December 2021 Newsletter
- Jolly Selling Season for Wimmera Farmland
- A Shock to the System – Spousal Asset Ruling Change
- Land Tax Relief for Eligible Landlords & Commercial Owner Occupiers
- Why Millennials are Turning to SMSFs
- Unpaid Overtime Continues to Climb
- 1 in 5 SMEs Targeted by Fraudulent Invoices
There has been another strong auction result for versatile Wimmera farm land this time near the Victorian/South Australian border.
Dixons, a 295 hectare (729 acre) block 17km north of Edenhope, sold in an online auction for $3.6 million on Friday.
- Friday 10th December for a staff function
Watts Price Accountants & Knights Accounting will be closed from Friday 24 December 2021 and will re-open Monday 10 January 2022.
Recent legislation has introduced new obligations for company directors requiring them to obtain a personal director identification number (‘Director ID’).
This is particularly important as failure to comply with these new Director ID requirements may result in both civil and criminal penalties.
What is a Director ID?
A Director ID is a unique (15-digit) identifier that a director will keep forever (even if they cease being a director). This additional layer of identification verification has been primarily introduced by the Government to prevent the appointment of fictitious directors, and facilitate traceability of an individual director’s profile and their relationships with companies over time.
You will need to personally apply for a Director ID if you are an appointed company director (or even an alternative director). Note this also includes where you are a director of a company acting as a trustee (such as the corporate trustee of your SMSF or family trust).
Importantly, while our office can help you in understanding your new Director ID obligations, we are not permitted to make the application on your behalf (although we are happy to assist if and when required).
When do I need to apply for a Director ID?
When you must apply for a Director ID depends on the date you became a director (as outlined below).
|Date you were/are appointed||Date you must apply by|
|On or before 31 October 2021||30 November 2022|
|Between 1 November 2021 and 4 April 2022||Within 28 days of appointment|
|From 5 April 2022||Before appointed director|
How do I apply for a Director ID?
Each individual director must apply for their own Director ID directly, to verify their identity via the ABRS website (abrs.gov.au), where you will click on the heading Apply for your Director ID.
Xero Accounting Software
We were thrilled to hear that one of our clients was recently selected to be part of a national ad campaign for accounting software brand xero.
The radio was on mainstream FM stations in the cities, the posters were put up all around major train stations and a run of adverts in the state papers like herald and Sydney morning herald etc.
Dan said, “It was quite a hit with a broad coverage, at one stage people were sending me photos of the posters from all over Australia and quite amused to hear me on the radio”.
Announcements:This month we wish Lee a very happy birthday and congratulate Phoebe on achieving 5 years of service with Watts Price Accountants!
Important ATO Dates
|November monthly activity statements||21/12/2021|
Appointment Procedures Due to COVID
Both our offices are open again and only restricted by density limits!
This means we are able to contact face to face appointments again.
- we are able to provide phone and video appointments via Zoom if you prefer
- Those coming into the office are required to
- QR code
- inform us of your vaccination status prior to your appointment
- if you are feeling unwell we ask that you phone to make other arrangements
- wear a mask (this is now optional)
If you have any queries we can be contacted via:
Watts Price Accountants P: 03 5382 3001 E: firstname.lastname@example.org M: PO Box 118, Horsham VIC 3402
Knights Accounting P: 03 5385 5330 E: email@example.com M: 16 Cromie Street, Rupanyup VIC 3388
Note: Both offices are equipped with mail slots so you can drop off paperwork at anytime.
All the best from the Watts Price Team!