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Update 1 October 2023

Firstly, we would like to warmly introduce you to David Alfaro Riveros who is our Junior Accountant - welcome to the team.

In this month's market update, we look historically at September which has been the worst-performing month in financial markets since 1970, despite common belief that October holds that title due to events like the 1987 Stock Market Crash and the Global Financial Crisis. In September 2023, the US stock market dropped by 5.28% in USD, largely due to concerns about rising US interest rates. Bond yields have surged, and central banks like the US Federal Reserve and the Bank of England are signaling a prolonged period of higher rates. Australian analysts anticipate rate hikes due to inflation, with bond futures pricing in an increase by March next year. Market volatility is expected as long as rate hike expectations persist, but economic data could quickly change these views, leading to a market rebound. For long-term investors, monitoring information over the next few months will offer insights into central banks' future actions, reminiscent of the positive shift in market sentiment seen in 2022 after initial pessimism.

The Emissions Reduction Fund offers businesses the opportunity to earn Australian carbon credit units (ACCUs) for each tonne of carbon dioxide equivalent they either store or prevent emitting by adopting new practices and technologies. Applications for this program can be submitted at any time, and it is tailored for businesses seeking to reduce their carbon emissions. The ERF serves as an incentive for Australian businesses to reduce their greenhouse gas output and engage in activities that sequester carbon. Eligible projects encompass a range of activities, from implementing new technology and upgrading equipment to improving productivity, energy efficiency, and vegetation management. These projects can span sectors such as agriculture, energy consumption, waste management, transportation, coal and gas production, and industrial processes. Participants in the program can accumulate ACCUs, which can be sold, providing an additional income stream.

The Australian Taxation Office (ATO) is hosting complimentary webinars designed to enhance your understanding of initiating and managing a business. This webinar spans two sessions, scheduled for Monday, October 2nd, and Tuesday, October 31st, from 9:00 AM to 10:00 AM (AEST). Discover the numerous online services and digital tools that can streamline various aspects of your business, including marketing, sales, accounting, and reporting, by attending this informative one-hour session. Uncover the advantages of digital systems and explore the specific systems accessible for each facet of your business operations.

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.

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

We are delighted to welcome David Alfaro Riveros to the WD Nicholls team.

David is working as a Junior Accountant while finishing his Bachelor of Accounting.

David is assisting with Individual Tax Returns, preparation of Partnership, Trust and Company Tax Returns and BAS preparation.

David has been working in the Accounts sector since January 2015. He was a tennis coach and staff member of Tennis Australia and Tennis World in Melbourne Park when he first came into Australia back in 2012.

September! Do you know which is the worst-performing month since 1970? In my experience, most clients believe it is October, which makes sense because we have seen some very bad Octobers (the 1987 Stockmarket Crash and GFC). However, historically September is the worst-performing month and it would seem that 2023 will see another negative month in September.

The US share market has fallen 5.28% (in USD) this month with concerns around US interest rates (I know again!). Bond yields have surged recently with the US Federal Reserve and the Bank of England indicating interest rates will be higher for longer and bond traders are now also questioning whether we will see an interest rate drop in 2024 at all.

With economic data remaining somewhat strong at the moment there are some analysts predicting another increase in Australian rates due to higher inflation numbers. The Australian Bond futures are currently fully priced for an increase by March next year. While in the US markets pricing is in a 58% chance of another increase early next year.

While markets continue to take the belief rates are still rising or even staying at current levels for longer, share markets will always be volatile. However, if any negative or soft economic data is released these views can quickly change. This will result in a share market rebound.

As always these are short-term concerns and if you are a long-term investor then information released over the next 3 to 6 months will provide greater insight into the reserve bank's next move. Just look back to 2022 when markets were speculating. Since then markets have rallied from the lows as the view in June 2022 was too negative.

The returns for the month of September are (up to the 27th):

The Emissions Reduction Fund provides businesses with the opportunity to earn Australian carbon credit units for every tonne of carbon dioxide equivalent a business stores or avoids emitting through adopting new practices and technologies.

Application detail

Applications may be made at any time.

What do you get?

