Business Update Week 27 2023

03/07/2023 | My Bookkeeping Buddy

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

Small business skills and training boost

Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers. The boost applies to eligible expenditure incurred from 29 March 2022 until 30 June 2024. Check if you can claim a 20% bonus deduction on certain eligible training expenditure for your employees.

Can Australia dodge a recession?

Australia has been able to dodge a technical recession for almost three decades – but our luck could be about to run out. In recent weeks, the outlook for the Australian economy has turned decidedly more stormy, as commentators and even some of the big four banks see an increasingly likely possibility of a recession on the horizon.

Dark day for Geelong: City to bear the brunt of Ford Australia’s cuts

Ford Australia confirmed yesterday that about 400 jobs will be cut from its local workforce. One in five Australian Ford workers will be made redundant from September, with the majority of losses in product development and design. It’s understood around 50 blue collar workers will also go. With the majority of the job losses coming from the Geelong plant, this will have a significant impact on the local economy.

Millions of dollars in fines to punish online misinformation under new draft bill

Online platforms spreading misinformation could face millions of dollars in penalties under new proposed government legislation that bolsters the power of Australia’s media watchdog. Social media platforms, news-aggregators and even podcasts would all be subject to the regulator’s new powers.

Middle Arm Sustainable Development Precinct Includes Hydrogen Sourced From Natural Gas, Documents Show

Documents prepared by the Northern Territory government show so-called blue hydrogen requiring natural gas will play a significant role at the Middle Arm Sustainable Development Precinct on Darwin Harbour. Read more here.

The Stats Guy: Big Australia is coming — let’s not repeat past mistakes

Australia is very likely to grow by four million people per decade, so we can expect the population to reach 52 million in about 65 years. We must plan for this growth now, and we mustn’t repeat past mistakes, says Demographer Simon Kuestenmacher.

How to save on insurance as Australian firms hike premiums by up to 20%

If your car or home insurance is due for renewal, prepare for a shock. Many insurers are applying double-digit price hikes to premiums, significantly outpacing inflation. Check on ways you could save on insurance.

Needle-free vaccines

Australia has opened the doors to a vaccine skin patch manufacturing facility in hopes to reduce the complexities and costs associated with existing vaccines and be better position the country for future pandemics. Situated in Brisbane’s riverside suburb of Hamilton, biotechnology company Vaxxas expects to manufacture and distribute the first commercially available vaccine patches within three to five years.

Q&A: Tackling the plastic waste problem in the household product market

Meet Mike Smith, a serial entrepreneur behind Zero Co, a business that aims to solve the global plastic problem through large-scale cleanups and introducing a closed-loop solution for body and cleaning products.

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 2023 Activity Statement: 21 July 2023
July 2023 Activity Statement: 21 August 2023
August 2023 Activity Statement: 21 September 2023

BAS Quarterly Lodgements
4th Quarter 2022-23 (incl. PAYGI): 28 July 2023
1st Quarter 2022-24 (incl. PAYGI): 28 October 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
1st Quarter 2023-24: 28 October 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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