August 2024 E News

Welcome to our August newsletter. In this edition, we'll delve into the latest economic trends and business strategies to help you optimise your financial situation.

The recent market downturn, triggered by concerns over a potential recession, was particularly pronounced in the tech sector. Despite the initial volatility, the market has shown resilience, with investors focusing on factors beyond recession fears. The Federal Reserve's interest rate reduction indicates a cautious approach to stimulating economic growth, while locally, there is a growing expectation of a rate cut. To navigate the market effectively, investors should consider factors such as market sentiment, geopolitical events, economic indicators, and long-term trends. By maintaining a long-term perspective and making informed investment decisions, investors can mitigate risks and potentially improve returns.

Side Hustle or Hobby - what is the difference? A side hustle, an activity or job outside of your main job, can provide additional income. Whether it's considered a hobby or a business depends on its profit-making potential. If you sell your knitted scarves occasionally to friends and family, it's likely a hobby. However, if you aim to sell to a larger customer base, you may need to register it as a business. If your side hustle generates income, you must declare it on your tax return and may need to register for an ABN and GST. Balancing a job and a side hustle can be demanding, so it's essential to manage your time effectively and avoid burnout.

To ensure a smooth start to the new financial year, it's crucial to prioritise payroll governance. This involves accurate reporting of employee tax and super information through STP-enabled software, correct setup of STP reporting, withholding the right amount of tax, reporting fringe benefits tax, and calculating super guarantee correctly. By lodging STP reports with accurate information on time, you can streamline your tax reporting process, ensure accurate employee information is shared with government agencies, and avoid penalties for late or incorrect reporting. Good record-keeping practices are essential to help you meet your employer obligations.

Join a free online webinar on Monday, 9 September from 10:00 AM to 12:00 PM AEST, to kickstart your small business journey. Led by industry expert Graham Fitzpatrick, this webinar will cover essential topics such as finding your niche, creating a business plan, understanding legal requirements, exploring funding options, and setting up for sustainable growth. Whether you're just starting out or looking to expand your existing business, this session will provide valuable insights and practical guidance.

The Northern Rivers holds regular Community Events.  See what's on and keep up to date on all the fantastic opportunities available and help to support local.  There is plenty to do.

A reminder, there are some important lodgement dates to note this month.

Should you have any questions or require assistance with your tax planning, please don't hesitate to contact our team.

Wishing you a very Happy Father's Day.

The WD Nicholls Team

Market Volatility and the Tech Stock Sell-Off:

The recent market downturn, triggered by concerns over a potential recession, was particularly pronounced in the tech sector. The weak jobs data served as a catalyst, exacerbating existing fears of a slowdown in economic growth. This led to a significant sell-off in tech stocks, which had been a driving force behind the market's previous gains.

The market volatility extended beyond the United States, with the Japanese share market experiencing its worst day since 1987. This highlights the interconnectedness of global financial markets and the potential for shocks in one region to have far-reaching consequences.

Despite the initial downturn, the market has shown remarkable resilience. Investors seem to have dismissed recession fears and are focusing on other factors driving the market. This could be attributed to a combination of factors, such as corporate earnings, economic data, and geopolitical events.

Federal Reserve Interest Rate Reduction:

The Federal Reserve's decision to reduce interest rates by 0.25% indicates a cautious approach to monetary policy. While this move aims to stimulate economic growth, the Fed is also mindful of potential risks and uncertainties. The central bank is likely evaluating factors such as inflation, employment levels, and the overall health of the economy before making further adjustments to interest rates.

Locally, there is a growing expectation of a rate reduction towards the end of the year. However, this view is not unanimous, with many analysts still predicting a rate cut in the following year. The annual rate of headline inflation fell to 3.5 per cent in July, down from 3.8 per cent in June, which will be welcomed by the Reserve Bank.

Market returns for 2023/2024 (up to 30 August) are:

A side hustle is an activity or job outside of your main job that can give you extra income. 

Is my side hustle a hobby or a business?

A side hustle can be a hobby or a business.

Your side hustle may be a hobby if it is something you do in your personal time for your own enjoyment. However, if your side hustle is making a profit, then it may be more than a hobby.

For example, if you sell your knitted scarfs to friends and family as a one-off transaction, then it is not a business. If you want to start selling your knitting to a larger customer base, then you may need to register it as a business.

Your side hustle may be a business if you run or work for another business, such as in sharing economy.

Do I need to pay tax for my side hustle?

Yes, if your side hustle makes you money, then you need to declare it on your tax return. If you're unsure what to claim on your tax return, you can contact the Australian Taxation Office (ATO), an accountant or registered tax agent.

