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Update 1 June 2023


As the financial year draws to a close, we wanted to take a moment to touch base and share some valuable insights that can help you navigate the ever-changing landscape of financial management. It's been an eventful year filled with economic shifts, regulatory changes, and unexpected challenges. But with every challenge comes an opportunity, and we are here to help you seize those opportunities for your financial success.

Tony's market update analysis of the last month of the financial year, sees a clear interest rate movement in the US and Australia which are now in focus. The Bond Market predicts a 65% chance of a 0.25% rate hike in the US in June, while in Australia, the Reserve Bank is expected to pause in June but potentially raise rates by 0.25% in the coming months. Looking ahead, there are concerns of a possible US recession, which the bond market believes could be more severe than anticipated. As the financial year concludes, it is essential to stay informed about these market dynamics and consider them when making investment decisions and planning for the future.

We have 10 top tips to help you in your preparation for the end of the financial year and strategies moving forward.

Wage subsidies provide financial incentives to employers to hire and retain eligible participants in ongoing and sustainable positions. You may be eligible for a subsidy of up to $10,000. See below for more.

Come along to the ATO's free 60-minute webinar which emphasizes the importance of cash flow for small businesses and offers an opportunity to acquire crucial cash flow management skills. Attendees will be shown how to utilise specific tools to effectively manage their cash flow. The session will cover topics such as mapping the cash flow cycle and utilisng online tools for cash flow management. By attending, participants can gain valuable insights to improve their cash flow management practices.

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 are important reminders for key lodgement dates with the ATO.

The WD Nicholls Team

Hello everyone and welcome to the last month of the financial year. The last six months have had their ups and downs. One thing which is becoming more apparent is where interest rates (we are nearing the peak) will finish in the US and in Australia. At the moment the Bond Market is pricing in a 65% chance of a 0.25% rate rise in the US in June. While in Australia they are expecting the RBA to pause in June. However, they are pricing a 60% chance of another rate rise in the next few months. When we look further into distance on rates in the next few years it would seem the bond market is pricing in a recession in the US and that it will be worse than expected.


In the US share market, we have seen Artificial Intelligence (AI) be the catalyst to a Tech rally. In particular, companies that produce processing units for computers, phones, cars, etc bounced back after being sold off significantly after the COVID rally due to supply chain issues. One of the largest producers, rallied around 24% in one day due to the release of their sales.

As you may have read over the weekend, there is the recent positive talks in the US of them removing the debt ceiling for 2 years which did result in the US market jumping on Friday but with a long weekend, we haven’t seen whether this rally has more to go. With regards to the sharemarket and their view on the economic outlook for the US - it is a little different to the Bond market. At this stage, the share market is pricing in a shallow recession. It will be interesting to see who is correct.


In Australia, the biggest news item this month has been around the property sector. With the government opening the floodgates on immigration and the lack of supply it's placing some short-term pressure on rentals and prices. The disconnect between rallying property and share markets is that interest rates are quite high at the moment and usually this has a negative impact on these markets. As always there are short-term movements and we will sit and see what happens over the next 6 months with Global and our economy.


Returns up to the end of May are:


As the end of the financial year approaches, here are 10 top tips for you to help manage your finances effectively:

  1. Review your financial goals: Take some time to assess your financial goals and determine whether you're on track. If necessary, make adjustments to ensure you're aligning your resources with your objectives.

  2. Maximize tax deductions: Identify eligible deductions and expenses to minimize your taxable income. Consult with a tax professional or review the Australian Taxation Office (ATO) guidelines to understand the deductions applicable to your situation.

  3. Contribute to superannuation: Consider making additional contributions to your superannuation fund to maximize your retirement savings and potentially reduce your taxable income. However, be mindful of the contribution caps imposed by the ATO.

  4. Consolidate debts: If you have multiple debts, such as credit cards or personal loans, consider consolidating them into a single loan with a lower interest rate. This can simplify your finances and potentially save you money in interest payments.

  5. Review insurance coverage: Assess your insurance policies, including health, life, and home insurance, to ensure they still meet your needs. Adjust the coverage if necessary and compare different policies to ensure you're getting the best value for your money.

  6. Review investments: Evaluate your investment portfolio and consider rebalancing if required. Seek advice from a financial advisor to assess the performance and suitability of your investments based on your goals and risk tolerance.

  7. Keep accurate records: Maintaining proper records of your income, expenses, and investments is crucial for tax purposes and financial management. Utilize digital tools or apps to streamline record-keeping and stay organized throughout the year.

  8. Plan for the future: Take advantage of the new financial year to plan for the year ahead. Set aside an emergency fund, create a budget, and establish a savings plan for short-term and long-term goals.

  9. Seek professional advice: If you're unsure about any financial matters or need guidance, consider consulting with a qualified financial advisor or accountant. They can provide personalised advice based on your specific circumstances.

  10. Stay informed: Keep yourself updated with the latest changes in tax laws, government schemes, and financial regulations. Regularly check the ATO website, financial news sources, and attend webinars or seminars to stay informed and make informed financial decisions.

Remember, these tips are general in nature, and it's important to seek personalised advice based on your individual financial circumstances.

If your small business has employees, or hires eligible contractors, you'll need to ensure your payroll and accounting systems are updated to reflect the new super guarantee (SG) rate of 11%.


The new rate will apply to all SG payments made to employees and eligible contractors on or after 1 July.


To avoid the super guarantee charge (SGC), payments must be received by the employee or contractor's fund on or before the quarterly super due date of 28 July.


If you need help to work out how much super you need to pay for your employees and eligible contractors after 1 July, you can use our super guarantee contributions calculator.


The SG rate is scheduled to progressively increase to 12% by July 2025.


Source and credit: ATO.gov.au

Wage subsidies provide financial incentives to employers to hire and retain eligible participants in ongoing and sustainable positions.

Application detail: Apply at any time.

What do you get? Subsidies up to a maximum of $10,000.

Who is this for? Australian businesses looking to fill an ongoing position.


Overview Wage subsidies ranging up to $10,000 may be available to businesses that hire eligible individuals into ongoing jobs. Businesses looking to fill an ongoing position, should get in touch with their nearest Workforce Australia, ParentsNext or Transition to Work provider for help to find the right person for the job. Providers may offer a wage subsidy to help with some of the initial costs of hiring a new employee. The wage subsidy is to help with some of the initial costs of hiring the new employee, to help ensure the success of their employment.

Check if you can apply To be eligible to access a wage subsidy, an organisation must:

  • have a valid Australian business number (ABN), and

  • have an account registered with Workforce Australia Online for Businesses.

To apply click the link below.

Source and credit: Business.gov.au

Cash flow is the lifeblood of small businesses. Come along to this 60-minute session to learn critical cash flow management skills. This session demonstrates how to use specific tools to manage your cash flow. You will learn how to map your cash flow cycle and use online tools to:

  • work out your current cash flow position

  • test whether potential changes in your business will give you the cash flow you want

  • track and monitor your cash flow as you work towards achieving your business goals.

On completion of this session, we recommend you sign up for the webinar Strategies for improving your cash flow.


Register now for the session 2:00 pm - 3.00 pm (AEST) Monday 19 June 2023 below.

  • Speaker: Samantha Smith

  • Event sponsor: ATO

Click the link below to find out more and register.


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 Community Market next date is Sunday, 4 June 2023 | 08:00 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.


Location: in the Byron Bay CBD, spreads along the rail corridor, Railway Park, and onto Jonson Street.


Mullumbimby Community Market next date is Saturday, 17 June 2023 | 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


If you want to know more about what is going on in your local community, click the link below.

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 lodgement 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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