January 2022 Newsletter


  • Employers: The important changes from 2021
  • Acquiring a Taste for Climate Friendly Food
  • SMSF Legislative Updates
  • Rural Rezoning Windfall Gains Tax
  • Announcements

Employers: The important changes from 2021

In 2020, the Morrison Government proposed significant industrial relations reforms that were set to shake up the employment landscape Australia.
Fast forward to 2021 and the IR reforms are now in full effect, but in a significantly reduced form to what was originally proposed. Only one of the five areas flagged for reform have actually been changed, resulting in considerable impacts to casual employment.


Acquiring a Taste for Climate Friendly Food

The face of agriculture is changing as it adapts to and mitigates climate change, with the development of plant-based foods, carbon capture technology, regenerative farming and renewable natural gas having a growing impact.

While many look to plant-based milk for emissions reductions just as they do to plant-based meats, there are many variables that drive the total environmental impact of a product.

SMSF Legislative Updates

This year’s Federal budget saw the following proposed measures impacting SMSFs and their members: Removal of work test; Extension of bring forward rule for non-concessional contributions; Downsizer contribution reduction in eligibility age; Residency requirements relaxed; Legacy pension conversions; Removal of the $450 per month threshold for superannuation guarantee payments; Changes to FHSSS.


Rural Rezoning Windfall Gains Tax

The Victorian Government is ensuring significant value increases from government rezoning decisions are shared with the community.

The windfall gains tax will be introduced into Parliament this week and will return a share of the profits from rezonings to the community for vital infrastructure such as public transport and schools.



Director IDs

Have you applied for your DIN (Directors ID Number) yet?
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.


This month we wish Andrew and Gabi a very happy birthday and congratulate the following on their work anniversaries with Watts Price Accountants: Xavier (1 year), Lee (21 years), Grant (20 years), Katrina (2 years) & Paula (29 years).
Andrew Price Gabi Freijah  
Grant Kuchel
Paula Toll      

Important ATO Dates

Lodgement Program  Date
December monthly activity statements 21/01/2022
Quarter 2 PAYG Instalment Activity Statements 21/01/2022
Quarter 2 Superannuation Guarantee payments due 28/01/2022


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. Please note:

  • 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: mail@wattsprice.com.au M: PO Box 118, Horsham VIC 3402 Knights Accounting P: 03 5385 5330 E: info@knightsaccounting.com.au 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!