, only six came out ahead by market close on Friday, after a staggering Wall Street plunge bled into other markets. Tech firms took the biggest hit.

Real wages projected to fall by 3% in 2022

Australia’s jobless rate is the lowest it’s been in 48 years at 4%, and wages are tipped to grow over the next 2 years. Despite this, real wages are projected to shrink by 3% due to runaway inflation.

More gender pay inequity campaign promises coming

Labor is set to announce additional gender pay gap measures in the campaign’s final fortnight, with Tanya Plibersek hinting that another policy push will be announced in the coming days.

Interest rates rise for the first time since 2010

The Reserve Bank of Australia has lifted cash interest rates by 0.25 percentage points, to 0.35%. The rise is expected to stoke the cost-of-living debate in the federal election.

ATO cracking down on GST scheme

The Australian Tax Office has launched an investigation into a widespread fraudulent GST scheme, which has cost the office $850 million. A suspected 40,000 people have listed fake businesses in order to claim GST refunds.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

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
April 2022 Activity Statement: 21 May 2022
May 2022 Activity Statement: 21 June 2022
June 2022 Activity Statement: 21 July 2022

BAS Quarterly Lodgements
4th /June Quarter 2022 (incl. PAYGI): 28 July 2022
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:
4th/ June Quarter 2022: 28 July 2022
(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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