Newsletter – July 2023

July 2023 Newsletter


  • What you need to know about the minimum wage increase
  • Aussies set to get $1500 less back in tax returns this year
  • ATO late lodgement leniency for small business
  • Cheque yourself: No more cheques by 2030
  • ATO acts against foreign worker exploitation
  • Don’t let personal guarantees lead to bankruptcy
  • Announcements

What you need to know about the minimum wage increase

The Fair Work Commission announced that the national minimum wage is increasing by 5.75 per cent. Employers may have some confusion about exactly what that means for them.
The increase will take effect from 1 July, seeing the weekly minimum climb to $882.80 per week, or $23.23 an hour. The changes come into effect on or after this date, so if your weekly pay period starts on Monday, the new rates will apply from Monday, 3 July.

Aussies set to get $1500 less back in tax returns this year

It’s almost tax time but there’s some bad news for Australians hoping to get a big return this July.

With the expiration of the Low to Middle Income Tax Offset, plus a series of new crackdowns announced by the ATO, some Aussies are set to get less back in their tax return this year.


ATO late lodgement leniency for small business

The Australian Tax Office (ATO) recently announced a Small Business Lodgement Amnesty Program to allow businesses to bring outstanding tax returns and business activity statements (BAS) up-to-date.

The program helps struggling businesses to re-engage with the tax system. It applies to tax obligations, including income tax and business activity statements, that were originally due from 1 December 2019 and 28 February 2022.

Cheque yourself: No more cheques by 2030

A plan to phase out cheque transactions by 2030 is part of the biggest overhaul to the payments system in decades.
Treasurer Jim Chalmers has announced several new federal initiatives to overhaul the way money transactions are processed in Australia.
The Strategic Plan for the Payments System will eliminate cheques as part of a plan to modernise the payments infrastructure, which will also involve upgrading the Bulk Electronic Clearing System (BECS) currently used by the AusPayNetwork.

ATO acts against foreign worker exploitation

In a joint operation with several agencies, the ATO has cracked down on foreign worker exploitation after a raid at an ACT home uncovered identity documents and cash.

The operation was run by the Australian Border Force and the ATO as part of the Serious Financial Crime Taskforce (SFCT) with assistance from ACT policing, the AFP, and the Australian Criminal Intelligence Commission (ACIC).

Don’t let personal guarantees lead to bankruptcy

Personal guarantees are common, but they can lead to bankruptcy, so franchisors and franchisees need to understand the risks of personal liability on business debts. 
Malcolm Howell is a partner and bankruptcy trustee with national insolvency and turnaround solutions specialist Jirsch Sutherland. 
“Personal guarantees are commonplace, and with the current economic volatility, more and more lenders and creditor providers are requiring them,” he says.



This month we congratulate Maree on bringing up her first work anniversary!
We also celebrate three birthdays. Happy Birthday to Joanne, Xavier & Paula!


Joanne Dreckow

Paula Toll

Important ATO Dates

Lodgement Program  Date
SGL Increase to 11% 01/07/2023
Minimum Wage to increase by 5.75% (by 03/07/2023 if weekly pay period starts Monday) 01/07/2023
Employers to Lodge their Single Touch Payroll (STP) finalisation report with ATO 14/07/2023
June monthly activity statements 21/07/2023
Quarter 4 (April–June) activity statements 28/07/2023
Quarter 4 (April–June) PAYG instalments notices (forms R and T) 28/07/2023
Quarter 4 (April–June) GST instalment notices (forms S and T) 28/07/2023
Quarter 4 (April–June) super guarantee contributions 28/07/2023

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

 Single Touch Payroll (STP) Finalisation

Employers need to make a finalisation declaration by 14 July each year to ensure their employees can access their finalised information to complete their tax return.

If you can’t make a finalisation declaration on or before the due date, you will need to apply for a deferral.

If you need assistance and/or advice Watts Price can assist you with the process. Please contact us on 03 5382 3001 or email

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

Trade apprentice registration discount

Free registration from 1 July for eligible trade apprentices
Vehicle registration renewals beginning 1 July 2023 and onwards may be eligible to have a 100% discount applied.
If you’re an eligible apprentice and your next registration renewal period begins on or after 1 July 2023, you’ll be able to apply for a free registration from 27 June 2023. If you renew your registration before 27 June 2023 (and your next registration renewal period begins on or after 1 July 2023), you’ll receive a refund cheque.

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!