Australian Carbon Credit Units (ACCUs).

Who is this for?

Businesses wanting to reduce their carbon emissions.


The Emissions Reduction Fund (ERF) incentivizes Australian businesses to cut the amount of greenhouse gases they create and to undertake activities that store carbon.

This can be through projects involving:

  • new technology

  • upgrading equipment

  • changing business practices to improve productivity or energy use

  • changing the way vegetation is managed to store more carbon.

Eligible projects include those associated with:

  • vegetation management

  • agriculture

  • energy consumption

  • waste

  • transport

  • coal and gas production

  • industrial processes.

Participants in the scheme can earn Australian carbon credit units (ACCUs) for every tonne of carbon dioxide equivalent they store or avoid emitting. ACCUs can be sold and can generate participants an income.

To ensure emissions reductions aren't displaced by a rise in emissions elsewhere in the economy, the Emissions Reduction Fund includes a safeguard mechanism, which encourages large businesses to keep their emissions within historical levels.

Check if you can apply

Participation in the Emissions Reduction Fund is open to individuals, sole traders, companies, local, state, and territory government bodies and trusts.

Emissions Reduction Fund projects must:

  • be new

  • go beyond business-as-usual activities

  • not be required by law

  • not be receiving financial support from specified government programs, such as the New South Wales and Victorian energy efficiency schemes

  • follow an approved method, which sets out the rules for running the project and estimating emissions reductions

  • not be an excluded activity listed in the Carbon Credits (Carbon Farming Initiative) Regulations 2011 under regulation 3.36 in Division 3.12

To apply click the link below.

Contact information

Source and credit:

The ATO is running FREE webinars to improve your knowledge about starting and running a business.

This webinar runs over 2 dates, Monday 2 and Tuesday 31 October 9:00 AM - 10:00 AM (AEST).

There are many online services and digital systems that can help you perform your business activities such as marketing, sales, accounting and reporting.

Come along to this one-hour session to find out the benefits of digital systems and what systems are available for each area of your business operations.

Source and credit:

Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income.

PAYG instalments are calculated using either the instalment amount or instalment rate method. If you're eligible to choose between these options, they'll both be shown on your business activity statement (BAS) or instalment notice.

Case study 1: Kelly the DJ

Kelly is a DJ, working at festivals from November to January. She chooses to use the instalment rate method as it suits her seasonal business income.

Using the rate method means she needs to work out her business income each period. It helps her manage cash flow because the amounts she pays will vary in line with her income.

When Kelly receives her BAS or instalment notice, she calculates the instalment based on her income for that period, multiplied by the rate provided.

Case study 2: David the plumber

David is a plumber with regular monthly business income, so he chooses the instalment amount method. He won't need to work out his business income each period to use this method.

David pays the instalment shown on his BAS. The amount is calculated from information in his last lodged tax return.

You can change instalment methods on your first activity statement of the next financial year. The method you choose will apply for the remaining instalments for the financial year.

If Kelly or David think the instalments they need to pay will add up to be more or less than their tax liability for the year, they can vary their instalments.

We encourage you to review your tax position regularly, so your PAYG instalments reflect your expected tax for the year and to avoid penalties.

If you've noticed your instalment rate has increased, see How the ATO calculates your PAYG instalment amount or rate.

Source and credit:

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

Emergency Services Community Connect next date is Saturday, 7 October 2023 | 9:00 AM to 2:00 PM

Bring the family to meet your emergency response community at this free action-packed day, while enjoying the Brunswick Heads Markets.

Meet your local emergency response members, check out the equipment used in an emergency, learn how to plan for a disaster, and enjoy demonstrations and activities for the kids.

  • Meet local members of the SES, NSW Police, NSW Ambulance, NSW Rural Fire Service, Marine Rescue NSW, and more.

  • Get up close to emergency response vehicles, all-terrain vehicles, and other high-tech disaster response equipment.

  • Learn how you can best prepare and plan for disaster events to improve your individual and community resilience.

  • Enjoy the markets, demonstrations, and activities for the kids.

