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Update 1 November

In this month's market update, investors have faced challenging economic and political developments. Notably, the US 10-year government bond yield reached a 16-year high, while oil prices declined due to rising demand concerns. However, there were some positive economic indicators, with US retail sales exceeding expectations and inflation remaining steady at 3.7% for the year to September. In contrast, Australia saw a decrease in its inflation rate to 5.4% for the September quarter and an unexpected drop in the unemployment rate to 3.6% in September. Additionally, the US economy expanded by an annualised 4.9% in the third quarter, the most significant growth since the end of 2021, and US manufacturing activity outperformed forecasts, reaching a six-month high. Meanwhile, Hong Kong's property developers offered deep discounts, and Chinese President Xi increased support for the economy. In the geopolitical arena, an Israeli ground assault into Gaza remained on pause, while security officials indicated readiness for a potential weekend offensive. These developments have created a complex investment landscape.

Toll relief funding This program covers toll expenses incurred between 1 July 2022, and 30 June 2024. Qualified drivers spending over $375 annually on tolls are eligible for a 40% rebate, up to a maximum of $750 per year. Sole traders are eligible for additional funding. To determine your eligibility, you must meet the following criteria: spend over $375 per year on eligible tolls, reside in New South Wales, operate a New South Wales-registered vehicle (weighing less than 2794 kg when empty), maintain a New South Wales personal toll account (E-Toll or Transurban Linkt), and link your license plate(s) to your personal toll account. Sole traders seeking an extra rebate must also have an active, registered, and operating Australian Business Number (ABN) in New South Wales that confirms their sole trader status and have a personal or business New South Wales toll account linked to the ABN. It's important to note that ride-sharing or taxi businesses do not qualify for this additional rebate.

The Australian Taxation Office (ATO) is hosting a complimentary webinar designed to enhance your understanding of running a home-based business. Operating a small business from your residence might incur increased expenses, encompassing electricity, gas, phone bills, furniture, and vehicle costs. This webinar is scheduled for Tuesday, 7 November from 11:30 AM to 12:30 PM (AEST). PAYG instalments involve routine tax prepayments for your business and investment earnings. These instalments can be determined using either the instalment amount or instalment rate approach, and if you qualify for a choice between these methods, both will be detailed on your business activity statement (BAS) or instalment notice. We look at two (2) case studies to assist you in determining which option is best for your business.

If errors have occurred in your previous Business Activity Statement (BAS) regarding GST or fuel tax claims, correcting these mistakes might be possible in your next BAS. Mistakes fall into two categories: credit errors and debit errors, affecting your tax responsibilities. Credit errors might include double-reporting a GST sale, overstating GST on sales, or inaccurately recording increasing fuel tax adjustments. On the other hand, debit errors could involve underreporting the GST on sales, claiming duplicate GST credits for a purchase, or overstating fuel tax credits. Read the guide for more.

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.

The WD Nicholls Team

Last month I wrote about September returns and historically it has been one of the worst months. Unfortunately, for all investors, there was no reprieve in October. Here are some of the economic/political news to come out in the month:

  • The US 10-year government bond yield has now risen more than 1%, to a 16-year high

  • The oil price fell this week as demand fears rose.

  • US retail sales increased more than forecast in September

  • US inflation was unchanged at 3.7% in the 12 months to September

  • Australia’s inflation rate fell to 5.4% on the same time last year in the September quarter

  • The Australian unemployment rate unexpectedly fell to 3.6% in September

  • The minutes from the RBA’s last meeting showed that board members are concerned about the upside risks of inflation

  • The US economy expanded at annualised 4.9% in the third quarter, the most since the last quarter of 2021,

  • US manufacturing activity rose in October, coming in ahead of forecasts, and reaching its highest level in six months

  • Hong Kong’s property developers are selling homes at deep discounts

  • Chinese President Xi stepped up support for the economy

  • An Israeli ground assault into Gaza remains on pause with security officials signaling their readiness to launch a weekend offensive

Presently, there is a lot for investors to process, leading to a decline in confidence. When major conflicts like the Gaza situation occur, markets typically react negatively initially. However, history shows that over time, markets tend to gradually overlook these conflicts. Similar patterns have been observed with events like the Russian invasion, the Iraq war, and others.

Performance of markets up to 30 October:

This initiative provides rebates for frequent NSW toll road users to help them save on their vehicle registration.

Closing date

Monday 30 June 2025

What do you get?

A 40% rebate of up to $750. Additional funding is available for sole traders.

Who is this for?

Eligible NSW motorists.


This scheme is available for toll expenditure between 1 July 2022 and 30 June 2024. Eligible motorists, who spend more than $375 a year on tolls, will receive a 40% rebate up to $750 a year.

Additional funding is available for sole traders.

