Business Update Week 39 2022

26/09/2022 | My Bookkeeping Buddy

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

Unprecedented rental demand could affect interest rates

As the RBA raises the cash rate to ease inflation, the astounding rise in rent prices will begin to factor into the inflation data – leading to higher interest rates.

Air New Zealand flies nonstop from Auckland to New York for the first time

It’s the first nonstop AKL-JFK flight, and is seen as a cheeky move towards Australian competitor Qantas, which has no comparable route. The flying time was a little over 16 hours.

Coming soon: an electric vehicle that can tow your caravan

While there is no solid release date yet, some manufacturers have planned an Australian release for vehicles with truly hefty towing capabilities.

Paying off your mortgage is the best move if you can manage it

While it can be tempting to continue with minimum payments on an investment property to gain the tax rebate, you’re really only coming out ahead if you don’t have the equity to pay the mortgage off, or if you are earning more in interest elsewhere.

Renewable energy transition is well underway, but we have a storage problem

Last week, the share of power being generated from coal and other fossil fuels dropped to record lows, as solar and wind power shares leapt to new records. However, the excess produced by renewables showed the growing need for storage to soak up the extra capacity produced.

Low demand for coal spells trouble in WA

Despite skyrocketing prices for the commodity on global markets, Griffin Coal was put into receivership last week. As renewable power sources increase, the coal industry is having trouble figuring out how to remain profitable as demand for its product shrinks but is still important sometimes, especially during extreme weather.

Australia just might dodge this recession

Despite other developed economies being tipped for recession, we’re sitting in a good position. Because of high export prices and a weak currency, Australia is benefitting from a cash windfall that could see us through.

Is the property market about to go haywire again?

A recent report from ANZ pegs property values to drop by an average of 20 per cent before the markets recover. However, with a $3.78 trillion difference between their last forecast and what actually happened, some people are questioning whether these forecasts carry any weight.

Experts warn of a rate cliff for many Australians coming by the end of the year

Borrowers who are on fixed interest home loans that are about to expire could suffer a huge price increase between now and the holiday season. Recent data shows that 25 per cent of borrowers are already struggling to pay their monthly home loan.

Are you ready for Christmas?

Customers were shocked last week to see Kmarts all over the country getting out their Christmas displays already – more than 100 days before Christmas.

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
September 2022 Activity Statement: 21 October 2022
October 2022 Activity Statement: 21 November 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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