Location: Banner Park, Park Street, Brunswick Heads

Buy Nothing New Month - Bike Workshop next dates are Saturday, 7 & 14 October 2023 | 9:30 AM to 11:00 AM

There will be two bike repair workshops for Buy Nothing New Month.

This will be a great way to learn how to repair your own bike or repair one you have brought secondhand.

You can come to one or both.

Book your place

Please register via email with your name and the number of people coming.

Location: The Re-Market, Byron Resource Recovery Centre, 115 The Manse Road, Myocum

The Lift Project next date is Sunday 8 October and delivered online for 10 weeks

Register now for The Lift Project!

The Northern Rivers Lift Project offers mental health and well-being support to communities living in flood-affected areas. It is a lifestyle-based well-being adventure where you will learn and experience evidence-based ways to feel better, build resilience, live more, and take charge of your own well-being.

The Lift Project is delivered online and involves 10 lessons taken over 10 weeks.

To participate, all that is needed is an email address to register and a computer (or other device) that can access the internet.

It is free for individuals, families, community groups, and small businesses (10 employees or less) who live in Northern Rivers LGAs.

Register Now

To register, visit the link below:

Council planning meeting next date is Thursday, 12 October 2023 | 11:00 AM to 6:00 PM

Location: Council Chambers, 70 Station Street, Mullumbimby

The Shire Choir next date is Friday, 13 October 2023 | 7:30 PM to 10:00 PM

Be a part of an incredible evening of music and community spirit at the Shire Choir Community Feelgood Tour.

Get ready to sing your heart out - YOU are Shire Choir.

A fabulous night of audience-powered singing, plus a live band playing all your favourites.

Tickets are free and limited to two per booking. Visit the link below:

Location: 565 Coolamon Scenic Dr Coorabell, NSW 2480

Music in the Valley next date is Sunday, 15 October 2023 | 12:00 PM to 6:00 PM

Music in the Valley is back!

Come and celebrate at this vibrant and family-friendly community music festival featuring a host of homegrown and Australian talent and non-stop entertainment:

  • Harry James Agnus - Emily Lubitz - the Gumboots - Greg Sheehan

  • Mullumbimby All-Stars - Salve George

  • Waangenga and Main Arm Dancers - Spaghetti Circus - Main Arm School Choir

  • Side Show Alley

  • Jumping Castles

  • Food Stalls

  • Craft Zone

  • Face Painting

  • Barista Coffee and Licensed Bar!

Location: Main Arm Upper Public School, Upper Main Arm

Ocean Shores Community Centre is looking for Volunteers next date is Wednesday, 18 October 2023 | 10:00 AM to 12:00 PM and Saturday, 21 October 2023 | 10:00 AM to 12:00 PM

Come along to a drop-in session to learn more about volunteering at Ocean Shores Community Centre!

Ocean Shores Community Centre is a Council-owned facility, managed by a committee of volunteers.

The committee is currently seeking more volunteers!

Committee roles include:

  • Booking Officer

  • Treasurer

  • Secretary

  • Chairperson

  • Maintenance Officer

But you don’t have to take on a specific role – volunteers can assist and contribute in other ways.

The roles and responsibilities of the committee include:

  • day-to-day care and maintenance of the Centre

  • managing bookings

  • generating income

  • promoting the usage of the building

  • attending regular committee meetings

  • providing reports and meeting Minutes to Council

If you’d like to know more about volunteering at the Community Centre, or about the Centre in general, please drop in.

No need to book, just come along, have a cuppa and a chat.

Location: Ocean Shores Community Centre, 55 Rajah Rd, Ocean Shores

Sashiko Workshop next date is Friday, 20 October 2023 | 11:00 AM to 12:00 PM

Join us to learn the art of Japanese embroidery from Christina at The Art of Sewing.

Bring your clothing or fabric that needs a little repair.

Book your place

Register your name and number at:

Location: The Re-Market tip shop, 115 The Manse Road, Myocum

Mullumbimby Community Market next date is Saturday, 21 October 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.

Source and credit:

Labor Day in Australia is celebrated to honor the achievements and contributions of workers and the labor movement to the country. It serves as a day of recognition for the social and economic achievements of workers, as well as a time to promote workers' rights and labor unions.

