Business Update – Week 5 2022

Welcome back to our Weekly Digest. The kids are  back at school this week and Life is returning to our new Covid Normal. Read on for the latest updates and some items to help you in your business.

Learn How To Protect Yourself Online

Australian small and medium-sized enterprises (SMEs) and individuals and vulnerable groups like older Australians, continue to be targeted by malicious cybercriminals looking to steal money and data.

In the 2020–21 financial year, the Australian Cyber Security Centre (ACSC) received over 67,500 cybercrime reports, an average of one every eight minutes. This is an increase of nearly 13 percent from the previous financial year.

In continuing to support businesses and individuals, the ACSC is expanding their Australian Cyber Security Hotline (1300 CYBER1) to offer all Australians on-call help and advice.

The Hotline operates 24 hours a day, seven days a week, ensuring cyber security advice and technical assistance is only a phone call away.

In addition to the Hotline, the ACSC has released new online learning resources offering simple-to-follow cyber security advice for all Australian businesses and individuals.

STP Phase 2 Reporting Transition Support

Single Touch Payroll (STP) Phase 2 reporting has begun.If the payroll solution you’re using is ready, then you should start STP Phase 2 reporting now.

You will be considered to have transitioned on time if you start before 1 March 2022.

Remember some software is not ready and have been approved for an extension which will apply to your business also. Contact your payroll solution or check their website for further information.

Director ID Applications

You can apply for your Director ID at Australian Business Registry Services (ABRS).  Your accountant of bookkeeper cannot do this for you as you must verify your identity. The date you need to apply by will depend on when you became a director:

  • If you were a director on or before the 31 October 2021: 30 November 2022.
  • If you became a director between 1 November 2021 and 4 April 2022: 28 Days from appointment.
  • If you plan to become a director after 5 April 2022: apply prior to their appointment.

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
January 2022 Activity Statement: 21 February 2022
February 2022 Activity Statement: 21 March 2022

BAS Quarterly Lodgements
2nd/December Quarter 2022 (incl. PAYGI): 28 February, 2022

Superannuation  Guarantee contributions:
2nd/December Quarter 2022: 28 January, 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.)

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

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