With recent changes, failure to register for your directors ID within the required timeframe may result in significant penalties (civil fine up to $13,320 or criminal fine $1,100,000), From 4 April 2022, you must have a directors ID before you can be appointed as a director of a new company.
Read on for the steps to apply for a directors ID.
Single Touch Payroll (STP) started on 1 July 2018 for large employers, and became mandatory for all employers from 1 July 2021 onwards. As part of the 2019-2020 federal budget, it was announced that “STP Phase 2” would be introduced to provide additional information as part of STP reporting. Read more on this change.
In this issue of Corporate Advisor, we explain 13 corporate-governance, financial-reporting, and regulatory topics of crucial importance to CFOs and directors. Much has been happening of particular relevance to boards – director identification numbers, whistleblowing and breach reporting, fraud, wages underpayment, and climate change.
Work-related expenses is an area in which we have experienced a recent lift in the ATO’s scrutiny. With the 2021 lodgement due date fast approaching, we have put together a timely reminder of the supporting documentation and evidence you would be expected to produce if the ATO were to audit these claims in your personal tax return.
Read more on record keeping work-related car expenses, travel expenses and working from home expenses here.
A grant of up to $25,000 for small and medium food and beverage manufacturing businesses to assist with energy-saving projects is available. The grant is to assist with replacing equipment, modifying systems or undertaking energy management activities that result in improving energy efficiency. Read more about the details and eligibility for this grant here.
Small businesses and primary producers may be eligible for low-interest Disaster Assistance loans of up to $250,000.
These loans are to provide small businesses or primary producers, whose assets have been significantly damaged as a direct result of an eligible disaster, with low-interest loans to help in their recovery efforts. Read more here.
Grants of up to $50,000 are now available for affected producers following Central Southern Western Qld Rainfall and Flooding during 10 November – 3 December to hire or purchase equipment and materials, clean up, remove debris, replace fencing and other costs associated with the recovery process. Read more here.
Support is now available for employees who need to self-isolate or quarantine due to COVID-19.
Pandemic Leave Disaster Payment is a lump sum payment to help you during the time you can’t work and earn income if you need to self isolate or quarantine, or care for somebody who has to self isolate or quarantine due to COVID-19. Read more on eligibility here.
We are very pleased to announce our expansion into New Zealand and we warmly welcome Tadius Munapeyi to the Hall Chadwick Association. Read more here.
As small businesses celebrate Christmas with staff parties, it is important to remember the Fringe Benefits Tax (FBT) implications for non-FBT exempt organisations. Read more on the tax considerations for your business celebration.