The history of Labor Day in Australia dates back to the 19th century when workers, primarily trade union members, began advocating for better working conditions, fair wages, and an eight-hour workday. The most notable event that led to the establishment of Labor Day in Australia was the "8-Hour Day" movement.

In the 1850s, workers in Victoria, Australia, organized and successfully campaigned for an eight-hour workday. On April 21, 1856, a group of stonemasons and building workers in Melbourne went on strike to demand an eight-hour workday. Their strike eventually led to the adoption of the eight-hour workday, and this achievement was celebrated with a parade and a public holiday on the 21st of April each year. Over time, the celebration spread to other states in Australia.

Happy Labour Day!

Our office will be closed Monday 2 October.

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 October

Activity statements

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

  • Quarter 1 (July–September) PAYG instalment activity statement for head companies of consolidated groups – final date for lodgment and payment.

PAYG instalments

  • Annual PAYG instalment notice – final date for payment and, if using the rate method or varying the instalment amount, final date for lodgment.

If you have already received your income tax assessment, you should not vary your annual instalment.

28 October

Activity statements

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

  • Annual activity statement – TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries – final date for lodgment and payment.

GST instalments

  • Final date for electing to pay GST by instalments (that is, option 3) for June balancers if another reporting option was previously used.

  • Final date for opting out of option 3 for the current financial year.

  • Quarter 1 (July–September) instalment notices (forms S and T) – final date for payment and, if varying instalment amount, lodgment.


  • Final date for eligible quarterly GST reporters to elect to report GST annually.

PAYG instalments

  • Final date for eligible instalment reporters to elect to report annually for June balancers.

  • Final date for notifying your quarterly PAYG instalment reporting and payment choice for the 2013 income year for June balancers.

  • Quarter 1 (July–September 2013) instalment notices (forms R and T) – final date for payment and, if varying the instalment amount, lodgment.


  • Due date for payment of super guarantee (SG) contributions, for quarter 1 (July–September) – contributions.

    • SG contributions are to be received by the superfund by this date. You need to allow enough time for SG payments to reach and be processed by your super fund, especially if using a SG clearing house.

    • If you don't pay the SG contributions for quarter 1 in full and by this date, you must pay the super guarantee charge (SGC) and lodge a SGC statement by 28 November.

It's important to note, SGC is more than the SG you would have normally paid and is not tax deductible.

31 October

PAYG withholding

  • Lodgment for PAYG withholding where ABN not quoted – annual report.

    • Use this to report amounts withheld because another entity did not quote their ABN.

    • These amounts should have been reported at label W4 of activity statements.

  • Lodgment for PAYG withholding from interest, dividends and royalties paid to non-residents – annual report

    • Use this to report payments of dividends, interest and royalties to non-residents that are subject to withholding, and the amounts withheld.

    • These amounts should have been reported at label W3 on activity statements.

  • Lodgment for PAYG withholding annual report – payments to foreign residents

    • Use this to report payments made to foreign residents for entertainment or sports activities, construction and related activities and arranging casino gaming junket activities, and the amounts withheld.

    • These amounts should have been reported at label W3 on activity statements.


  • Annual GST return or Annual GST information report – lodgment and payment (if required) is due when the income tax return is due, for those who have an income tax obligation.

    • If you use a tax agent, different lodgment and payment dates may apply.

Income tax

  • Individual, partnership and trust income tax returns – final date for lodgment unless an approved SAP or a later lodgment date has been granted.

  • Trusts that are medium to large taxpayers in the last year they lodged and have one prior year return overdue as at 30 June of the last financial year.

  • Lodgment of income tax returns for trusts, which did not lodge their income tax return on time for the previous financial year.

  • Income tax return lodgment due date for all June balancing companies where one or more prior-year returns were overdue, as at 30 June.

  • Income tax returns lodgment due date for companies that did not lodge their income tax return on time for the previous financial year.

TFN report

  • Quarter 1 (July–September) TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries – final date for lodgment.

Annual Investment Income Reporting


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