Check if you can apply

To be eligible, applicants must:

  • spend more than $375 a year on eligible tolls in a financial year

  • be a NSW resident

  • drive a NSW-registered vehicle (less than 2794 kg tare/unladen weight)

  • have a NSW personal toll account (E-Toll or Transurban Linkt)

  • have your licence plate(s) linked to your personal toll account.

To be eligible for an additional rebate, sole traders will also need to:

  • have an Australian business number (ABN) active, registered and operating in NSW that shows they are a sole trader

  • have a personal or business NSW toll account with an ABN

  • not be a ride-sharing or taxi business.

Apply now

To apply click the link below.

Contact information

  • Phone: 13 77 88

Source and credit:

The ATO is running FREE webinars to improve your knowledge about running a home-based business.

The date of this webinar is Tuesday, 7 November 11:30 AM - 12:30 PM (AEST).

Running your small business from your home may cost you more in expenses such as electricity, gas, phone, furniture, and cars.

Come to this one-hour session to find out what expenses you can claim for tax deductions and how to calculate the amounts you can claim.

Source and credit:

If you've encountered errors in your past Business Activity Statement (BAS) concerning GST or fuel tax claims, it might be feasible to rectify these mistakes in your subsequent BAS.

Mistakes, classified as credit errors or debit errors, can impact your tax obligations. Credit errors may involve issues such as double-reporting a GST sale, overstating GST on sales, or inaccurately noting increasing fuel tax adjustments. Conversely, debit errors could consist of underreporting the GST on sales, duplicate GST credit claims for a purchase, or overstating fuel tax credits.

For businesses with an annual GST turnover below $20 million, the limit for correcting single or multiple debit errors has increased to $12,500. You can rectify these errors in a later BAS within 18 months from the initial BAS due date for the respective tax period.

Maintaining precise records is crucial in calculating and validating your claims. Our website provides comprehensive information on correcting GST errors and making necessary adjustments related to fuel tax claims. Ensure you use the accurate and updated rates while claiming fuel tax credits by utilizing the fuel tax credit calculator for each claim, considering the regularly changing rates.

Source and credit:

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

Byron Bay Farmers Market next date is Thursday, 2 November 2023 | 7:00 AM to 11:00 AM

The Byron Bay Farmers Market was started in 2002 by a handful of local farmers who wanted to be able to sell their produce directly to the public, in the process reducing food miles and ensuring their small farms remained viable

Over the past 20 years, Byron Farmers Market has grown from half a dozen stalls to over 70 stalls – all offering the freshest locally grown produce every Thursday morning at Butler Street Reserve in Byron Bay.

Farmers supply everything from seasonal fruit and vegetables, pasture-raised meat and eggs, artisan cheese and bread, seafood, pasta, rice, nuts, honey, flowers and more!

The market is held from 7:00 am to 11:00 am every Thursday.

Location: Butler Street Reserve, Butler Street, Byron Bay.

Mullumbimby Farmers Market next date is Friday, 3 November 2023 | 7:00 AM to 11:00 AM

The North Byron Farmers Market Association, known as the New Brighton Farmers Market, identified the need for a new market in northern Byron Shire. Their aim was to innovate the traditional farmers market by incorporating small businesses that enhance locally grown produce, offering a diverse range of food and related items.

The goal was to boost local food production, support small businesses, enhance food security, and rejuvenate Mullumbimby’s showgrounds.

From its inception, the market gained significant community support and has become a flourishing marketplace and social center for the locals.

The market is held from 7:00 am to 11:00 am every Friday.

Location: Mullumbimby Showgrounds, Main Arm Road, Mullumbimby

Byron Bay Community Market next date is Sunday, 5 November 2023 | 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 planning meeting next date is Thursday, 9 November 2023 | 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?

  • Phone: 02 6626 7051

  • Email:

Location: Council Administration Building, 70 Station Street, Mullumbimby

Mullumbimby Community Market next date is Saturday, 18 November 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

Council ordinary meeting next date is Thursday, 23 November 2023 | 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:

Location: Council Administration Building, 70 Station Street, Mullumbimby

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

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.

Key lodgement and payment dates for business

11 November Activity statements

  • Quarter 1 (July–September) activity statements lodged electronically – final date for lodgment and payment

  • refer to the two week lodgement concession for information on your eligibility for this later due date.

21 November Activity statements

  • Lodge and pay October monthly activity statements.

28 November Superannuation

  • Lodge and pay quarter 1 (1 July–30 September) Superannuation guarantee charge statement – quarterly if you did not pay your contributions on time.

  • You can choose to offset contributions you've paid late to a fund for each employee against the super guarantee charge for the quarter for those employees.

  • You cannot claim an income tax deduction for the super guarantee charge.


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