August 2023 Newsletter


  • Why am I getting a bill from the ATO this tax time?
  • Top HR FAQs answered
  • Minimum pension drawdown rates and calculator
  • Workplace culture: What employees are looking for
  • Technology investment boost and skills/training boost
  • How to manage employee warnings
  • Business payment defaults ‘surge to record high’
  • State payroll tax-free threshold changes & more
  • Announcements

Why am I getting a bill from the ATO this tax time?

Many Australians approach tax time with a cautious optimism, expecting that at the end of all the collating and calculating there will be some kind of refund.

But some Aussies are coming to the stark realisation that not only are they not receiving a refund for the 2022/23 financial year — they actually owe the Australian Taxation Office (ATO) money.

Top HR FAQs answered

A recent study unveiled the top HR FAQs for June, highlighting the trouble organisations are running into at the beginning of the financial year.

XpertHR’s “June’s top employment law FAQs” outlined the most pressing matters employers may run into at the moment.


Minimum pension drawdown rates and calculator

Once you retire and reach your preservation age you can start to withdraw your super as an income stream, a lump sum or both. Most retirees choose to take at least part of their super as an income stream because it provides them with regular tax-free payments until their money runs out.

A super income stream, also called a super pension or annuity, simply refers to regular periodic payments you receive from your super fund once you retire or satisfy a condition of release.

Workplace culture: What employees are looking for

Workplace culture means a lot to employees – it even ranks above higher pay for many people.
And if you want to attract and retain great employees, especially when hiring is competitive, culture needs to be on your radar.
Research for SEEK shows 73% of Australians find workplace culture important; 53% even rate it as more important than a higher salary.


Technology investment boost and skills/training boost

On 29 March 2022, as part of the 2022–23 Budget, the then government announced it would support small business through these new measures. The measures became law on 23 June 2023.
Small businesses (with an aggregated annual turnover of less than $50 million) can deduct an additional 20% of the expenditure incurred for the purposes of business digital operations or digitising its operations on business expenses and depreciating assets such as portable payment devices, cyber security systems or subscriptions to cloud based services.

How to manage employee warnings

From verbal warnings to disciplinary hearings, managers and employers will be required to take the lead in these challenging exchanges with employees as part of accountability measures in the workplace. 
The Victorian Chamber’s expert Workplace Relations Consultants outline their top five tips to help you navigate your responsibilities and make sure employees understand your expectations.

Business payment defaults ‘surge to record high’

Businesses are under increased stress with the rate of insolvencies expected to rise further in the months ahead, a credit ratings agency warns.
The latest CreditorWatch Business Risk Index has revealed that business to business payment defaults have jumped 52 per cent year on year, climbing to a new record high.
The record rate of B2B trade defaults suggest that businesses are significantly tightening up their cash flow processes.


State payroll tax-free threshold changes & more

The payroll tax-free threshold will be increased:
          • commencing 1 July 2024 — from $700,000 to $900,000
          • commencing 1 July 2025 — to $1,000,000.
            The deduction associated with tax-free threshold will begin phasing out for every dollar of wages above $3 million. This means businesses with wages above $5 million will not receive any benefit associated with the payroll tax-free threshold.


This month we congratulate both Jo (12) and Paul (17) for bringing up achieving significant work anniversaries!
We also celebrate three birthdays. Happy Birthday to Phoebe, Paul and Hayley!
Joanne Dreckow

Paul Mackereth


Phoebe McPherson

Paul Mackereth


Important ATO Dates

Lodgement Program  Date
PAYG withholding payment summary annual report  14/08/2023
July monthly activity statements 21/08/2023
Final date for eligible monthly GST reporters to elect to report GST annually. 21/08/2023
Taxable payments annual report (Building & Construction services; Cleaning services; Courier or Road freight; Information Technology; Security, Investigation or Surveillance services) 28/08/2023

Other News

Changes at Knights Accounting from 01/07/2023

Since Margaret’s departure back in July 2022 we have had to make a number of administrative changes to how we operate to ensure we continue to provide the high levels of service you have become accustomed to. To that end there are a few new changes from 1 July 2023 that we believe will help improve the level of service we provide. The main change being the merging of administration and compliance services into Watts Price Accountants.
What doesn’t change
  • You will still have full access to Pete, Grant, Lee and Maree as there is no change to their hours or roles, plus you will have support from an additional 15 team members.
  • Your current engagement or payment preferences
  • The Rupanyup Office hours are not changing, they remain as follows –
    • Tuesday    9.30 – 4.00pm   (Lee)
    • Thursday  9.30 – 4.00pm   (Grant)
    • Friday        9.30 – 3.00pm  (Phoebe)
    • Plus you have access to accountants and admin staff in Horsham five days a week between 8.30am and 5.30pm
  • The contact details like email, phone and postal address remain unchanged. You also have access to support via –
    • Email:
    • Phone: 03 5382 3001
    • Address: 44 Wilson Street, Horsham VIC 3400
    • Postal: P.O. Box 118, HORSHAM VIC 3402

What does change

  • The Knights Accounting name will be retired and replaced with Watts Price Accountants. This means the stationery, signage and other contact points will be changed from 1 July 2023.
  • With the changing of the name there will be a few associated changes like a change in tax agent and new bank details. More details will be provided closer to the transition date.
We believe these changes will ultimately improve the level of service we currently provide but if you have any queries, please feel free to contact Pete, Grant, Lee or any one of our team.

$20,000 instant asset write-off

A reminder that Temporary Full Expensing ends 30 June 2023. The temporary full expensing (“TFE“) rules provide for a full deduction to businesses for the cost of eligible depreciating assets in the year they are first used, or installed ready for use, for a taxable purpose prior to 30 June 2023. As part of the Federal Budget, Small businesses with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024. For more information

Xero Pricing Update

From 13 September 2023, the price of Xero Business plans in Australia is changing:
Standard plans increasing to $65 per month
Premium 5 plans increasing to $85 per month
Premium 10 plans increasing to $99 per month
Premium 20 plans increasing to $125 per month

Watts Price Accountants Branding ‘Refresh’

With the upcoming merger of Watts Price and Knights Accounting we thought that it was an appropriate time to review our branding. We are pleased to be able to share with you the new logo (below).
Our current branding is now about 13 years old and we wanted something similar to the current design so that the community would still recognise the name and what we stand for, so the new design is more a refresh! The darker green was chosen to standout more than the existing green that can fade in certain settings (mainly outdoors and in newspaper advertisements). And the blocks have been darkened and made solid as well as refreshed a bit by making them interlinked. Please note:
  • We will start using the new Watts Price Accountants stationery as soon as the existing stationery is exhausted (examples shown below).
  • From 1 July all correspondence with Knights Accounting clients will be on Watts Price Accountants letterhead as part of the merger.
  • Over the next few weeks we will:
    • Update our email signature.
    • Update the website & newsletter.
  • Over the coming months we will update the building signage, community signage and staff uniform to reflect the new branding.
If you have any queries about the refreshed branding or the Watts Price and Knights merger please contact our office!

All the best from the Watts Price Team!