Business Update Week 21 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
The good, bad and indifferent of the Federal Budget: a small-business owner’s view
The Federal Budget has both positives and negatives for small business owners, such as tax cuts and increased access to capital, but also increased compliance costs and a lack of support for the retail sector.
ASX set to inch higher as Wall Street edges up ahead of key report
The Australian stock market is expected to open higher, following a positive lead from Wall Street ahead of a key economic report.
Massive impact on jobs’ by raising interest rates more aggressively
The Reserve Bank of Australia has warned that aggressive interest rate hikes could put 200,000 jobs at risk. They have instead suggested a more gradual approach.
Fake schools, fake students: Criminals make mockery of education visas
Criminals are exploiting Australia’s education visa system by creating fake schools and enrolling fake students, making a mockery of the system.
Personal transfer balance caps displayed from 11 July 2023
From 11 July 2023, personal transfer balance caps will be displayed on the ATO website, limiting the amount of superannuation an individual can transfer into retirement phase.
Top investor slams ‘entitled’ Australians
An investor has criticised young Australians for seeking work-life balance, claiming they are “soft” and lack ambition. He believes they should be working harder to achieve success.
Why the teachings of Yoda should be applied to stage three tax cuts
This article argues that the teachings of Yoda from Star Wars can be applied to the Stage Three tax cuts, such as being mindful of the future and not being driven by short-term gains.
Do you know your fringe benefits?
Employers should be aware of the different types of fringe benefits they can offer their employees, such as salary packaging, novated leasing and entertainment benefits. These benefits are subject to taxation and must be reported to the ATO.
Are bigger super funds better?
No, actually — despite what the industry is doing Australian superannuation funds have grown significantly in size and complexity, with many now investing in a range of asset classes and strategies to maximise returns.
Aristocrat to buy NeoGames for 1.8 billion
Aristocrat Leisure has announced the acquisition of NeoGames for $1.8 billion, creating a global leader in digital gaming and lottery solutions.
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.