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May 2024 E News

In this month's market update, May saw a tale of two hemispheres in global share markets. While the US (S&P 500) and Europe (FTSE 100) grappled with inflation, rising interest rates, and geopolitical tensions (leading to declines of 3.2% and 2.8% respectively), the Australian market (ASX 200) surprised with a marginal gain of 0.3%. This resilience stemmed from Australia's strong resource sector, with companies like BHP benefiting from high demand for iron ore and coal. Healthcare and Energy sectors also thrived, while Utilities and Financials saw slight dips. The upcoming US Jobs Report in June will be a key indicator for future market direction.

If you have received personal services income (PSI), you need to determine if the PSI rules apply to that income. To determine if the special tax rules for personal services income (PSI) apply to you, first check if you qualify as a personal services business (PSB) by meeting a 75% results test on your PSI income or passing other PSB tests. This applies to each individual generating PSI in a company, partnership, or trust. If you qualify as a PSB, the PSI rules won't apply. Otherwise, the PSI rules will impact your tax deductions but won't affect your business relationships or registration status.

Starting 1st of July, new trust tax return reporting comes into effect for small business owners acting as trustees or trust beneficiaries. The Australian Taxation Office (ATO) is adding details to the trust tax return's statement of distribution section, including 4 new capital gains tax labels. This expanded information will provide beneficiaries with everything they need to complete their trust income reporting obligations. Trustees are encouraged to share this information with beneficiaries to streamline the process. Beneficiaries will also encounter a new form called the trust income schedule lodged with their tax return. 

For the 2024-25 financial year, car tax regulations will change. Income tax allows a maximum depreciation value of $69,674 on business vehicles purchased during this period. Businesses can claim deductions for the business portion of a car's use, requiring proof of usage percentage. GST credit is capped at $6,334 (1/11th of the car limit) for cars exceeding this limit, and luxury car tax thresholds are set at $91,387 for fuel-efficient vehicles and $80,567 for others. Be wary of schemes to evade luxury car tax by having someone else purchase the car at a discount.

Thinking of taking your small business in Western Sydney to the next level? This webinar will equip you with the leadership skills to navigate change and growth. Get online on Tuesday, June 18th from 10:00 am to 12:00 pm AEST. Business guru Jane Tweedy will guide you through the evolving landscape of leadership, from self-management to leading a successful team. Here's what you'll gain; an understanding of the importance of leading by example, discovering modern leadership skills to empower your team and learning essential change management techniques. This free webinar is perfect for both new and established business owners. Space is limited to 50 attendees, so register via Zoom today! (Click link below).

CSIRO Kick-Start is an ongoing program that helps Australian startups and small businesses access research expertise and capabilities by providing matched funding between $10,000 and $50,000. Eligible businesses can use these funds to cover research costs like salaries, travel, or external services to develop new ideas, improve products, or test novel materials. To qualify, your company must be registered in Australia with an ACN and GST, have a primary business location within the country, and demonstrate the ability to match the provided funding. The program applies to businesses with a turnover under $10 million for the past three years or those registered for less than three years. There are also eligibility requirements for the proposed research project itself.  To apply visit the link below.

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.

The WD Nicholls Team

May 2024 painted a contrasting picture for investors across the globe. Global share markets like the US (S&P 500) and Europe (FTSE 100) experienced a period of volatility, while the Australian market (ASX 200) displayed surprising resilience. 

US Market (S&P 500 Down 3.2%)

The US share market, as represented by the S&P 500, endured a turbulent May. Here's a breakdown of the key factors that contributed to this performance:

  • Inflation on the Rise: Inflation remained a persistent concern, with year-over-year price increases exceeding initial projections. This eroded investor confidence, leading to a decline in the S&P 500 by 3.2% over the month. Technology giants, particularly susceptible to rising interest rates, were hit hard. For example, Apple (AAPL) saw its share price decline by 4.7%.

  • The Fed Tightens the Belt: The Federal Reserve's hawkish stance on monetary policy dominated market sentiment. Anticipation of aggressive interest rate hikes in the coming months aimed at curbing inflation dampened enthusiasm for riskier assets like equities. This sent shockwaves through growth-oriented sectors like technology and communication services.

  • Geopolitical Tensions: The ongoing war in Ukraine continued to disrupt global supply chains and exacerbate energy price anxieties. This uncertainty further weighed on investor sentiment in the US market, with companies reliant on global trade experiencing significant share price fluctuations.

