July 2024 Newsletter


  • Fair Work Commission increases minimum wage by 3.75%
  • ATO warns on rush job to file tax returns
  • Huge tax time warning for millions of Aussies
  • Grandchildren challenging a grandparent’s estate a ‘growth’ area
  • Warning not to ‘double dip’ on work-from-home claims
  • Brain Rules for Aging Well – 10 Principles
  • Announcements

Fair Work Commission increases minimum wage by 3.75%

The Fair Work Commission has released its highly anticipated Annual Wage Review for 2024, which will affect approximately 2.6 million workers across the country. Earlier this morning (Monday, 3 June), the Fair Work Commission unveiled its annual review decision, in which it resolved to increase the minimum wage by 3.75 per cent. This means hourly wages will rise to $24.10, up by $0.87. The decision will impact around 2.6 million employees across the country, accounting for one-fifth of Australian workers.

ATO warns on rush job to file tax returns

The Australian Taxation Office (ATO) has warned individuals not to rush filing their tax return when the new financial year hits next week. ATO assistant commissioner, Rob Thomson, said those who lodge in early July are twice as likely to make a mistake than those who take their time. This could include failing to include bank interest, dividend income or private health insurance details.

Huge tax time warning for millions of Aussies

Aussies are being warned to be on high alert for scams this tax time. Fraudsters are looking to capitalise on the busy period by targeting Aussies lodging their returns or eagerly waiting for their refunds. The Australian Taxation Office (ATO) received a whopping 22,000 reports of scams impersonating it over the past 12 months. The scams are becoming more prevalent, with reports increasing 31 per cent between April and May.

Grandchildren challenging a grandparent’s estate a ‘growth’ area

Grandchildren challenging estates is becoming a growth area that shows no signs of slowing down, says a legal professional.
Matthew Burgess, director of View Legal, said tougher financial times will likely further stimulate the industry, with an area of particular expansion related to cases where aggrieved grandchildren have been granted greater entitlements out of a deceased estate than what they had been allocated by the will maker.

Warning not to ‘double dip’ on work-from-home claims 


Brain Rules for Aging Well – 10 Principles

Recently, I came upon a book called Brain Rules for Aging Well: 10 Principles for Staying Vital, Happy, and Sharp. It’s authored by US-based scientist, John Medina, who specialises in human brain development and the genetics of psychiatric disorders. We all know that our minds and bodies deteriorate as we age. The good news is that our brains are highly malleable. That is, they can change and adapt due to experience. Medina gives an overview of the latest findings in neuroscience, and he writes with humour and good grace, with references to the likes of Captain Kirk and the ‘I Love Lucy’ show – which I particularly enjoyed.


This month we wish a very happy birthday to Xavier, Joanne & Paula! ​​
We also congratulate Maree (2) on achieving a work anniversary with Watts Price!
Joanne Dreckow
Paula Toll

Important ATO Dates

Lodgement Program  Date
SGL Increase to 11.5% 01/07/2024
Minimum Wage to increase by 3.75%  01/07/2024
Employers to Lodge their Single Touch Payroll (STP) finalisation report with ATO 14/07/2024
June monthly activity statements 21/07/2024
Quarter 4 (April–June) activity statements 28/07/2024
Quarter 4 (April–June) PAYG instalments notices (forms R and T) 28/07/2024
Quarter 4 (April–June) GST instalment notices (forms S and T) 28/07/2024
Quarter 4 (April–June) super guarantee contributions 28/07/2024

Other News

Rupanyup Office Hours

We have noticed a significant decline in both foot traffic and calls to the Rupanyup Office on a Friday over the last 6 months, as a result we have closed the Rupanyup Office on a Friday. This will be re-accessed in the new financial year. Tuesday and Thursday hours remain unchanged and we’re always available via email or phone on 5382 3001 to answer any questions you may have.

Regional Tourism Investment Fund 2024

The Victorian Government is offering grants through the Regional Tourism Investment Fund (RTIF) to support tourism businesses in regional Victoria. The RTIF offers funding from $100,000 up to $5 million for projects that will increase tourism, create jobs and attract private investment.

There are three funding streams available:

  • Small-scale projects ($100,000 to $1 million) for things like cellar door improvements, wildlife sanctuary expansions, and developing new accommodation options.
  • Large-scale projects ($1 million to $5 million) for projects like expanding restaurant seating, redeveloping wildlife sanctuaries, building new museums or galleries, and constructing new accommodation offerings.
  • Accommodation uplift ($500,000 to $2 million) for renovating existing accommodation to improve the visitor experience. This could include upgrading motels, improving amenities at campgrounds, or making accessibility upgrades.

The amount of co-funding required from the applicant depends on the applicant type and project location.

Applications close on July 19th, 2024.

Learn more


All Australian taxpayers will receive a tax cut

The Australian Government has made changes to individual income tax rates and thresholds. This will apply to all taxable income you earn from 1 July 2024. The changes will not impact your 2023–24 tax return. From 1 July this year, these changes will:
  • reduce the 19 per cent tax rate to 16 per cent
  • reduce the 32.5 per cent tax rate to 30 per cent
  • increase the 37 per cent tax threshold from $120,000 to $135,000
  • increase the 45 per cent tax threshold from $180,000 to $190,000
Thresholds in 2024–25 ($) Rates in 2024–25 (%)
0 – 18,200 Tax free
18,201 – 45,000 16
45,001 – 135,000 30
135,001 – 190,000 37
Over 190,000 45


All the best from the Watts Price Team!