October 2017 Newsletter



Future of Agriculture

In a potato field near the Netherlands’ border with Belgium, Dutch farmer Jacob van den Borne is seated in the cabin of an immense harvester before an instrument panel worthy of the starship Enterprise.

From his perch 10 feet above the ground, he’s monitoring two drones—a driverless tractor roaming the fields and a quadcopter in the air—that provide detailed readings on soil chemistry, water content, nutrients, and growth, measuring the progress of every plant down to the individual potato.


What’s wrong with retirement village contracts?

Retirement village contracts can be so complex that Australians should seek legal advice before signing them, a consumer protection lawyer has urged.

The senior policy officer at the Consumer Action Law Centre, Katherine Temple said it can be “difficult” for retirement village residents and their families to understand their rights as a result of the complexity of the contracts.


Guide to the First Home Super Saver Scheme

Are you a first home buyer intrigued by the Federal Government’s new First Home Super Saver Scheme? Well the good news is it’s designed to help Aussies like you achieve your homeownership dreams.

Whether you’re a young Aussie squirrelling away your money for a first home loan deposit or have simply spent too many years renting while paying off your landlord’s mortgage, we’ll run you through how this new scheme can help you get a foot in the property door sooner rather than later…


Parents must be cautious when lending to their kids

Young Australians are increasingly turning to their parents to help them enter the property market, but the so-called ‘Bank of Mum and Dad’ needs to be cautious when lending to children.

Data from research company Digital Finance Analytics suggests the average amount lent by parents to their kids to help them buy property is more than $88,000 and that cumulatively, the amount lent by parents to their children in Australia is estimated to be at least $16 billion


Ban on excessive payment surcharging

The Competition and Consumer Amendment (Payment Surcharges) Act 2016 commenced on 25 February 2016. The Act inserts a new part into the Competition and Consumer Act 2010 (CCA) which bans excessive payment surcharges.

On 26 May 2016 the RBA published its Standard which relates to surcharges by merchants when charging customers for the use of a credit or debit card.

The Standard applies to ‘large merchants’ from 1 September 2016, and to all other merchants from 1 September 2017.


Yes, sitting to long can kill you, even if you exercise

Take a movement break every 30 minutes, say experts. No matter how much you exercise, sitting for excessively long periods of time is a risk factor for early death, a new study published Monday in Annals of Internal Medicine found.

There’s a direct relationship between time spent sitting and your risk of early mortality of any cause, researchers said, based on a study of nearly 8,000 adults. As your total sitting time increases, so does your risk of an early death.

The positive news: People who sat for less than 30 minutes at a time had the lowest risk of early death.


Recent Facebook posts you may have missed:

ATO Cracks down on work related expenses









Claiming work related expenses






When to say No: Should you friend your boss?








Farewell Bernadette!


This month we farewell Bernadette who would be most recognisable to those that frequent Knights Accounting in Rupanyup.

We are very appreciative of all the work Bernadette has done over the last decade or so in both administration and accounting roles for both Knights Accounting and more recently Watts Price!

Bernadette is starting a new chapter in her life by entering into retirement.

We wish Bernadette all the best and look forward to hearing all about her planned travels.

Although retired, Bernadette will still be helping out in the Rupanyup office on an as needs basis.


This month we wish both Tony and Grant a happy birthday! We also congratulate both Tony and Lyndel who are bringing up work anniversaries of 12 and 5 years respectively!






Upcoming Events

Portfolio Management Presentation

This session will provide a market update of the investment property market with particular focus on Melbourne & Geelong.

The Details:
Topic: Portfolio Management Presentation
Date: TBC
Session: 44 Wilson Street
Cost: Free

Most asked question of the Month:

What’s happening with our letterhead in October?


For those that are not aware, CPA Australia has been making headlines for all the wrong reasons in particular through the governance of their Board, the remuneration and spending of it’s CEO (now former CEO) and it’s attempts to set up a financial division.

As a result of above mentioned issues CPA Australia’s PSC Scheme (Professional Standards Council) will not be renewed until they clean up their act (this is an added insurance that sits above our standard Professional Indemnity Insurance). This means from 8 October we can no longer include the following disclaimer statement on our letterhead or emails. “Liability limited by a scheme approved under Professional Standards Legislation”.

Given the short notice period to remove the statement and that CPA are actively trying to rectify this situation we will be ‘striking out’ the statement rather than going through the expense of purchasing new letterhead for a limited time.

e.g. “Liability limited by a scheme approved under Professional Standards Legislation” will look like this from 8 October until the PSC Scheme restarts “Liability limited by a scheme approved under Professional Standards Legislation”.

Those interested in knowing more about the PSC Scheme can use this link www.psc.gov.au


All the best from the Watts Price Team!