Blog

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

Despite all the doom and gloom on Australia’s economy, could the worst be behind us?

We hear about the ‘weakest growth in decades’ and being ‘smashed’ by the RBA, but positive tidings abound – if you want to look for them.

Economists think a rate cut is coming. Michele Bullock has bad news

RBA Governor Michele Bullock has poured cold water on the prospect of an interest rate cut anytime soon

9 insights on the Australian economy in June 2024

The Australian economy experienced modest growth of 0.2% in the June quarter of 2024. Key insights include wage growth, low household savings, rising inflation, and decreased household spending on discretionary items.

How to report if your social club is not income tax exempt

Your social club may not be eligible for income tax exemption and required to report as a taxable not-for-profit.

Australia’s economy is stalling and in need of better business conditions

The latest National Account figures revealed the economy is barely growing, with gross domestic product in real per capita terms down for an unprecedented sixth straight quarter. Business Council of Australia Chief Executive Bran Black said Australia was missing out on investment and economic growth because of increased red tape regulation, an inefficient tax system and uncertainty around project approvals.

Little progress on superannuation and other measures

In recent times, the government has proposed major, sweeping changes to the superannuation system. Although the measures were initially announced with years of lead time, little progress has been made on their implementation into law and much-needed preparation time is steadily ticking away.

Public spending keeps the economy going as the private sector is hit by rate rises

Fast rising interest rates have slowed the economy so sharply that only government spending is keeping it growing

Australia’s economy growing at slowest pace since 1990s recession, as households cut back on spending

Household consumption was weak in the June quarter, due to reduced discretionary spending.

New GDP figures ‘paint grim picture’ for businesses

The reflection of weak economic growth in the new GDP data will directly expose businesses to even tougher conditions and challenges, industry professionals have said.

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 Quarterly Lodgements
1st Quarter 2024-25 (incl. PAYGI): 28 October 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.
Ask us how you can get an automatic 4 week lodgement and payment extension.

Superannuation Guarantee contributions:
1st Quarter 2024-25 (incl. PAYGI): 28 October 2024
(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. Book a time to talk here https://calendly.com/mybookbuddy