Business Update Week 25 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
BNPL schemes face new rules
The new government declared that buy now, pay later providers will be subject to major changes in rules governing the sector under traditional credit laws.
New report leads to calls for government support to bolster female economic security
A new joint report from EY and the Australian Fashion Council found that fashion employs more Australians than mining, export revenue exceeds beer and wine. It also employs the highest percentage of female workers.
Another budget coming in October
Federal Treasurer will deliver a second budget so as to put the Albanese government’s election promises in play and start the cutting back of wasteful expenditure.
ATO warns of yet another tax scam
The Australian Taxation Office has advised taxpayers to be aware of fraudulent emails which use fake 2022 tax return details to skim login information from unsuspecting victims.
World’s most expensive cities list
The annual list of the world’s most expensive cities to live in for 2022 has been released. It can be found here.
What is stagflation?
As interest rates rise and growth stagnates, the term stagflation is being thrown around. But what exactly does it mean? Find out here.
Inflation is high, but it will get higher
A leading economist warns that, although Australia’s level of inflation is still lower than the vast majority of OECD nations, change and the worst is yet to come.
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.)
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.