Weekly Update – Week 40 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Survey reveals Australian CEOs confident of economic improvement
KPMG CEO Andrew Yates has revealed some of the big economic pressures that chief executives are currently feeling at the moment. Mr Yates joined Sky News Business Reporter Ed Boyd to discuss KPMG’s annual CEO survey that revealed one in two CEOs are expecting weak growth, many are investing in Generative AI, most believe office workers will be back full-time within three years, and ESG expectations are a major focus.
Final budget result delivers $15.8 billion ‘back-to-back’ surplus due to lower spending
A drop in spending has netted the federal government a $15.8 billion surplus for the most recent financial year, despite the government’s tax take also falling in that time. The final budget outcome is $6.4 billion better than the $9.3 billion surplus forecast in May.
Australia’s lithium mining boom hit by sagging prices
Often called “white gold” and the key component in rechargeable batteries, the metal lithium is so light that it floats on water, but its price has sunk like a stone over the past year. Due to a combination of falling sales of electric vehicles, and a world oversupply, external of lithium ore, the cost of the main lithium compound has fallen by more than three quarters since June 2023.
Association of Superannuation Funds of Australia research reveals Aussies are struggling to seek advice on superannuation
Many people struggle to keep on top of their personal finances, but one trend in particular could leave Australians “poorer” as they head towards old age. Research has shown almost half of Australians have never sought advice about retirement.
Australian-owner Wesfarmers launches OnePass to take on global retail behemoth
Australia’s biggest retailers have united to take on online global retailers, launching a four-day shopping event to rival competitors like Amazon.
67 per cent of supermarket spend happens at Coles and Woolworths
ACCC Deputy Chair Mick Keogh says “67 per cent” of spending at supermarkets happens at Coles and Woolworths. A report from Australia’s competition watchdog on supermarkets has found Coles and Woolworths hold significant numbers of undeveloped supermarket sites, which could prevent competitors from building new stores.
Household wealth up 1.5% in June quarter
Household wealth rose for the seventh consecutive quarter (up 1.5 per cent or $250 billion) in June 2024, according to figures released by the Australian Bureau of Statistics (ABS).
ACCC fines EnergyAustralia $14m for misleading pricing statements
The Federal Court has whacked one of Australia’s “big three” energy retailers with a $14m fine for misleading customers over prices. The court ordered EnergyAustralia, a major electricity and gas seller, to pay the penalty for making false, misleading or deceptive statements to hundreds of thousands of consumers about electricity prices and for failing to provide mandatory information required by the Electricity Retail Code.
Negative gearing not ‘poison’ destroying Australia’s housing market
Assistant Professor of Economics at George Washington University Steven Hamilton has urged negative gearing is not the “bad guy” and is a perfectly “normal” part of the tax system. “I think the trouble with this discussion is the focus of the public discussion is all about negative gearing but if I think about the way we tax investments in Australia, it’s poor, we don’t do it well and that has nothing to do with negative gearing,” Mr Hamilton told Sky News Australia.
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
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