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11 Nov 2021 Business Measures

Director ID applications are now available

Your clients can now apply for their director identification number (director ID) on the new Australian Business Registry Services (ABRS) website and will log in using the myGovID app. From 1 November 2021, new directors have a set period to apply.

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.

The dates for when your clients need to apply, depends on when they become a director.

  • Directors appointed for the first time before 1 November 2021 have until 30 November 2022 to apply, even if they become a director of another company on or after 1 November 2021.
  • Directors appointed for the first time between 1 November 2021 and 4 April 2022 must apply within 28 days of the appointment.
  • Directors appointed for the first time on or after 5 April 2022 must apply before their appointment.

For a full list of key dates including directors of Aboriginal and Torres Strait Islander corporations, see Director IDs: Who needs to apply and when.

The ATO has also released a short video for tax professionals to explain how you can help your clients understand the new requirements and how to apply. An updated member-only guide will be available in next week’s TaxVine.

An updated member-only guide will be available in next week’s TaxVine.

Private company directors – lodge or review your return

If you are a director of a private company and your tax returns are not up to date, or you did not report all your income, now is the time to speak to a trusted adviser and lodge a tax return or make a correction. 

The ATO will be commencing reviews on lodgment and correct reporting for these company directors and their connected entities soon. 

More information can be found here

Tax and superannuation when engaging an employee 

When you hire an employee, you need to meet your tax and superannuation obligations

You can use the Hiring employees checklist and Employment Contract Tool to help you meet all your obligations as an employer under Australian law. 

Mortgage interest expenses factsheet 

The ATO has found that almost one‑third of people made mistakes when claiming their interest deductions on their investment property. 

The ATO has released a new tax practitioner factsheet Rental mortgage – interest expenses, which lists what you can and cannot claim. It is now available for you to download for discussions with clients who have rental properties. 

Body corporate fees and charges 

The ATO’s Tax time toolkit for investors has a new factsheet, about body corporate fees and charges, that you can share with your rental investor clients.

Find out more here. 

STP Phase 2 – Correspondence to employers 

The ATO is writing to let employers know what they need to do to get ready for Single Touch Payroll (STP) Phase 2 where: 

  • their digital service provider’s solution is ready from 1 January 2022;
  • they are covered by a digital service provider’s deferral which expires on or before 1 March 2022. 

Depending on their communication preferences, the ATO may write to your employer clients directly, or to you. Your clients may seek your support through the transition. 

More information can be found here.

STP Phase 2 employer reporting guidelines 

The ATO has released STP Phase 2 guidelines to help you understand what is required for STP Phase 2 reporting through your STP Phase 2 enabled software. 

More information can be found here. 

STP Phase 2 webinar series for employers continues 

Register now for the fourth webinar in the series of STP Phase 2 webinars for employers and tax professionals. The webinar will take place on 18 November at 1:00pm (AEDT) and will include: 

  • a deep dive into salary sacrifice
  • an overview of reportable employer superannuation contributions and reportable fringe benefits amounts
  • a walkthrough of deductions, including voluntary Child Support reporting. 

The recordings of the previous webinars in the series are now available to watch.  

Basic myGovID restrictions 

If you are unable to achieve a Standard or Strong myGovID, you can use a Basic myGovID to access Online services for business and Online services for agents, with certain restrictions. 

More information can be found here. 

Is your ABN current? 

The ATO is reviewing Australian business numbers (ABNs) to identify potentially inactive ABNs for cancellation. The ATO has made improvements to the ABN cancellation program by introducing a new automated process which allows you to confirm if your ABN is still required via a secure voice response system. 

Your ABN may be selected if you have not reported business activity in your tax return, or there are no signs of business activity in other lodgments or third-party information. 

It is important to remember that any income earned under your ABN needs to be reported in your tax return, regardless of the amount. 

More information can be found here.  

Key dates for November 2021 

22 November 

29 November 

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