Business Update Week 39 2023

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

The dream of business ownership is drifting out of reach for young Aussies

In the past, starting a business was a young person’s golden ticket to financial independence. Today, however, for many young Australians, this dream is drifting out of reach.

August unemployment rate remains firm at 3.7%

The latest employment data released by the Australian Bureau of Statistics (ABS) reveals that the unemployment rate remained steady at 3.7 per cent in August, when adjusted for seasonal variations.

Piggybank killer: Cashless society unstoppable, expert warns

The move by a major Australian bank to phase out cash and cheques appears to be the latest chapter in the relentless march to a cashless society as more people embrace electronic payments.

Hands off superannuation: Calls to protect retirement funds

The objective of super could open the door for the government to use Australia’s $3.5 trillion superannuation savings for nation-building initiatives, said the head of one of Australia’s financial associations.

Huge miscalculation in population growth leaves Australia’s future uncertain

A whopping three million more people than anticipated are calling Australia home and that’s not the only miscalculation that was made 20 years ago

Incoming Productivity Commission Chair says Australians should pay inheritance taxes

Australians could soon be grappling with the possibility of taxes on inheritances after incoming Productivity Commission Chair Danielle Wood said there was “simply no policy justification” for how little tax retirees allegedly pay.

Full steam ahead: Gas industry pumps $120b into economy, up 42 per cent

The gas industry generated $121 billion for the economy last year, up 42 per cent on the previous COVID-19-impacted year, the head of the sector’s peak national body says.

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 2023 Activity Statement: 21 October 2023
October 2023 Activity Statement: 21 November 2023
November 2023 Activity Statement: 21 December 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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