Business Update Week 34 2022

22/08/2022 | My Bookkeeping Buddy

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

Economist predicts rising interest rates will soon finally ease

Independent economist Saul Eslake predicts that interest rates will settle somewhere around 2.5% by the end of the year.

Vegetable prices set to get back on track

Growers are reporting that they are starting to catch up after flooding devastated farms in large areas of NSW and Queensland. The floods caused the price of staples such as lettuce to skyrocket, but now that crops are recovering, prices are expected to normalise.

Signs emerge that the rental crisis has peaked, but many renters in trouble as costs are at an all-time high

The pandemic brought a slew of changes in the rental market as people transformed extra bedrooms into offices and prioritised having their own space. With rental rates hovering at less than 1 percent and not shrinking further after extreme rental price hikes, some think the crisis has finally peaked.

Supermarket network owner gives stores instruction to stop raising food prices

Metcash, the company that runs both IGA and Foodland, has told its stores not to increase prices further even as inflation soars because it will actually make them less money.

Tourism not recovering as expected

Despite the doors being open for tourists, numbers are still way lower than expected when compared to pre-pandemic levels. Some theories for the low number of visitors include international conflicts and fewer Chinese nationals choosing to holiday in Australia.

A whopping 9/10 Australian households is struggling to manage regular bills

A new Choice survey has revealed that 90% of respondents reported struggling to manage their day-to-day household bills with the rising cost of living. Health insurance and utilities are the biggest burdens.

RBA explores digital currency options

With crypto in the news so often lately, and not for positive reasons, why is the RBA considering its use for itself? A year-long research project with the Digital Finance Cooperative Research Centre is underway to determine the viability of a digital currency.

PM orders probe into Morrison’s ministry grab during pandemic

The government is investigating claims that former prime minister Scott Morrison secretly gave himself powers to jointly run the health, finance and resources ministries during the COVID-19 pandemic.

26-year-old businessman sets record with house purchase

Millennial crypto tycoon Ed Craven has set a new real estate record with the purchase of an $88 million Melbourne mansion. It is the highest price paid for a home in Victoria, and third highest property sale in Australia.

How and when to ask for a pay rise

It can be difficult to do, but with the cost of living and inflation both rising, it might be a good idea to consider asking for one. A roundup of tips for getting the conversation started can be found here.

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.)

Blog