Business Update Week 45 2022

07/11/2022 | My Bookkeeping Buddy

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

ASX rises in anticipation of RBA rate hike

The stock market rallied a bit on Monday in anticipation of the latest rate hike from the Reserve Bank. The performance mirrored other world markets, with many investors hoping that the end of runaway inflation is in sight.

Why grocery staples cost more

New data from the Australian Bureau of Statistics confirmed last week what we all know already – the cost of a basket of goods from the grocery store costs a lot more than it did at this time last year.

Reserve Bank reports $40bn loss due to Covid-era bond-buying program

The Reserve Bank joined the government in its efforts to keep the economy afloat by buying bonds. The bank’s capital is expected to be restored over time and will not affect operations.

Ukraine ships record tonnage of grain despite warnings from Russia

A large handful of vessels loaded with grain left the port of Odesa on Monday. The shipment is a joint effort supported by the UN and Turkey and is meant to stave off a global hunger crisis.

Government promises relief as power prices surge

Ahead of the RBA’s rate hike, Albanese pledged that the government will do what it can to ease the pain of soaring energy costs.

House prices dip, but it’s not time for homeowners to panic

While experts say it’s true that housing prices have started to fall, they are still far above pre-pandemic levels. They maintain that homeowners shouldn’t be too worried, as interest rates cannot rise forever and eventually the market will stabilise.

Time for Elon Musk to make his Twitter takeover pay off

Sydney Morning Herald business columnist Elizabeth Knight argues that with Musk’s fumbling Twitter takeover now complete, the billionaire has but one chance to make it work.

China’s workers flee Apple’s biggest iPhone factory following COVID-19 outbreak

The massive factory complex in Zhengzhou city was hit with a wave of COVID-19, causing thousands of employees to flee. About 200,000 people work at the factory. It’s unclear how the outbreak will disrupt production.

Investors taking a second look at crypto

Though it’s been a rough go for cryptocurrencies this year, some are reconsidering it as a form of investment as inflation continues to soar.

How to ease “beginner’s mind”

Learning new skills as an adult can be extremely intimidating, and is anxiety-inducing for some. But, many of us are grappling with the reality of being a beginner as we switch careers. Learn four key ways that you can embrace the transition here.

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
October 2022 Activity Statement: 21 November 2022
November 2022 Activity Statement: 21 December 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.
2nd Quarter 2023 (incl. PAYGI): 28 February 2023
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.)
2nd Quarter 2023: 28 February 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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