Newsletter – December 2022

December 2022 Newsletter


  • Victorian restaurant first to be criminally charged over wage theft
  • Big issues can arise for failing to pay the minimum pension before 30 June
  • Employee dismissed for unreasonable personal texting
  • MoneySmart: What to do if you’ve been scammed
  • 7 things you need to do every time you change job
  • SEEK annual report reveals trends from a tumultuous year
  • How to avoid getting caught in the in-house asset trap
  • Common STP Phase 2 reporting questions and mistakes
  • Announcements

Victorian restaurant first to be criminally charged over wage theft

A Victorian restaurateur is facing up to 10 years in jail and more than $1 million in corporate fines after being criminally charged for allegedly failing to pay staff properly in the first case of wage theft being treated as a crime in Australia. The Wage Inspectorate Victoria last Friday filed 94 criminal charges in the Magistrates’ Court against regional restaurant the Macedon Lounge and owner Gaurav Setia for allegedly failing to pay more than $7000 owed to four staff members over five months.

Big issues can arise for failing to pay the minimum pension before 30 June

When an SMSF member is in pension phase they have numerous  advantages such as the fund obtaining an income tax exemption for exempt current pension income (ECPI) where no tax is payable on income and capital gains to the extent the fund’s assets are funding a pension in retirement phase. However, the relevant rules in the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SISR) regulating the pension must be complied with on an ongoing basis for the life of the pension.

Employee dismissed for unreasonable personal texting

The Fair Work Commission (FWC) upheld a termination after an employee sent an ‘extraordinary and unacceptable’ amount of text messages at work while expanding her side business. The employee began working as a health and safety manager for the company in 2020. In August 2021, she lodged a claim with the FWC accusing her employer of unfairly dismissing her. The employee argued that her phone usage was not excessive and her employer failed to formally warn her that her job was at risk.

MoneySmart: What to do if you’ve been scammed

Think you have been scammed? These steps will help you take action quickly to stop the scammers and limit the damage. Know that you are not alone and you can recover from this. There is support available, if and when you need it. Act fast if you’ve been scammed.

7 things you need to do every time you change job

Landed a sweet new job? Boom, go you. Once you’re done grooving to the good news, here are seven things worth doing before you gleefully (or smugly) update your LinkedIn. 1. Check your super has been paid by your old employer Log into your superfund and check that your payments have made it to your account, and follow up anything that’s missing. Just because your superannuation payment appears on your payslip, doesn’t mean it’s being paid into your fund.

SEEK annual report reveals trends from a tumultuous year

Employer appetite for full-time workers is so strong that non-permanent Christmas job listings have failed to meaningfully boost hiring numbers, SEEK says, suggesting the highly unusual economic conditions of 2022 have overpowered seasonal hiring norms. SEEK unveiled its 2022 hiring trends report on Tuesday, highlighting insights from a year defined by extremely low unemployment, a dearth of skilled candidates, and rising cost pressures on business.

How to avoid getting caught in the in-house asset trap

Misunderstanding the in-house asset rules can be a very expensive mistake for a self-managed superannuation fund, but it continues to be a tricky area for SMSF trustees. In-house assets remain one of the most common contraventions reported to the Australian Taxation Office (ATO) via auditor contravention reports. At 17% last financial year, they were second only to contraventions concerning loans or financial assistance at 20%.

Common STP Phase 2 reporting questions and mistakes

The ATO has outlined some common questions and mistakes to help employers report accurately through Single Touch Payroll (STP) Phase 2. Setting up your pay codes or categories When you’re setting up for STP Phase 2 reporting, you’ll usually need to re-map your pay codes or categories. How to do this will depend on the product you use.  


This month we congratulate Phoebe on achieving her 6th work anniversary and we wish Lee a very happy birthday!

Phoebe McPherson



Situation Vacant: Accountant 

We are currently seeking a highly motivated, enthusiastic and well organised person with accounting/bookkeeping skills to join our team.

Whether you are a senior or junior accountant looking to further your career or a graduate or bookkeeper looking to get into the industry, an opportunity awaits for you now at Watts Price Accountants!

Watts Price Accountants offers:
  • Great variety of work
  • Flexible work arrangements
  • Plenty of client contact
  • Excellent workplace facilities
  • You’ll be working with great clients & team members
The ideal candidate will have:
  • Excellent communication skills.
  • Great attention to detail.
  • A great work ethic and time management along with the ability to multi-task.
  • Be able to work as part of a team toward common goals.
  • A willingness to go above and beyond for our clients.
  • Be competent in MS Outlook, Word & Excel.
A position description is available from our website or by phoning our office on (03) 5382 3001.
Applications can be emailed to –  or forwarded to us by Monday 12 December 2022“Accountant Position”, PO Box 118, Horsham Vic 3402

Important ATO Dates

Lodgement Program  Date
Director Identification Number Deadline 30/11/2022
November monthly activity statements 21/12/2022
Super Clearing House – SGL Processing Payments Deadline 16/12/2022

Other News

Director Identification Numbers (DINs)

By 30 November 2022, all existing directors of an Australian company and directors of a corporate trustee of a Self Managed Superannuation Fund (SMSF) or trust need to have applied for a Director ID with the Australian Business Registry Service (ABRS).