US Jobs Report: A Litmus Test for Global Markets

The upcoming US Jobs Report (expected in June) is a critical data point for global share markets, and here's why:

  • Economic Health: The report sheds light on the health of the US labor market, a key indicator of overall economic health. A strong jobs report with figures exceeding expectations could boost investor confidence globally. This, in turn, could lead to a rise in share prices across various markets. Conversely, a weak report with lower-than-expected job growth could further dampen market sentiment and potentially trigger share price declines.

  • Federal Reserve Decisions: The Federal Reserve closely monitors the US Jobs Report to inform its monetary policy decisions. A strong report might embolden the Fed to raise interest rates more aggressively to combat inflation. This could, in turn, lead to a stronger US dollar (USD) and potentially weaken other currencies, including the Australian dollar (AUD). A stronger USD can make US exports less competitive and potentially impact the profitability.

Europe Follows Suit (FTSE 100 Down 2.8%)

European share markets mirrored the US market's anxieties. Concerns over inflation, potential interest rate hikes, and the war in Ukraine also negatively impacted European investor confidence, leading to a decline in the FTSE 100 by 2.8%. Similar to the US, European luxury goods companies, often seen as growth stocks, were hit hard. LVMH Moët Hennessy – Louis Vuitton share price, for instance, fell by 3.9%.

Australia's Bastion of Stability (ASX 200 Up 0.3%)

In stark contrast to the turmoil in major international share markets, the Australian market displayed resilience, with the ASX 200 managing to close the month marginally higher (+0.3%) compared to April. 

  • Strength in Commodities: Australia's robust resource sector played a pivotal role. Elevated global demand for iron ore (up 5% in May) and coal, Australia's key exports, translated to increased profitability for resource companies. This positive sentiment rippled through the domestic market, boosting investor confidence in the ASX. BHP Group Ltd. (BHP), a major player in the resources sector, saw its share price rise by 2.1%.

  • Selective Sector Performance: While the overall market remained fairly flat, certain sectors outperformed others. The Healthcare sector (+4.1%) displayed particular strength, likely driven by advancements in medical research and positive earnings reports from major players. CSL Ltd. (CSL), a leading global biopharmaceutical company, saw its share price increase by 2.3%. Similarly, the Energy sector (+2.7%) benefitted from ongoing global energy security concerns, fuelling demand for Australian resources. Santos Ltd. (STO), a leading Australian oil and gas producer, experienced a share price increase of 4.5%. Conversely, sectors like Utilities (-1.2%) and Financials (-0.8%) experienced slight declines, potentially reflecting investor caution amidst a dynamic global environment.

Key Stats as at 1 June 2024:

  • ASX 200: Up 0.7% (at close)

  • AUD/USD: $0.6631 (slightly up)

  • Brent Crude Oil: Down 2.1% (US$81.86 per barrel)

  • Gold: Flat (US$2,343.19 per ounce)

Investor Watch:

The RBA's next monetary policy meeting is on the 18th of June. Economists are divided on whether they will raise the cash rate again following the recent inflation data.

If you have worked out that the income you have received is PSI, the next step is to work out whether the PSI rules apply to you.

To do this, you need to work out if you are a personal services business (PSB) in the year that you received PSI.

You can self-assess as a PSB if you:

  • meet the results test in relation to at least 75% of your PSI, or

  • meet one of the other PSB tests and less than 80% of your PSI is from the same entity and its associates.

The other PSB tests are Unrelated clients test, the Employment test, and the Business premises test.

If you're a company, partnership or trust and you have more than one individual generating PSI, the self-assessment rules and PSB tests need to be applied to each individual. It is possible for one individual to conduct a PSB but not another.

If you are unable to self-assess as a PSB for a particular income year, you may be able to apply for a PSB determination (PSBD) in some circumstances.

If you self-assess as a PSB, or have a PSBD, then the PSI rules will not apply to the PSI you receive in that income year. See What to do if the PSI rules don't apply for more information.

If you are unable to self-assess as a PSB, and do not have a PSBD for the relevant income year, the PSI rules will apply. See What to do when the PSI rules apply for more information.

The PSI rules will not affect:

  • the contractual relationships between you and your clients or customers – for example, you do not become an employee or stop being a contractor

  • your entitlement to an Australian business number (ABN) or registration for goods and services tax (GST)

  • whether you are still considered to be running a business.

