Business Update Week 21 2022

23/05/2022 | My Bookkeeping Buddy

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

STP Phase 2 requires more information when submitting payroll

Single Touch Payroll (STP) reporting is now in Phase 2. Extra information is now required of employers every time they submit payroll.

PM promises Super Home Buyer scheme in bid to win re-election

Prime Minister Scott Morrison announced on Sunday that if re-elected, his party would allow first-time homebuyers to use up to 40% of their super to purchase a home. The scheme would go into effect in July 2023.

New poll suggests raising the JobSeeker rate by $24 would sway the election

The poll, commissioned by the Australian Council of Social Service, suggests that 46% of respondents would vote for a party who committed to raising the JobSeeker rate to $70/day, up from the current rate of $46/day. Neither Coalition nor ALP have committed to any rise at all.

ASX closes low once again following concerning inflation report

Markets slumped on Friday following a promising rally mid-week, closing at their lowest point since January. Tech firms caught the brunt again after a worrying inflation report spooked investors all around the Pacific.

Afterpay owner Block Inc falls nearly 20% in ASX plunge

Local tech stocks are weathering a savage blow as inflation reports out of the US are sending ripples to other markets around the world. Australian company Afterpay took a huge loss last week, as commodities hold steady.

Morrison’s opposition to raising minimum wage met with criticism

Economists and advocacy groups seized on the Morrison government’s objection to lifting minimum wage by the inflation rate. The comments came after Labor leader Anthony Albanese said his party would absolutely support wages keeping with prices.

Australians struggling to cope with higher cost of living

A new survey shows that one in four Australian families are struggling to make ends meet with the rise in living costs, with fuel and groceries taking the biggest bite. That number is as high as one in three for those in the 25-34 year old age bracket.

Confirmation of income required by CCS recipients

Those who received Child Care Subsidy (CCS) in 2019-20 or 2020-21 must confirm their income to continue receiving payments by 30 June 2022. Future subsidies will not be received without income confirmation.

Conspiracy theories abound as crypto crashes

Many on social media speculate that US hedge funds and trading firms caused the unprecedented crypto crash of TerraUSD and Luna coins, in what’s being called a plot by an “evil genius” due to the complex trades involved.

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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