Business Update Week 32 2022

08/08/2022 | My Bookkeeping Buddy

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

Business Council suggests rebranding to entice overseas workers

To help weather the storm of high inflation, supply chain issues, and a skilled worker shortfall, Business Council of Australia released a paper proposing we “rebrand” to convince foreign workers to relocate here and help the economy.

Economy in trouble as demand for iron ore falls

With China’s demand for iron ore continuing to fall, economists worry that Australia’s luck has run out when it comes to dodging recessions.

Australians warned to brace for significant power bill hikes

A new report reveals prices in the country’s electricity market have surged to their highest ever levels, and there’s no sign that they’ll slow down.

Rising interest rates will hit low-income earners the hardest

With interest rates still on the rise, economists point out that wages are currently disinflationary because in the past 12 months prices have risen by more than double that of wages.

Some will benefit from rising interest rates

There are, however, some winners in the interest rate rise: retirees and people who locked in fixed rates before the cycle changed.

… but not those who locked in to fixed rates recently

Since rates were historically low, an unusually high number of Australians locked into fixed mortgages during the pandemic. With a steep rise now here, some may see their payments go up by as much as 2-3 times what they originally paid monthly, forcing them to sell.

The spending habits making cost of living even worse

During the pandemic, buying something with a tap to be delivered directly to your home became the norm. But with costs rising quickly, most of us have now become used to ordering anything at any time, and we’re paying for it.

Sign of the times: the ‘shoilet’

A rental property listing in Adelaide went viral this week for showcasing an oddity in the bathroom: a combined shower and toilet. The listing provided a bit of comic relief in the tough rental market, with vacancies sitting at about 0.3%. The shoilet can be yours for an economical $290 per week.

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
July 2022 Activity Statement: 21 August 2022
August 2022 Activity Statement: 21 September 2022

BAS Quarterly Lodgements
1st Quarter 2023 (incl. PAYGI): 28 October 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:
1st Quarter 2023: 28 October 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.)

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