Source and credit:

From 1 July, there will be changes to the way you report and submit trust tax returns.

Income tax reporting changes under the Modernisation of Trust Administration Systems (MTAS) will come into effect on 1 July for small business owners who are trustees or trust beneficiaries. Now, what does this mean for you?


The ATO are adding 4 capital gains tax (CGT) labels into the trust tax return statement of distribution. The information contained in the statement of distribution section of your trust tax return will provide beneficiaries with everything they need to complete their trust income reporting obligations.

We recommend giving this information to beneficiaries to help them with their obligations.


Look out for the trust income schedule. This is a new form that you lodge with your tax return. The ATO have replicated the fields from the statement of distribution, so all you need to do is copy the information across. 

Remember, you’ll need to get the information required in the trust income schedule from the trust. We recommend that you ask the trustee for a copy of the trust statement of distribution.

If you receive a distribution of trust income from a managed fund, this should also be included in the new trust income schedule. The trust income schedule instructions will show you how the information on the tax statement provided by the managed fund is reported on the trust income schedule.

Find out more about the MTAS project and these changes at the link below.

Source and credit:

The following car threshold amounts will apply for the 2024–25 financial year.

Income tax

  • The car limit for 2024–25 is $69,674. This is the highest value you can use to calculate depreciation on a car where both of the following apply:

  • you use the car for business purposes

  • you first use or lease the car in the 2024–25 income year.

  • As a business owner, you can claim a tax deduction for expenses for motor vehicles you use for business purposes.

  • If you use a motor vehicle for both business and private purposes, you can only claim a deduction for the business part. You must be able to show the percentage you claim as business use and have records to support your claim.

Goods and services tax (GST)

  • If you buy a car and the price is more than the car limit, the maximum GST credit you can claim (except in certain circumstances) is one-eleventh of the car limit. For the 2024–25 income year, the maximum GST credit you can claim is $6,334 (that is, 1/11 × $69,674).

  • You can't claim a GST credit for any luxury car tax you pay when you buy a luxury car, even if you use it for business purposes.

Luxury car tax (LCT)

  • The LCT threshold for 2024–25 is:

  • $91,387 for fuel-efficient vehicles. This is in line with an increase to the motor-vehicle purchase sub-group of the Consumer Price Index (CPI)

  • $80,567 for all other luxury vehicles, in line with an increase in the ‘All Groups’ CPI.

If you’re looking to buy a luxury car, remember to be cautious of those who offer to buy one from a dealer on your behalf at a discount. This may be a scheme to evade LCT. You may be at risk if they don’t have the right insurance or if the car is damaged or defective.

To find out more about LCT, including when you need to apply it and what's included in the LCT value of a car, visit the Luxury car tax page on the ATO website.

Source and credit:

FREE WEBINAR Tuesday, 18 June 10:00 AM - 12:00 PM AEST




18 June 2024, 10:00 am-12:00 pm AEST.

The presenters

Jane Tweedy - Jane Tweedy is a vastly experienced business trainer, coach and advisor with lifelong learning to Masters level. She tests and adapts learnings to the real world before sharing. Jane has corporate, NFP and small business strategy and implementation experience. Her down-to-earth approach allows her to simplify complex business concepts, and deliver actionable training sessions. Jane is seen as a trusted resource for entrepreneurs enhancing their skills and knowledge for business growth.


Change is inevitable, even if it is merely in the process of growing and expanding your business. Throw in the external environment and it can feel like being on a bad roller coaster ride. Throw in the mix navigating a team through that minefield and it can be overwhelming and challenging. In this session we look at what leadership means now and the different levels of leadership, from leading yourself through to a team. Learn steps to take to become a business leader for the future. This session will be more about concepts than implementation. It's designed to get you thinking and understanding what leadership means today.

3 Key Takeaways

  • understand the importance of starting with leading yourself

  • leading a team to success with modern leadership skills

  • learn some change management basics, whether the change is desired or enforced

About this webinar:

  • This webinar is aimed at small businesses within Western Sydney, and has a capacity to host up to 50 attendees

  • This webinar is for business owners who have just started a business or have an established business

  • This webinar will take place on Zoom, click above to book. 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:

CSIRO Kick-Start provides matched funding for start-ups and small to medium enterprises to help access CSIRO's research expertise and capabilities to help grow your business.

