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Update 1 October 2022


After the recent floods, our office is being refurbished. See below for an update on our progress.

Tony's Market Update provides insight into the 3 issues of focus right now affecting financial markets.

If you claim fuel tax credits, multiple rates may apply to your business activity statement (BAS) that is due in October, depending on when you acquired the fuel.


Service NSW for Business is here to help women start, run and grow their businesses, with access to available funding, education, networks, programs, and services they need to succeed. Their business service has a dedicated team who can help women business owners at every stage of the business journey.


Have you reviewed your PAYG installments? There are some helpful tips to ensure you you have a healthy tax position each year.


Our office will be closed for the Labour Day holiday on Monday 3 October.


The WD Nicholls Team

After the recent devastating floods, the office is receiving a much-needed refurbishment.

Office renovations are underway. The phones will still be on and the administration team will be on-site, however, the professional team will continue to work from home for the moment.


We are available for phone appointments. The office will have limited access so we ask that you call reception on 02 6684 2502 prior to your visit for directions to the temporary entrance.


We look forward to greeting everyone in our new look offices. We expect that it will be three more weeks of disruption.

For the last 12 months, markets have been solely driven by macroeconomic factors and events, which can happen over short periods of time. This means that markets are far removed from fundamentals which is what actually drives returns over the medium to longer term.

This can be best surmised by Benjamin Graham, arguably the father of value investing, who said that; "in the short run, the market is like a voting machine (tallying up which firms are popular and unpopular); but in the long run, the market is like a weighing machine (assessing the substance of a company)".

Markets are focused on 3 issues right now –

  1. USA inflation and central bank reaction – i.e. how hard the Fed needs to go to bring inflation under control – shallow or deep recession.

  2. China and covid-zero – i.e. economic consequences and global supply chains.

  3. Europe and energy (i.e. Russia/Ukraine) – i.e. energy costs / security and broader global energy markets, global supply chains.

Market movements on a weekly and sometimes daily basis are being driven by sentiment shifting between a benign environment ahead whereby current high levels of inflation fall quickly and most of the central bank heavy lifting has been done; versus a more adverse environment where central banks have to raise rates considerably more and hold them at higher levels for longer in order to crush demand and bring inflation under control.

Given recent changes in data, we think the benign environment is more likely but without a crystal ball, it’s almost impossible to tell right now. That’s because we’re operating in an environment where we’re all dealing with the after-effects of 2 years of pandemic lockdowns, some of the biggest fiscal and monetary policy stimuli the world has ever seen, supply chain repair, a war with close proximity to Europe with global energy implications, all whilst the world’s 2nd largest economy continues with covid-zero policies.

An unusual combination of issues to say the least.

If you claim fuel tax credits, multiple rates may apply to your business activity statement (BAS) that is due in October, depending on when you acquired the fuel.

Changes to fuel tax credit occurred on 30 March, 1 July (biodiesel only), 1 August, and 29 September 2022.

The easiest way to ensure you are using the correct rate is to use the fuel tax credit calculator. The temporary reduction of fuel excise duty ended on 28 September 2022. From 29 September 2022:

  • increased fuel tax credit rates apply. You must only apply this increased rate to fuel acquired from this date

  • if you’re an eligible business that uses fuel in heavy vehicles for travelling on public roads, you can claim fuel tax credits. You cannot claim between 30 March to 28 September 2022. This is because the road user charge exceeds the excise duty paid and this reduces the fuel tax credit rate to nil.

Remember to always keep accurate records to support your claims. Your records need to show the type, date, and quantity of fuel acquired for business activities.

Source and credit: ATO.gov.au

Service NSW for Business is here to help women start, run and grow their businesses, with access to available funding, education, networks, programs, and services they need to succeed.


The Business Concierge service is a dedicated team who can help women business owners at every stage of the business journey.


A Business Concierge gives free, personalised guidance on a range of government support, including:

  • government programs to help boost your business income,

  • applying for grants, rebates and other financial assistance,

  • navigating regulatory requirements relevant to your industry,

  • applying for licences and permits,

  • accessing COVID-19 and disaster recovery support.

You can connect with a Business Concierge over the phone, via email or in person at a time that suits you.


Call 13 77 88 for more.


WD Nicholls are also business specialists. We offer strategic and financial solutions to your established company.


Training, Education and Coaching

Below are some organisations and programs that can assist small businesses and entrepreneurs to enter the market with confidence.


TAFE NSW Women in Business

The TAFE Women in Business initiative offers a subsidised online study program for women who want to establish a micro or small business, or who are already operating a business. You can choose from a list of online topics to build a program that’s personalised to your specific needs and attend local small business events.


Click here for more Women in Business


SBE Australia

SBE is a not-for-profit organisation that gives women business owners tools, networks and information to help them start and grow global businesses.

SBE has a range of development programs for women at any stage of business, which can help you:

  • develop skills, knowledge, mindset and connections to accelerate growth

  • build strong foundations in marketing, technology, team building and leadership

  • overcome gender bias with access to key influencers, investors and business leaders

  • gain the confidence to aim for growth and global success.

Click here for more SBE Australia


Women & Leadership Australia

Women & Leadership Australia is a national initiative that offers professional development courses, advisory services, networking opportunities and research.

Its programs are designed to support women in business leadership roles.


Click here for more Women & Leadership Australia


Events and training finder

Use an interactive online tool to find government-run or government-funded events and training programs designed to improve your business skills.

You can search according to your specific circumstances and generate a list of programs that suit your needs.


Click here for more Events and training finder


Self-Employment Assistance

If you are not already studying or working for more than 25 hours per week, you may be eligible for services and support from the Australian Government’s Self Employment Assistance program.

This includes:

  • self-employment workshops,

  • business plan development for micro-business owners,

  • accredited small business training,

  • business advice sessions, and

  • business health checks.

If you are aged 18 years or older, you may also be eligible for 12 months of personalised small business coaching.


Click here for more Self-Employment Assistance


Source and credit: Service.NSW.gov.au

Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. When you pay regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return.


You can vary your PAYG instalments if you think the current amount you pay will be more or less than your expected tax liability for the year. Your varied amount or rate will apply for all your remaining instalments for the income year, or until you make another variation. You can lodge your variation through myGov or Online services for business.


If you’re a PAYG instalment amount payer, your instalments have been increased by the gross domestic product (GDP) adjustment factor. For the 2022–23 income year, the GDP adjustment factor is 2%.


We encourage you to review your tax position regularly, so that your PAYG instalments reflect your expected tax for the year. Calculating and paying the right PAYG instalments will help you manage a healthy cash flow.


Source and credit: ATO.gov.au

Did you know......


Labour Day in Australia commemorates the achievements of organised labour to implement the eight-hour day in the middle of the nineteenth century when previously workers were required to work 10 - 12 hours a day for six days a week.


We will be closed Monday 3 October but we are always online via our website:www.wdnicholls.com.au.

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.



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