Newsletter – November 2022

November 2022 Newsletter


  • Federal Budget 2022-23 Tax Summary & Highlights
  • Understanding Your Payroll Obligations
  • Commonwealth Seniors Health Card (CSHC) changes
  • Daniel Pink on how to enhance decisions with data and evidence
  • Announcements

Federal Budget 2022-23 Tax Summary & Highlights

The Federal Government has handed down its 2022-23 Budget which further to the Federal Budget handed down on 29 March 2022, updates economic forecasts and identifies the priorities for the new Labor Government.

Understanding Your Payroll Obligations

On 8 August 2022, the Fair Work Ombudsman (FWO) announced that it recovered $532 million in unpaid wages for over 384,000 workers in 2021-22.
This was more than three times the amount recovered by the FWO in the previous year, meaning that more employers and workers are becoming affected by wage underpayments.
With myriad modern awards, enterprise agreements and legislative requirements to consider, plus the potential to succumb to confusion or complacency, it is no wonder businesses struggle to ensure compliance with their payment obligations.

Commonwealth Seniors Health Card (CSHC) changes

The federal government has announced changes to the income threshold for the Commonwealth Seniors Health Card (CSHC) and a freeze on deeming rates as budget measures pitched at retirees.
According to the budget papers, the government will increase the income threshold for the CSHC from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.
The move will cost the government $69.6 million over four years from 2022/23 and represents a significant increase in the threshold, according to Heffron managing director Meg Heffron, who noted the change had already been flagged.

Daniel Pink on how to enhance decisions with data and evidence

Bestselling author Daniel Pink offers his insights on workplace productivity and making sound, evidence-based decisions in turbulent times.


It appears we have no anniversaries or birthdays to acknowledge this month!

Reception / Administration Role

We are currently seeking a highly motivated person with exceptional customer service skills to join our administration team.

If you are a person that strives to provide awesome customer service; has excellent communication and administration skills; has strong Microsoft Office competencies; has great time management skills and works well in a busy team environment then we may have the perfect position for you! 

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 21 November 2022“Reception Administration Position”, PO Box 118, Horsham Vic 3402


Important ATO Dates

Lodgement Program  Date
October monthly activity statements 21/10/2022
Director Identification Number 30/10/2022

Other News

Director Identification Numbers (DINs)

The deadline is fast approaching (30/11/2022) for acquiring the mandatory DIN (Director Identification Number) for anyone acting as a director of a company. If you have yet to attend to this, the information below outlines the necessary steps to obtain one. Once you have obtained your DIN please let us know so we can take you off our follow up list. Note: Each company director needs to obtain their own DIN and you only need to apply once even if you are a director of multiple companies. Applying for a DIN: For those with a smartphone and email, the fastest way to apply for a director identification number (director ID) is online at Australian Business Registry Services. To access the online application, you will use the myGovID app with at least a standard identity strength to log in to ABRS Online. Watch the demonstration video showing the steps to apply online. Note: myGovID is different from myGov and you will need to setup myGovID prior to using the online application for a Director ID. For more information on setting up a myGovID, visit For those that can’t get a myGovID (no smartphone or email etc) you can phone 13 62 50 between 8.00am and 6.00pm Monday to Friday. To apply by phone, you’ll be asked to verify your identity. You’ll need: With the potential treat of $13,200 fines for non-compliance we encourage you to attend to this as soon as possible! If you need any help setting up either the myGovID and/or applying for the DIN please contact our office.

2022 Victorian Flood Recovery

Call the Flood Recovery Hotline on 1800 560 760 for help with:

a range of clean-up services
finding somewhere to stay
financial, mental health and other support.
The recovery hotline is open from 7.30 am to 7.30 pm every day. Press 9 for an interpreter.

Please note that we are receiving a high volume of registrations and calls. Please be patient as we try to get back to you as soon as we can.

 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.

Office Closed

Please note that our office will be closed Friday 2nd December from 11.30am 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!