Application detail:

Applications may be made at any time.

What do you get?

Matched funding between $10,000 and $50,000.

Who is this for?

Start-ups and small to medium enterprises.


The CSIRO Kick-Start program provides matched funding to Australian start-ups and very small SME’s to utilise CSIRO expertise to undertake research activities that will enable your business to:

  • research a new idea with commercial potential

  • develop a novel or improved product or process

  • test a novel product or material

Funding may be used to cover the costs of undertaking the project, and may include:

  • salary and on-costs of researcher(s)

  • travel and accommodation (if required)

  • administrative/overhead costs

  • external facilities access/services/contractor costs

Funding may not be used for capital works and expenditure or infrastructure costs.

Dollar-matched funding of between $10,000 and $50,000 is available. Eligible businesses are able to apply for a second Kick-Start project, after completion of their first, providing the total funding received does not exceed $50,000.

Check if you can apply

To be eligible, you must:

  • have an Australian company number (ACN)

  • be registered for goods and services tax (GST)

  • have your primary place of business within Australia

  • demonstrate the ability to dollar-match the funding

  • have an annual turnover of less than $10 million, in the current and each of the 2 previous financial years, or

  • have been a registered company for less than 3 years

Eligibility criteria also apply to the proposed project.

To apply click the link below.

Source and

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

Bangalow Farmers Market next date is Saturday, 1 June 2024 | 7:00 AM to 2:00 PM

The Bangalow Farmers Market is held every Saturday from 8:00 am to 11:00 am.

The produce at the Bangalow Farmers’ Market does not have to travel as far as the produce in supermarkets. This means that the fruit and veg will be much fresher, and will produce a much smaller carbon footprint.

After the Farmers’ Market, explore the quaint town of Bangalow. Grab breakfast at one of the many gourmet cafes, and enjoy your Saturday.

Location: Behind Bangalow Hotel, 1 Byron Street, Bangalow

Brunswick Heads Market date is Saturday, 1 June 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 Bay Community Market next date is Sunday, 2 June 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

Accidental Counsellor Foundations - 1 Day Workshop date is Tuesday, 11 June 2024 | 9:30 AM to 4:30 PM

In this 1-day workshop, participants are asked to reflect on personal values and beliefs and how they influence interactions with others. How you respond will create an impact on the person in need of support or assistance and often determine the outcome of your interactions.  These workshops are fully funded by the NSW Goverment.

This presentation will arm you with:

  • a toolbox of basic counselling techniques 

  • a greater understanding of how to communicate more effectively during a challenging time in someone's life, and

  • questioning frameworks to guide an  engagement with a person needing support  and to provide the necessary support.

Click this link to register your interest.

Location: Byron Community Centre (Wategos Room), 1/69 Jonson St, Byron Bay

Council Planning Meeting next date is Thursday,13 June 2024 | 11:00 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?

Location: Council Chambers, 70 Station Street, Mullumbimby

Register for volunteer event organiser workshops date is Thursday, 13 June 2024 | 1:00 PM to 2:30 PM

'Connecting' is a training and support program for Byron Shire event organisers who work with and support volunteers in managing events.

The series of events, workshops and a training program supports skill development in:

  • Volunteer and event management.

  • Building relationships across community.

  • Evaluating their events and activities.  

Find out more and register for the upcoming workshops here.

Contact Events Team

Location: Online or at a Mullumbimby venue.

Mullumbimby Community Market next date is Saturday, 15 June 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

Furry Friends Festival date is Saturday, 15 June 2024 | 9:00 AM to 12:00 PM

Come along and bring your pet dogs on lead for a morning of furry fun and frivolity!

  • Face painting

  • Great prizes

  • Photo booth

  • Community sausage sizzle

  • Vet advice

  • Dog trainer talks

  • Freebies and more!

Location: 1 Market Street, Bangalow Showgrounds, Bangalow

Council ordinary meeting next date is Thursday, 27 June 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?

Location: Council Chambers, 70 Station Street, Mullumbimby

Source and credit:

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.

Our office will be closed on Monday 10 June 2024 for the Kings Birthday.

Key lodgment and payment dates for business

21 June

Activity statements

May monthly activity statements – final date for lodgment and payment.

25 June

Fringe benefits tax return

Lodgment and payment due date for tax agents lodging electronically.

30 June

End of financial year.


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