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07 Oct 2021 Business Measures

Tax practitioner assistance

If you are unable to resolve tax and superannuation matters or administrative matters through existing channels, you may be eligible to use the ATO’s Tax practitioner assistance service (TPA).

Formerly known as complex issue resolution, the new TPA service makes it easier for you to include the details of the matter you need resolved in a request for assistance form.

Find out what matters you can resolve via the TPA service here.

Preparing your clients for director ID

Director identification number (director ID) is a new requirement for all company directors, designed to help combat illegal activity by making it easier to trace directors’ relationships with companies. Directors can apply for their director ID from November 2021 on the new Australian Business Registry Services (ABRS).

Find out more about director ID and how you can support your clients here.

Modernising Business Registers

As part of its Digital Business Plan, the Government announced the full implementation of the Modernising Business Registers (MBR) program.

Information for businesses about the MBR program, what’s changing and the director identification number (director ID) can be found here.

Government Payments Program

The cross-agency Government Payments Program (GPP) was established to deliver greater integrity and fairness across a range of Commonwealth programs such as disability support, aged care and child care. The GPP complements existing annual payment and grant reporting by Commonwealth agencies through the taxable payments annual report (TPAR).

Find out more about the GPP here.

Review your franking account for loss carry back

If you are planning to claim the loss carry back tax offset, you need to know the balance of your franking account for the income year for which you are making a claim.

The franking account balance can limit the amount of loss carry back tax offset that is claimable, so it’s important to get it right.

More information can be found here.

Gifts or loans from related overseas entities

Genuine gifts or loans received from related overseas entities (including family members and friends) are sometimes used to fund business structures or to acquire income producing assets. It is important that you have appropriate documentation that shows the character of the amounts received.

The ATO has provided guidance on documenting genuine gifts or loans from related overseas entities (including family members and friends) that are used to fund your business.

See also Taxpayer Alert TA 2021/2 Disguising undeclared foreign income as gifts or loans from related overseas entities.

Key dates for October 2021

21 October:

28 October: 

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