Business Update Week 24 2023

19/06/2023 | My Bookkeeping Buddy

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

Suncorp forced to pay back $32 million to underpaid employees

Suncorp’s insurance arm paid $32m to over 15,800 underpaid staff for not paying them the minimum wage. Read More

Australian inflation is stubbornly high. Some countries don’t have that problem

There is no one underlying cause of inflation across different nations, but Australia could look to emulate Japan and Switzerland’s approach to regulating prices in vulnerable parts of the economy, such as the housing market, suggests RMIT associate professor of economics Bilgehan Karabay.

Conflict of interest should kill off the big four consulting industrial complex

There’ll be more McKinseys, more PwCs, as long as large consultants are used by governments. And public servants are either unwilling or unable to prevent it says Bernard Keane.

Rising prices could push buyers out of Brisbane and Gold Coast suburbs

Property prices in Brisbane and Gold Coast suburbs are rising, making it difficult for buyers to enter the market. This could lead to buyers being pushed out of these areas, as they are unable to afford the prices.

Checkmate, Perth-based Online Shopping Business, Secures $15M Funding from Global Sources for Consumer Technology Expansion”

Do you love online shopping but hate the endless search for discount codes?. Checkmate, the startup aiming to end the frustration of code hunting, just secured another $15 million in Series A funding. Checkmate’s founders, Australian-born Harry Dixon, Rory Garton-Smith, and Elliot Rampono, have big plans..

What to consider when using Chinese shopping app Temu

Temu is a Chinese app that provides security services to its users. It uses facial recognition technology to identify and authenticate users, and also provides a secure messaging service. It is currently being used by over 100 million people in China and is expected to expand to other countries in the near future. Is it risky?

More Australian businesses are embracing Essential Eight

More Australian businesses are adopting the Essential Eight, a set of cybersecurity strategies developed by the Australian Signals Directorate. These strategies are designed to protect businesses from cyber threats and reduce the risk of data breaches. The strategies are being adopted by businesses of all sizes, from small to large.

7 Unofficial indicators that could help us make sense of the economy

Can these seven unofficial indicators help people understand the economy? A light hearted look at these indicators including Big Macs, Champagne, Lipstick, Men’s underwear, Library Visits, Christmas, and even the iconic Sausage sizzle.

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.)

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