If my side hustle makes money, do I have to register it as a business?

Well, it depends. There is no one factor that determines if you're in business. If you intend to make a profit or want to start a business, then you should consider registering as a business.

To run a business, you may need to:

• register for Australian Business Number (ABN)

• register for goods and service tax (GST)

• claim tax deductions and business costs.

Can running a side hustle cause burnout?

Balancing a job and running a side hustle can be demanding. Here are some things to consider when running a side hustle:

• You may take on many roles to run your side hustle. If you feel too overwhelmed, consider decreasing your hours or outsourcing tasks.

• You may focus all your energy on your side hustle, which may decrease your performance at your main job. Make sure you work around your schedule and focus on one job at a time.

• You may work extended hours. Make sure you rest, recharge, and enjoy life outside of your job and business.

Source and credit: Business.gov.au

Do you employ staff? Start the new financial year on the right foot by keeping on top of your payroll governance. This will help you manage your payroll administration and meet your obligations as an employer. This includes:

• reporting your employees’ tax and super information through Single Touch Payroll (STP) – enabled software each time you pay them

• correctly setting up your STP reporting – this includes mapping pay codes and allowances in your software

• withholding the right amount of tax

• reporting fringe benefits tax

• calculating super guarantee (SG) correctly

• paying your liabilities in full and on time.

Lodging your STP reports with the correct information on time each payday ensures:

• the ATO can prefill your electronic activity statements in ATO online services with correct information – so you only have to give the ATO the information once

• your employees have accurate payroll information reported about them when they're interacting with other government agencies, such as Services Australia

• you're reporting your correct pay-as-you-go withholding and SG liabilities to the ATO.

If you've made a mistake, timely corrections are important. There is a list of STP reporting issues and errors and steps on correcting STP reporting on the ATO website.

Good record keeping practices are important to help you meet your employer obligations.

Make sure you:

• regularly review your payroll processes, including payroll obligations to the ATO

• keep up to date with any changes that could impact your business.

Source and credit: ATO.gov.au

FREE WEBINAR Monday, 9 September 10:00 AM - 12:00 PM AEST

Where

Online.

When

9 September 2024, 10:00 am - 12:00 pm AEST.

The presenter

Graham Fitzpatrick - Graham Fitzpatrick has a strong background in sales, business administration and management, marketing, business strategy, customer services and staff training, and having held multiple senior management roles through his career, mainly in media sales.

About

Join an online webinar designed to help you kickstart your small business journey. Whether you’re at the idea stage or already planning, our experts will guide you through practical steps including finding your niche, creating a business plan, understanding legal requirements, exploring funding options, and setting up for sustainable growth.

This session is perfect for anyone looking to turn their business dreams into reality.

Key takeaways:

• Research – Is your Business likely to be viable?

• Register – Set up legally and protect your business.

• Establishment – Get ready to sell your product/service.

About this webinar:

• This webinar is aimed at intender and start-ups within Western Sydney, and has a capacity to host up to 50 attendees.

• This webinar will take place on Zoom. You will receive the Zoom link in the confirmation email.

• Attending and logging into the live zoom will come out of your allocated business connect hours.

• This webinar will be recorded but only live attendees will receive the recording after.

To register your interest click the link below.

Source and credit: Business.gov.au

We always like to support our locals!  Here are some community events happening this month (in date order).

Byron Bay Community Market next date is Sunday, 1 September 2024 | 8:00 AM to 3:00 PM

The Byron Bay Community Market hosts an eclectic collection of market stalls that showcase what Byron has to offer.

The market is held from 8:00 am to 3:00 pm on the 1st Sunday of every month.

Road closures and traffic changes on market day

• Jonson Street is closed to traffic at the corner of Byron and Marvel Streets from 5am to 5pm.

• Traffic is diverted via Fletcher Street.

• The Lawson Street South carpark is closed from 5am to 5pm.

• There may be traffic delays are on Lawson Street between the Shirley Street and Jonson Street roundabouts between 6am to 8am and 3pm to 5.30pm.

• The railway carpark is open under traffic control via the laneway on Jonson Street.

• Traffic controllers will be in place on market day. 

Location: Byron Bay CBD, Railway Park, Jonson Street, Byron Bay

Council ordinary meeting next date is Thursday, 5 September 2024 | 9:00 AM to 6:00 PM

Council meetings are held in the Chambers. 

Go to How to join the meeting for ways you can participate in the meeting. 

A livestream is available to watch online. 

