November 2022 Newsletter
Contents:
- 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
Announcements:
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 – richardk@wattsprice.com.au 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 https://www.mygovid.gov.au/. 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:- your tax file number (TFN) (optional)
- your residential address as held by the ATO
- answers to 2 questions based on details ABRS know about you
- a primary and secondary Australian identity document.
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.