If so, you need to apply for a Director Identification Number
The Government has recently passed legislation which requires a director of a company to have a “director identification number” (or Director ID). This has been introduced to try and stop fraudulent behaviour by directors and in particular involvement in illegal phoenix activities.
This has been proposed for quite some time, with …
From 1 November 2021, there is an extra step that employers may need to take to comply with choice of fund rules for new employees.
If new employees don’t choose a superannuation fund, you may need to request their ‘stapled super fund’ details from the ATO – A stapled super fund is an existing super account which is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.
The intention of the change is to reduce account fees by preventing new superannuation accounts from being opened every time an employee starts a new job.
The 7-day statewide snap lockdown, which started at 6pm on Tuesday, has many businesses and employees wondering what support might be available to them to compensate for lost income. Thankfully there are some income supports available for individuals and businesses.
A large part of the COVID stimulus packages announced by the Government last year was intended to encourage businesses to invest in capital assets. They did this by announcing the “temporary full expensing of depreciating assets” provisions on 6 October 2020 for businesses with aggregated turnover of less than $5 billion. Prior to this, the instant asset write-off threshold had been increased to $150,000 for businesses with aggregated turnover of less than $50 million.
These changes have resulted in many businesses investing in assets throughout this financial year with the view to claiming a full tax deduction for the asset. Alternatively, businesses may still be considering purchasing an asset prior to 30 June 2021 in order to claim the tax deduction. There are some tricks and opportunities to these depreciable asset write off provisions that you should be aware of.
Over the last 12 months there have been significant changes to South Australia’s land tax regime. Below we provide an update to the changes and highlight some key deadlines.
Land held in discretionary trusts – Beneficiary Nominations – Due date extended to 30 June 2022
Under the new land tax rules, where land is held by a discretionary trust on or before 16 October 2019, the trustee has the option to nominate a designated beneficiary. This option was only available up until 30 June 2021, however Treasurer Rob Lucas recently announced that the due date would be extended to 30 June 2022.
