Business Update Week 35 2022

29/08/2022 | My Bookkeeping Buddy

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

40,000 more migrant workers per year required to fill skills shortage

While unions and employers agree that a large increase in migrant workers is necessary to fill Australia’s skills shortage, there is disagreement on how the intake should be funded.

New average full-time wage revealed

The latest earnings report from the Australian Bureau of Statistics has revealed that $92,000 per year is the new average wage. While full-time earners got a 2.9% raise on average last year, it’s only about one third the rate of inflation, which means real wages are sliding backwards.

Ways for women to top up their super

On average, there is a $51,000 difference between men and women when it comes to how much is in their super for those ages 55 to 59. Several factors contribute to the difference, including time away from the workforce to raise children and lower comparative wages.

Flu and Omicron resulted in twice as many sick days taken in July

Millions of people were off work sick last month, as an Omicron wave was felt across the country and influenza rates were high. The number of sick days taken were double what they would be in an average July.

Unemployment and number of jobs falls further

With unemployment already at its lowest rate in nearly 50 years, it still fell even lower last month to 3.4%. However, the number of people working also dropped as over 40,000 jobs were lost last month overall.

The peaks and pitfalls of a side hustle

Some people are earning thousands from having a side hustle. An expert shares some tips on how to make it worth your while and to avoid surprise tax implications.

Chiropractors call for improvement to home workstations

More than 40 per cent of Australians working from home do not have a suitable workstation or the correct equipment, a new study from the Australian Chiropractors Association (ACA) has found. The organisation issued a health warning after a noticeable spike in people presenting with work-related injuries.

Fuel costs are the greatest concern for all age groups amidst cost of living crisis

The most recent Urban Mobility Trends report revealed that the single biggest cost of living concern for Australians is fuel. Groceries, electricity, insurance, and rent or mortgage payments round out the list of concerns.

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 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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