Important information for company directors
As a company director, under new legislation, you are now required to obtain a director identification number (director ID). A director ID is a unique identifier that you keep forever. It will help prevent the use of false or fraudulent director identities. It's free to apply and you only need to apply once. If you are a company director appointed prior to 1 November 2021, you must obtain your director ID by 30 November 2022. New directors should apply before they are appointed. The fastest way to get a director ID is to apply online using the myGovID app. If you can't get a myGovID, the best way to apply for a director ID will depend on your situation. To find out more click on the link below to the ABRS website. ABRS is a new service, managed by the Australian Taxation Office (ATO). https://www.abrs.gov.au/director-identification-number You must apply for a director ID yourself. No one can apply for you. The reason for this is you need to prove your identity when you apply. Penalties may be applicable if you don't apply for a director ID. Once you have your director ID, keep it safe until you need to use it. It can be shared with your accountant, company secretary, ASIC registered agent or tax professional. You don't need to provide your director ID to ASIC unless otherwise directed. When the ASIC companies register is transitioned to Australian Business Registry Services (ABRS) in the future, your director ID will need to be linked to companies that you are a director of. If you wish to discuss any of the above information please contact our office.
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The NSW Government has announced a Small Business Support Package to help small to medium businesses in response to the Omicron wave of Covid-19.
The 2022 Small Business Support Program is designed to help businesses survive the immediate impact of the Omicron COVID-19 strain.
For more information please see link below: https://www.service.nsw.gov.au/transaction/2022-small-business-support-program/2022-small-business-support-program-guidelines If you wish to discuss any of the above information please contact our office. The NSW and Federal Government have announced additional financial support for businesses in NSW impacted by the current restrictions and stay-at-home orders.
NSW business grants Businesses impacted by may be able to apply for a grant of up to $15,000 through Service NSW from 19 July, 2021. The grant can be used for business expenses such as rent, utilities and wages. This is available for businesses and sole traders with a turnover of more than $75,000 pa. The grant is based on decline in turnover, as follows:
Full eligibility criteria will be available shortly through the Service NSW website. Saving Jobs support program This is a direct payment to eligible businesses with an annual turnover between $75,000 and $50 million, who can demonstrate a 30% decline in turnover with an equivalent 2 week period in 2019. Eligible entities are required to maintain their full-time, part-time and long-term casual staff as of 13 July 2021 and will receive payments equal to 40% of their payroll with a minimum of $1,500 and a maximum of $10,000 per week. Non-employing businesses, such as sole traders, can receive a set payment of $1,000 per week. Please visit the Service NSW link to register interest for the grants and support available: https://www.service.nsw.gov.au/covid-19-business-support-2021 As a business owner, there are many obligations that you need to consider. We have outlined below these action points to assist you. Single Touch Payroll
With the end of the financial year fast approaching, it is important to review your tax position. Tax planning will provide a clearer picture of your situation and allow you time to consider and implement strategies to assist in minimising your tax. It should be noted that preparing interim financial statements and projections will also give you an insight as to where your business is currently placed and allows you to implement measures to assist with tax planning strategies prior to 30th June, 2021.
If you would like to review this, then please contact our office. |
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