Business Update Week 49 2022

05/12/2022 | My Bookkeeping Buddy

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

RBA governor says it’s “regrettable” that some Australians now have mortgages they can’t afford

At a Senate estimates hearing on Monday, Reserve Bank governor Philip Lowe apologised to Australians who took out a home loan due to the RBA’s guidance that interest rates would stay the same until 2024.

Workers should expect to earn less in real wages next year

Lowe also warned us to brace ourselves for fresh economic pain, saying that workers should not expect a pay rise in line with the rate of inflation – which he anticipates will continue to rise.

Bunnings expected to cut 300 staff

The hardware giant is one of Australia’s biggest employers, but multiple insiders report that a recent review of the company’s back office will result in mass layoffs. A Bunnings spokesperson denied the rumour but did say they are in the process of preparing their structure for the future.

Amazon workers strike during Black Friday

Amazon workers in over 40 countries staged Black Friday strikes and protests. Employees are demanding better wages and conditions.

Australian mortgages among the “worst” in the world

The majority of Australian mortgage holders have variable rate mortgages, meaning they’re at the mercy of rising interest rates. Many are approaching a point of complete mortgage affordability because of it.

Thousands more welders needed

Weld Australia says that we are facing a shortfall of 70,000 welders by 2030 unless radical action to attract more is taken. The shortage would disrupt our drive for renewable energy infrastructure.

Family dairy farm challenges the status quo by offering direct-to-consumer milk in a glass bottle

In 2018, dairy farmer Shane Hickey went viral with a video explaining that he made $2.46 per hour by providing his milk to big supermarkets, and calling on them to pay dairy farmers more. They didn’t respond, so Shane changed his business model – and now it’s truly fair and sustainable.

30,000 Australians lost money in the FTX collapse

Some people lost their life savings and then some in the spectacular collapse of the FTX cryptocurrency exchange earlier this month. The Guardian provides an in-depth view of some of their stories.

Traditional Christmas lunch may turn out just fine

Though floods, supply chain disruptions, war in Ukraine, and the rising cost of fuel and fertiliser have made food costs go through the roof this year, there is some good news – the makings of a traditional Christmas lunch might actually be attainable.

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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