Questions about the meeting?

• Phone: 02 6626 7051

• Email: councillorsupport@byron.nsw.gov.au 

Location: Council Chambers, 70 Station Street, Mullumbimby

Brunswick Heads Market date is Saturday, 7 September 2024 | 7:00 AM to 2:00 PM

Immerse yourself in the charm of Brunswick Heads, a delightful beachside town 15 minutes north of Byron Bay.  Every first Saturday of the month, Memorial Park comes alive with artisan stalls selling everything from clothing and plants to delicious hot food, local produce, and unique handcrafted items. With free parking and everything within walking distance, exploring the markets is just the beginning.

Location:  Memorial Park, 11 Fawcett Street, Brunswick Heads

Byron Shire Council Election date is Saturday, 14 September 2024 | 8:00 AM to 6:00 PM

The next NSW Local Government Elections are scheduled to be held on Saturday 14 September 2024

Voting is compulsory. You are eligible to vote if you are:

• an Australian citizen

• 18 years or older

• living in NSW.

Visit the NSW Electoral Commission website to check:

• Your enrolment is up to date

• Key dates.

• FAQ page for more information on the election.

You can also call them on 1300 135 736.

Candidates 

To view the candidates visit the NSW Local Government Election Website. 

Polling locations

Visit Byron Shire Council - NSW Electoral Commission to see the address, opening times and accessibility details of each location

• Bangalow Public School

• Brunswick Heads Memorial Hall

• Byron Bay High School

• Byron Bay Public School

• Clunes Public School

• Federal Hall

• Newrybar Community Hall

• Ocean Shores Community Centre

• Ocean Shores Public School

• St Johns Multi Purpose Centre Mullumbimby

• Suffolk Park Community Hall

Pre-poll locations

Visit Byron Shire Council - NSW Electoral Commission to see the address, opening times and accessibility details of each location

• Byron Region Returning Officer's Office, Mullumbimby Civic Memorial Hall.

• Byron CoLab, 10-12 Shirley Street, Byron Bay.

Farm FIeld Day date is Saturday, 14 September 2024 | 9:00 AM to 12:00 PM

Karen and her team at The Paddock Project are inviting us for a tour of their market garden and Syntropic system. These gardens form part of the NDIS workers program they run there.

Rodrigo, the garden designer and syntropic guru, will lead the tour and explain the principles of syntropics.

This is a great way to learn about innovative farming techniques and their application in a community setting.

Catering

Tea, coffee and snacks will be provided.

The food truck on site will be serving lunch for those wanting to buy a bite to eat after the tour. 

What to bring

• Appropriate walking closed shoes.

• Sun protection.

• Water bottle. 

Get tickets

Please purchase a ticket from the humanitix event listing to register your attendance. Spaces are limited. 

If your plans change and you can no longer make it, please let us know so that we can open your ticket up to someone else on the waitlist. 

About The Paddock Project

Small working farms like this are a real treasure.

Their farm stall is open all week with hours extending to 6pm on Wednesdays.

Location:  64 Argyle Street, Mullumbimby

Mullumbimby Community Market next date is Saturday, 21 September 2024 | 8:00 AM to 2:00 PM

The Mullumbimby Community Market is held on the third Saturday of each month from 8:00 am to 2:00 pm.

Location: Corner of Stuarts and Myocum Streets, Mullumbimby

Lunch for Koala's date is Saturday, 21 September 2024 | 12:00 PM to 2:00 PM

Friends of the Koala is hosting a Save the Koala Day luncheon to raise money for the organisation.

The luncheon will be held at Crystalbrook Byron Bay on 27 September 2024.

The guest speaker will be Geoff Cousins AM.

The cost is $120 per person which includes lunch and a glass of bubbly on arrival.

Click here to book: https://friendsofthekoala.org/save-the-koala-day-lunch/

Location: Crystalbrook Byron Bay, 77-97 Broken Head Road, Byron Bay

Source and credit: Byron.nsw.gov.au/Recreation-Culture/Events-Venues/Whats-On

If you wish to arrange a telephone appointment or zoom meeting with one of our team please contact our office either by telephone or email.

Key lodgment and payment dates for business

21 September

Activity statements

• August monthly activity statements – final date for lodgment and payment.

30 September

Single Touch Payroll (STP) closely-held payees

• End-of-year finalisation declaration through STP for closely held payees due for employers who have both closely held payees and arm's length employees.

Annual TFN withholding report

• Annual TFN withholding report for closely-held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the previous financial year – final date for lodgment.

Source and credit: ATO.gov.au