Director Identification (ID) Number Regime
Based on the recent ATO announcement, the Australian Business Registry Services (ABRS) have introduced the Director Identification (ID) Number Regime. The Director ID is a 15-Digit unique identifier that is designed to prevent the use of fraudulent director identities with the new registry services of ABRS. This will make it easier to trace director relationships across companies and help identify and eliminate involvement in illegal activity. What do you need to do? As you are a director, you must apply for a Director ID. How do I apply? 1. Go to the ABRS Website: 2. Verify your identity using the MyGovID credentials. If you do not have a MyGovID please follow the link below: 3. Provide proof of record of ownership by answering two questions about your ATO personal records. Examples include: a. Your tax file number b. Residential address recorded with the ATO c. Document ID from last year’s Notice of Assessment If you need assistance with this, please let us know so we can supply you with the information required. 4. Complete the Director ID Application on the ABRS platform to receive the Director ID instantly. If you have any questions, or need any help with completing this application, please contact Santi Accounting.
Beware of the recent scams!
There are many scams out there, and the new one to beware of is those targeting investors in Cryptocurrency. Beware of cryptocurrency scams telling people they’re suspected of cryptocurrency tax evasion and asking them to ‘connect their wallet’ and provide personal information. If you receive an SMS like this do not clink on any links or provide any information. Scammers can use the information you provide to steal your funds and potentially steal your identity. Remember a genuine message from the ATO will never ask you to access their online services via a hyperlink. If you receive any correspondence from the ATO and are unsure whether it is a genuine message, please contact Santi Accounting so we can verify whether it is genuine on your behalf.
Single Touch Payroll Phase 2
In the 2019-2020 Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information. The expansion is also referred to as STP Phase 2 and will reduce the burden for employers who need to report information about their employees to multiple government agencies. The mandatory start date for STP Phase 2 was 1 st January 2022. There are many benefits to employers with implementing the changes in Phase 2, however, to set up your accounting software to be compliant may be confusing, daunting and overwhelming. Please contact Santi Accounting if you would like assistance or for us to review your STP set up.
Temporary Full Expensing
Temporary Full Expensing As part of the federal government’s response to the Covid-19 pandemic, the 2020-2021 Budget provided a provision for eligible businesses to claim a deduction for the full cost of certain depreciating assets acquired and used by the business. This measure is referred to as ‘Temporary Full Expensing’ and applies to all assets acquired from 7.30pm AEDT on 6 th October 2020 and first used and installed by 30 th June 2022. To be eligible for this concession, the business must satisfy the following: The eligible asset can be new or second hand (there are some assets that are excluded from this provision). If you would like further information relating to the temporary full expensing measure please contact Santi Accounting.