Business Update Week 38 2023

18/09/2023 | My Bookkeeping Buddy

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

Consumers opt for convenience and money-saving technologies amidst higher cost of living

Budget-conscious Australians are redirecting funds towards essential goods and services or savings, and changing their shopping and spending habits in response to cost of living pressures, a new CommBank survey shows.

Rethinking taxation for Australia’s future

A lively panel discussion on tax, climate and the economy kicked off at The Tax Summit 2023, hosted by The Tax Institute (TTI), with panel speakers sharing frustrations and hope over the country’s strides towards true reform and a better Australia for future generations.

The reason why Australia’s two wind tower producers have no orders

Australia’s two wind tower producers have called for supply mandates to ensure Australian businesses do not lose out to cheaper overseas alternatives during procurement rounds for energy developments.

Australia’s economy is smaller than a year ago on a per capita basis

Australia’s economy has shrunk on a per capita basis, similar to the Global Financial Crisis and the 1990s recession. Greg Jericho analyses the reasons for this and the outlook.

Strikes start at major Chevron Australia LNG projects, no talks planned

Workers at Chevron’s (CVX.N) liquefied natural gas (LNG) projects in Australia went on strike on Friday after talks broke down, potentially disrupting output from facilities that account for over 5% of global supply.

ASIC sues AustralianSuper over multiple superannuation accounts

ASIC alleges that for almost ten years, AustralianSuper failed to have adequate policies and procedures to identify members who held multiple AustralianSuper accounts and to merge those accounts, where merger was in the member’s best interests.

Australia’s economy continued to slow in June quarter, households finding it harder to save

Australia’s economy has recorded a slower annual growth rate of 2.1 per cent, according to the Australian Bureau of Statistics (ABS).

Airfares set to fall by end of next year but travellers unlikely to see return of pre-COVID pandemic prices

Aviation expert Keith Tonkin has weighed in on when he expects airfares prices to fall as the demand for overseas travel outstrips available supply.

Open skies, scholarships and less red tape: Albanese pushes new economic growth strategy in Asia

Cutting business red tape, boosting scholarships, and freeing up the aviation sector are among the changes flagged in a Southeast Asian trade strategy unveiled by Prime Minister Anthony Albanese in Jakarta.

Identity theft sparks concern over proposed National Digital ID

“There is a growing trend of scammers impersonating government organisations, including myGov and Services Australia, to try and steal myGov sign-in credentials and other personal information, such as bank details,” said General Manager at Services Australia, Hank Jongen.

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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