Failure to do so may result in substantial fines for the director enforced by Australian Securities and Investment Commission (ASIC). 


  1. If you have a Director ID and have not informed us please advise us of your 15 digit DIN.
  2. If you have applied by paper form and are awaiting the DIN please let us know
  3. If you plan on deregistering as a director please let us know
  4. If you need assistance in applying please contact us asap
  5. Otherwise, we encourage you to apply as soon as possible using the instructions below

The fastest way to apply is by using the myGovID app to log in to the ABRS website. The Director ID demonstration video has step-by-step instructions on how to verify your identity and apply for the Director ID online. The full application process can be viewed here

For more information, please visit


Can directors apply for an extension?  

If directors are unable to apply for their Director ID before the 30 November 2022 deadline, there is an extension form available on the ABRS website.  


Do resigned directors require a Director ID?  

The Registrar of the ABRS has released draft legislative instruments for public comment, removing the obligation for ceased and corporate directors to obtain a Director ID. The instrument has been released for public comment and will have a retrospective commencement date of 1 December 2022. This will ensure that those directors covered by the instruments will not face prosecution for not obtaining a Director ID by 30 November 2022. More information can be found on the ATO website.

Other changes
 The ABRS has made changes to further streamline the online application. If directors log in to ABRS online with a ‘strong’ identity strength myGovID at the proof of ownership of record step, they will only need one of the following to complete the step:

  • Tax file number
  • Residential address as held by the ATO

If you need assistance in applying for a DIN or want to discuss whether it is appropriate to resign a director before the deadline please contact Andrew or one of our team!

Watts Price Accountants            03 5382 3001
Knights Accounting Pty Ltd        03 5385 5330


 SMSF Market valuations

The ATO recently clarified the evidence that is required to support real property valuations within SMSFs. Under SMSF regulations, assets must be valued at market value in an SMSF’s accounts and financial statements each year. SMSF auditors need to have in their possession sufficient, appropriate audit evidence to support the value of a fund’s investments.

It is the trustee’s responsibility to provide their auditor with the documents that are requested to support the market valuation of SMSF assets, including real property. This should include how the asset was valued, including the method used and the data on which the valuation was based.


Evidence Required

Where an independent appraisal from a real estate agent (ie, kerb side valuations) is used then at least two comparable sales need to be included in the valuation letter.

If, the comparable sales are materially different to the assessed property’s value, there needs to be justification provided. Generally, the differences arise due to the valuer assessing the following factors:

o    Soil type

o    Arability

o    Rainfall

o    Crop type


Therefore, where this situation arises, please ensure the valuer has stated that they have assessed the above factors as being the reason why the underlying property’s value is different to that of the comparable sales.

If there are no comparable sales, the valuer must have used some other form of data to base their value on. One of the most common approaches is a yield-based calculation. For example, the valuer assesses the annual market rent for the property, then divides that by the average yield % for farming land in the area, which should give a property value or a range of values.

Once again, if a higher or lower yield % has been used, generally, this arises due to the valuer assessing the factors mentioned above, which needs to be stated in the valuation letter. For this method, comparable lease amounts for properties, at least two, in the area should be included in the valuation letter.

If the valuer, has used any other method, so long as the data/information is included in the valuation document and it is reasonably quantified it should be acceptable.



Please note that until the audit of your Fund’s Financials has been successfully completed, we cannot lodge the tax return.

Therefore, we ask that you please liaise with the real estate agent or external valuer that you have used at your earliest convenience, about obtaining a new valuation letter with the required supporting evidence, i.e. generally having at least two comparable sales or leases being included.

If you would like to discuss this matter or require an example of an acceptable market valuation letter, please contact our office on 5382 3001 (Horsham) or 5385 5330 (Rupanyup).

Office Closed

Please note that our office will be closed Friday 2nd December from 12.00pm for a staff event and re-opening Monday 5th December at 8.30am.

Do You have a Company Folder to be Collected?

Just a reminder that due to recent changes in legislation we no longer need to retain paper copies of certain documents. Hence we have been busy scanning your Company Folders and we can now return these to you.
If you have a Company and have not collected your Company Folder yet, this can be done at any time during office hours!
If you have any queries about the content in this newsletter please let us know!
All the best from the Watts Price Team!