Business Update Week 23 2023

12/06/2023 | My Bookkeeping Buddy

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Be ready – recession or not

Businesses should be prepared for a recession, even if one is not imminent. Planning ahead and having a strategy in place can help businesses survive and even thrive during a recession. This includes having a cash reserve, reducing costs, and diversifying income streams. Additionally, businesses should focus on customer service and marketing to stay competitive.

Cars and tax

The ATO provides information on how to claim car expenses for business use. It outlines the different methods of calculating car expenses, such as the cents per kilometre method, and provides information on how to keep records and what to include in tax returns.

Next big price hikes set to hit Aussies

Australians are facing increased costs for HECS repayments, energy bills and health insurance premiums. This is due to the rising cost of living and the government’s decision to increase the HECS repayment threshold. This will have a significant impact on the budget of many Australians.

Monthly CPI indicator spikes to 6.8 per cent in April

In April 2021, the monthly Consumer Price Index (CPI) indicator rose to 0.68%, the highest level since December 2020. This increase was driven by higher prices for petrol, electricity, and fruit and vegetables. The Reserve Bank of Australia is monitoring the situation closely.

Australian online marketplace scams rise rapidly

Scams on Australian online marketplaces like Facebook Marketplace and Gumtree have surged, with a 66% increase in customer reports over three months. Scammers often exploit PayID, prompting users to be vigilant and educate themselves about red flags.

How Garry Weaven helped start a financial revolution to boost workers’ retirements

Garry Weaven is a former union official and superannuation fund manager who has written a book about his experiences in the industry. He argues that the superannuation system is broken and needs to be fixed, and that the government should be doing more to protect people’s retirement savings. He also calls for greater transparency and accountability in the sector.

Employee or Contractor? Why not knowing the difference can put you in ASIC firing line

Employers must be aware of the differences between employees and contractors to avoid compliance risks with the Australian Securities and Investments Commission (ASIC). Employers must ensure they are aware of the legal requirements and obligations for each type of worker, and must ensure they are compliant with the relevant laws.

Aussies have revealed how much they spend on alcohol

Australians have revealed that they spend an average of $1,000 a year on alcohol, with men spending more than women. The majority of this spending is on beer, followed by wine and spirits. The survey also found that younger Australians are more likely to spend more on alcohol than older Australians.

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 2022-23 Activity Statement: 21 June 2023
June 2022 Activity Statement: 21 July 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:
4th Quarter 2022-23: 28 July 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.)

Blog