June 2022 Newsletter


  • The ATO will be focusing on these four issues at tax time
  • Engage or face firmer action, ATO warns taxpayers with unpaid debts
  • Aged care v retirement village: Which is better?
  • 6 most common issues with splitting super in a divorce
  • Top firm says five factors are fuelling the Great Resignation
  • How to buy Shares: A beginner’s guide in 2022
  • Announcements

The ATO will be focusing on these four issues at tax time

The ATO has confirmed it will be focusing on four key areas this tax time to make sure that there is an “appropriate level of scrutiny” on the reporting of deductions and income.

recordkeeping, work-related expenses, capital gains from crypto, property and shares, and rental property income and deductions are the four stated priorities of the tax office this year.


Engage or face firmer action, ATO warns taxpayers with unpaid debts

The Australian Taxation Office (ATO) has called on taxpayers with overdue debts to engage and take advantage of the tailored support and assistance that is available to them or face firmer actions.

As a result of the COVID-19 pandemic, the ATO said it had shifted its focus away from firmer debt collection in order to help and assist impacted businesses and the community.


Aged care v retirement village: Which is better?

Aged care facilities provide retirees with accommodation that has daily medical and personal care services. Retirement villages allow retirees to live independently, with some services offered to them as needed.
When you’re looking for a safe and comfortable living situation after retirement, it is important to understand what aged care facilities and retirement villages can offer.

6 most common issues with splitting super in a divorce

According to the Australian Bureau of Statistics, 49,116 divorces were granted in 2019, which is a crude divorce rate of 1.9 divorces per 1,000 persons. This rate has decreased from 2.8 divorces per 1,000 persons in the last 20 years.

Whilst the overall divorce rate has decreased in Australia, there has been an increase in “grey” divorces. These are divorces amongst older couples, who have been in long-term marriages, generally over 20 years. 


Top firm says five factors are fuelling the Great Resignation

In a recent survey conducted by PwC, one in five workers indicated that they are likely to switch to a new employer during the next several months.

The firm surveyed 52,195 workers in 44 countries and territories in what it described as one of the largest surveys of the global workforce.


How to buy Shares: A beginner’s guide in 2022

So you want to get in on the stock market action? Congratulations, that’s an exciting step! But first, there are a few things you should know before you buy your first shares. 
A share is a unit of equity or part-ownership of a corporation. These are issued by companies as a way to raise capital that is used for their growth, expansion, and operations.


This month we congratulate Andrew (29 years) and Gabi (25 years) on achieving another work anniversary at Watts Price Accountants!
We also wish a warm welcome to Lily who has joined our Admin team and who has a birthday this month. Happy Birthday Lily!

Andrew Price

Gabi Freijah



Important ATO Dates

Lodgement Program  Date
May monthly activity statements 21/06/2022
Employee’s Super Guarantee payments for June quarter (allow up to 5 working days for the Clearing House to process your payment) 30/06/2022
End of Financial Year – start preparing your Finalisation Report (if you pay wages) 30/06/2022

Other News

Important Superannuation Changes

From 1 July 2022, two important super guarantee (SG) changes will apply:

  • the rate of SG is increasing from 10% to 10.5%
  • the $450 per month eligibility threshold for when SG is paid is being removed

Tax Planning

It’s not too late to be thinking about Tax Planning. With 30 June just around the corner we encourage you to think about applying legitimate tax strategies now to minimise your tax obligation.
The Partner’s diaries are filling fast so we encourage you to book an appointment as soon as possible by contacting us on:
Watts Price Accountants
P: 03 5382 3001
E: mail@wattsprice.com.au
Knights Accounting
P: 03 5385 5330
E: info@knightsaccounting.com.au

Finalising Your Employee Wages

As you are aware, Group Certificates were phased out and replaced with an Single Touch Payroll (STP) Finalisation Report.

The End-of-financial-year finalisation declaration of your employees wages is required to be lodged by 14 July of each year. Until the finalisation report is lodged employees are unable to get their wage and salary returns processed correctly.

For more information read the ATO’s Finalising your STP data or contact our office!

SMSF Audit Changes

Please note that the Self Managed Superannuation Fund (SMSF) auditor that we have used for the last 20+ years, Peter Monaghan, is retiring as at 30 June 2022.
We have sourced a new auditor, Richard Smith of ASF Audits, who will take over from 01/07/2022.
For those SMSF clients where we arrange the audit please note the following important change from 01/07/2022. When we send out the pre-audit documents you will need to sign and return the Members Statement as soon as possible as the audit can not be completed until these have been sighted by the new auditor.

Company Folders

With the shift to electronic sending, filing and signing of documents, ASIC has confirmed that we no longer need to hold hardcopies of the Company Folders we hold on behalf of our clients. Therefore we are currently in the process of scanning all Company Folders and relevant documents to our secure in-house server and will maintain an electronic (softcopy) version going forward.
Once scanned we will contact clients and let them know that we are returning the original folder and its current content to them for safe keeping.
Rather than risk losing your folder in the post we will hold these folders at our office for collection next time you drop in.
Please note that this does not change the ASIC compliance services we provide to you in anyway, we are simply maintaining your Company Folder electronically rather than in paper form going forward!

Director Identification Numbers (DINs)

A reminder that all company Directors are required to obtain a Director ID. This is particularly important as failure to comply with these new Director ID requirements may result in both civil and criminal penalties. We recommend that company directors, including those that act as a corporate trustee of their SMSF or family trust, start the application process as soon as possible! 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. 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

Single Touch Payroll Phase 2

  • Your first STP Phase 2 report is required by 31/03/2022 (where not covered by a deferral) or 31/12/2022 (with deferral from your software provider).
  • QuickBooks Online & Keypay deferral ends 28/02/2022.
  • MYOB & Xero deferral ends 31/12/2022.
  • Your software provider will be providing guidance on how to get STP 2 ready.
  • Where Watts Price or Knights Accounting process your payroll we will ensure that you are STP Phase 2 compliant by the appropriate date. Our wages template will be re-issued to accommodate the new pay and leave categories required.
If you have any queries at this time please let us know!  
All the best from the Watts Price Team!