Business Update Week 48 2022

28/11/2022 | My Bookkeeping Buddy

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

More than one-third of Australians experiencing financial hardship

New data from NAB has revealed that a third of us are really feeling the pinch – with some unable to pay bills. The bank encouraged those struggling to seek help early if having trouble paying on time.

The “buy now, pay later” free-for-all is likely coming to an end

Such services, such as Afterpay or Zippay, could soon require the same financial checks as getting a credit card. The crackdown comes as many customers find themselves in hot water, unable to pay back what they borrowed.

Greens want jobseekers to be allowed to earn more without penalty

The Greens want to amend the government’s pensioner workforce incentives bill to allow those on jobseeker payments to earn more in wages before their allowance is reduced. They argue that the change is necessary if the unemployment benefit isn’t raised.

Wages show signs of rising, but lag far behind inflation

Australian wages are currently growing at 3.1% – more than half the pace of inflation which sits at 7.3%. While the rise is promising, experts say standards of living will fall if they don’t keep up.

Deliveroo collapses suddenly, blindsiding employees and customers

Experts say it could be the one of several meal-delivery services to disappear due to challenging economic conditions. Prices for deliveries will likely also rise to make the industry more sustainable.

Not even Christmas looks cheerful to businesses

New figures from Business NSW showed that the business confidence index (BCI) came in at negative 64.3 – a level of pessimism equal to that seen in the pandemic and the Global Financial Crisis.

New Zealand moves to lower the voting age to 16

In a landmark decision, the New Zealand supreme court ruled that the existing age of 18 was discriminatory and breached the human rights of young people. Prime Minister Jacinda Ardern responded by stating that the government would draft legislation to change the voting age to 16.

The Covid-19 pandemic caused us to develop a very unusual pastime

Health measures have varied over the past few years, with government officials asking us to do our part to keep social gatherings to a minimum. Apparently many of us enthusiastically began reporting our neighbours over secret birthday parties and large food orders.

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
November 2022 Activity Statement: 21 December 2022
December 2022 Activity Statement: 21 January 2023

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:
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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