Business Update Week 26 2022

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

Wow can you believe the year is half over …. What do you want to achieve in the second half of 2022?

What an American recession means for Australia

What exactly does it mean for Australia if the United States is headed for a recession? Sky News breaks it down here.

ASX continues to drop

Most of Australia’s biggest companies continued to see major slides in the stock market last week, with a 2.5 per cent value drop overall.

Number of people involved in fake GST claim scam continues to balloon

A dozen arrest warrants have been issued for a viral tax scam that has allowed Australians to swindle over $1 billion in fake GST refunds. The ATO has put 70,000 people on notice for the scam, which spread via Facebook and TikTok.

We’ve all lost $3500 on average

As interest rates rise, Australians have lost a significant amount of money in reduced super and property values and, to a lesser extent, crypto.

July 1 legal changes for businesses you need to know

A roundup of the changes coming for the new financial year can be found here.

Ministers to meet this week to address power crisis

Federal and state energy ministers will consider financial support for small businesses facing massive gas price spikes. The power crisis has hit small and medium businesses especially hard.

Government promises more help coming after minimum wage increase

Prime Minister Anthony Albanese is promising the 5.2 per cent minimum wage increase is “just the beginning.” The Fair Work Commission handed down the inflation-beating increase earlier this week.

Shared equity scheme means more people will be able to buy a home

A new NSW government scheme makes homeownership more attainable for some. Single parents and older singles, as well as frontline workers like teachers, nurses and police, will be able to buy their home with just a two per cent deposit.

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
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.

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