Business Update Week 41 2023

09/10/2023 | My Bookkeeping Buddy

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

Australian house prices smash records, fully reversing 2022 lows

Home buyers and sellers have expressed confidence in Australia’s housing market, leading to the full reversal of the most rapid decline in house prices in recent history.

Five key changes to welfare and work rules in Labor’s employment white paper

Treasurer Jim Chalmers handed down the Employment White Paper on Monday, laying out how the federal government is preparing for the skills and employment needs of the future. The Business Council of Australia has responded.

Recent trends in Australian productivity

The recent trends in Australian productivity have been published by the RBA. Stephen King, Professor of Economics at Monash University delves into what he describes as bigger reasons for our sliding productivity growth.

Australians eye early super access

More than half of Australians would tap into their superannuation savings early if given the opportunity, with the main drivers being the increasing costs of living and the aspiration of homeownership, according to research conducted by a financial product comparison website.

Business delegation on SA Premier’s China trip ‘buoyant’ on future outlook

One of Australia’s leading winemakers travelling in a special delegation to China reveals why he is so optimistic about the future.

The Global & Australian Economic Outlook in Brief: September 2023

Global inflation was higher in July, although this uptick was not broad based – concentrated in a few key emerging markets. For Australia, our forecasts for GDP growth have strengthened marginally, reflecting a slightly stronger than expected result for Q2.

Commonwealth Bank triples fees for depositing cash

Commonwealth Bank of Australia (CBA) has come under fire for more than tripling the fee for business owners depositing cash into their accounts.

Sluggish retail growth as consumer spending hits historic low

An early start to warm weather, the Women’s World Cup and Afterpay Day kept Australians spending in August. Yet the 0.2% lift in retail sales was modest given those extra reasons to spend, strong population growth, and still-high inflation. ABS head of retail statistics Ben Dorber said the subdued rise suggested consumers were tightening their belts in response to cost of living pressures.

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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