Business Update Week 35 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
A survival guide for SMEs in the face of inflation
Inflation is a challenge for all businesses, but the sting is especially painful for SMEs. With limited resources, they can find themselves struggling to absorb costs associated with inflation, potentially leading them down the path of price increases and lost customers. This leaves SMEs struggling with the eternal question: pass on increasing costs to customers, or continue to absorb as much of it as possible?
Worst is over’, RBA boss declares
Outgoing Reserve Bank of Australia governor Philip Lowe has confirmed a “modest” rise in joblessness will be part of bringing inflation down. Lowe, who steps down from his role in September, faced a parliament grilling for the final time.
Forecast Aussie dollar will plunge to record low over next five years
Australians travelling overseas can’t help notice how weak the dollar currently is compared with other major currencies, but there is a warning it could plunge to a record-low 40 US cents in coming years.
‘A lot of questions’ for ATO after $1.6 billion paid to GST scammers
The Australian Taxation Office has “a lot of questions” to answer after a fraudulent scheme promoted by social media influencers cost Australian taxpayers more than $1.6 billion. The fraud involved more than 50,000 people creating fake businesses and income statements to receive unwarranted General Service Tax (GST) refunds from the ATO.
July sees unemployment rise: 3.7%
Australia’s unemployment rate experienced a notable uptick, reaching 3.7% in July, according to recent data from the Australian Bureau of Statistics (ABS).
Migration essential for our national prosperity
Migration remains central to the Australian success story. It enriches the social fabric of our nation, brings new ideas and international connections and strengthens our economy, Business Council chief executive Jennifer Westacott said.
NAB’s ‘World on Two Pages’
Hopes have been raised of a soft landing for the global economy, although a number of headwinds remain. For Australia, our forecasts for GDP growth have strengthened marginally but we continue to expect growth to be well below trend in 2023 and 2024 as the impact of rate rises flows through, according to recently released NAB economic commentary.
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How to access your super early when times are tough
Cost-of-living pressures and financial stress could make dipping into your superannuation tempting, especially when you have “control of the chequebook” as the trustee of an SMSF. If you’re considering pulling money out of your SMSF, don’t do it – even if you intend to put it back in.
Changes for Businesses coming on 1 July 2023
National Minimum Wage increase
From 1 July 2023, the National Minimum Wage will increase by 5.75%. This means the new National Minimum Wage will be $23.23 per hour, or $882.80 per week.
This increase will apply from the first full pay period starting on or after 1 July 2023. This means if your weekly pay period starts on Monday, the new rates will apply from Monday, 3 July 2023.
Learn more about the minimum wage increase.
Award minimum wage increase
Learn more about the award minimum wage increase.
Energy Bill Relief Fund for small businesses
Your business can get bill relief if you meet the small business electricity usage criteria in your state or territory.
You don’t need to do anything – if you are eligible, you will automatically receive bill relief on your electricity bills from 1 July 2023.
Learn more about the Energy Bill Relief Fund.
energy.gov.au
Super guarantee rate increase
From 1 July 2023 the superannuation guarantee rate will increase from 10.5% to 11%.
Learn more about super guarantee rates
Business name and company registration fees
Learn more about the company and business name fees increase.
Changes to workplace laws
The Australian Government has passed an amendment to the Fair Work Act to change a number of existing rules and introduce a range of new workplace laws.
Changes coming into place from 1 July 2023 include changes to the small claims procedure. The cap on the amount that can be awarded through small claims court proceedings will increase from $20,000 to $100,000, making the small claims procedure available to a greater number of workers.
Learn more about the changes to workplace laws.
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.)
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.