Business Update Week 32 2023

07/08/2023 | My Bookkeeping Buddy

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

Another 1.3 billion consumers will shop online by 2027

Online retailers should be gearing up for the addition of a further 1.3 billion consumers worldwide joining the ranks of online shoppers by 2027, says market research firm Juniper Research.

Not fair on consumers, not good for business’: Financial complaints hit new record

Consumers in dispute with financial firms lodged a record 96,987 complaints with the Australian Financial Complaints Authority (AFCA) in the 2022-23 financial year, representing an unprecedented rise of 34 per cent while the surge was higher still for buy-now pay-later (BNPL) customers and scam victims.

Family caught in insidious app hack

A family have revealed how they almost lost it all after hackers stole their identity after their MyGov account was hacked last year.

Speculation about Target’s future after $10bn mega merger with Kmart

After years of Target shrinking as Kmart soared, there is speculation a $10 billion mega merger could be the death knell for the struggling retail icon.

Seamless travel between Australia and New Zealand is one step closer

Prime Minister Anthony Albanese and his New Zealand counterpart Chris Hipkins today announced they will create a 12-month expert group to explore easier travel across the Tasman Sea. That working group will report back by the end of June 2024.

From coffee cups to takeaway containers, is the end of single-use plastics on the horizon? That depends on where you live

Each year, Australians consume close to 3.5 million tonnes of plastic, with single-use plastics making up about 30 per cent of that. Each year, WWF-Australia releases a scorecard assessing state and territory governments’ progress in phasing out 13 of the most problematic and unnecessary single-use plastic products.

Will modular reactors pave the way for Australia to embrace nuclear energy?

Can modular reactors actually get Australians to embrace nuclear energy after all these years of basically saying “not in my backyard”? And what are modular reactors anyway?

Tech Council of Australia to push for digital identity

The Tech Council of Australia has created a new working group designed to advocate for reform on both digital identity and digital credentials initiatives. The working group will be led by former NSW minister for customer service and digital government, Victor Dominello.

Details of 5,500 Google accounts handed over to Australian authorities

In one year, tech giant Google received over 6,300 requests from Australian authorities to disclose user data. Google ended up agreeing to 5,525 requests from Australian authorities, likely including law enforcement and online safety agencies.

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
August 2023 Activity Statement: 21 September 2023
September 2023 Activity Statement: 21 October 2023
October 2023 Activity Statement: 21 November 2023

BAS Quarterly Lodgements
1st Quarter 2023-24 (incl. PAYGI): 28 October 2023
2nd Quarter 2023-24 (incl. PAYGI): 28 January 2024
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 2023-24: 28 October 2023
2nd Quarter 2023-24: 28 January 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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