Business Update Week 33 2022

15/08/2022 | My Bookkeeping Buddy

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

Markets continue to wobble

The ASX followed Wall Street’s shaky lead last week, closing flat. Traders are reacting to a handful of uncertainties including surging inflation, recession fears, ongoing supply chain issues, and record low unemployment.

What rising interest rates mean for those who don’t have a mortgage

It’s no secret that interest rates have been steadily rising, and homeowners are likely feeling the pinch. But what about those of us without a mortgage? ABC News breaks it down here.

RBA feels real disposable income will continue to fall into 2024

The Reserve Bank said this week that the poor and marginalised in the community will feel the tightening of its monetary policy the most. As the cost of living crisis continues, it now admits that that poorer Australians may not have enough of a buffer to weather the storm.

Single touch payroll phase 2 is coming

STP2 began January 1, but many companies deferred that to the end of 2022. However, with the grace period rapidly coming to an end, it’s time for companies to turn those functions on. Details can be found here.

Experts warn rental housing crisis can still worsen

Australian renters are reporting price increases of up to $150/week. With a widespread renting supply crisis, many are wondering what can be done to fix the situation.

How an economic downturn can benefit your business

Economic downturns are rarely regarded as good news, however there are many historical examples of businesses that have made the most of these times and come out on top.

What is “quiet quitting” and who’s doing it?

As more and more Australians report feeling burnt out and overworked, the “quiet quitting” trend doesn’t mean you actually quit your job – it just means you quit the idea that it has to take over your life.

Airports searching for thousands of workers to fill vacancies

Brisbane airport is looking to fill 2000 positions, ranging from engineers to gardeners. Air travel has become increasingly chaotic in recent months as demand surges and job vacancies continue.

Twitter skewers Musk for trying to kill deal

A new court filing from Twitter dismisses every complaint Elon Musk has made about Twitter since backing out of his botched US$44 billion offer to purchase the company, saying they are “factually inaccurate, legally insufficient, and commercially irrelevant.”

Qantas executives asked to work as baggage handlers

In an attempt to remedy a severe labour shortage, Australian airline Qantas has asked senior executives to step in. They will be loading and unloading bags as well as driving luggage transportation vehicles for three months.

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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