Directors will soon be required to verify their identity and apply for a director identification number (director ID) as part of a new regime designed to improve traceability of company directors and eliminate unlawful phoenixing activity.
Significant penalties can apply including up to $1.1 million for individuals for failure to comply. Read more about how to apply here.
The ATO has announced an extension to the work-from-home shortcut method until the end of June 2022.
This extension to the work-from-home method will see taxpayers able to claim the 80 cents per hour through this temporary shortcut method to calculate their work from home deductions.
Read more about the extension and eligibility here.
The Regional Investment Corporation has released loans of up to $2m to assist first time farmers and loans to support farm succession arrangements.
Applicants can be eligible first time farmers wanting to buy, establish or develop their first farm or eligible succession arrangements.
Read more about the loan and eligibility here.
The ATO has released an investor toolkit, designed as a resource to assist tax time for anyone earning money from property or cryptocurrency. This updated toolkit also contains information on cryptocurrency, pay as you go instalments and capital gains tax.
The toolkit is designed to help investors avoid common and potentially costly mistakes. Read more here.
An ATO media release was issued to advise that transactions involving the buying and selling of shares and ETFs (Exchange Traded Funds) is on their radar. Given the increasing popularity of micro-investing platforms, the warning is targeted at younger or first-time investors. Read more about how this may affect you.
Reviewing business performance gives a business owner a better understanding of the financial impact of daily decision making. In our video series, Ben talks to the stakeholders that should be involved in this reporting process and the tools and benefits of performance reporting. Click through to watch the video or view the transcript.