Business Update Week 23 2022

06/06/2022 | My Bookkeeping Buddy

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

ASX carries momentum into a new week

The local sharemarket started the week at a three-week high, coming off a rally from last week. Tech and payment firms were among the industries leading the charge.

AGL demerger fails, top brass resigning

AGL Energy, Australia’s biggest polluter, has abandoned its plans to split the company’s assets, which would have allowed them to continue burning coal for 20+ years. Mounting opposition from shareholders forced the decision.

Analysts disagree over how rising interest rates will affect inflation

Up until the pandemic, short-range predictions among analysts typically did not diverge very much. However, there is now a broad range of guesses as to what measures are needed to bring inflation under control as interest rates continue to rise.

Power bills set to surge 18%

Anthony Albanese is set to face his first major hurdle as Prime Minister as petrol prices are about to soar. Meat, fruit, and vegetable prices could all follow suit in the coming months.

NAB enters buy now, pay later space

National Bank of Australia announced that it is launching a new buy now pay later service, in an attempt to take a bite out of competitors such as Afterpay and Zip Co. Unlike those services, NAB is advertising no late fees, no account fees, and no interest.

Social housing at crisis point as demand far outstrips supply

A new study has found that low-income households are facing decade-long wait times for social housing, and the worst is likely still to come.

Crypto donations subject to tax regulations

The ATO has published a list of guidelines for those wishing to donate crypto assets. An overview can be found here.

Passport applications face huge delays

Australians are experiencing waits of up to 3 months to receive passports. Many people are reporting that they cannot get through to the APO to check the status of their applications.

Retailers seek seniors to address labour shortages

The Australian Retailers Association (ARA) is calling on the government to make retail work exempt from Age Pension income test, as the industry faces its biggest employee shortage in half a century due to a lower inflow of international students and working holiday makers.

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
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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