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07 Dec, 2022
Christmas 2022
22 Nov, 2022
You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once and keep forever. The following provides some useful further information. As a director of my SMSF’s corporate trustee do I need a director ID? The new requirement to obtain a director ID applies to all directors of corporate trustees of an SMSF. The only exclusion applies to a director who has resigned from all director roles during the period 04 April 2021 to 30 November 2022 and has no intention to ever be appointed as a director or alternate director of an Australian or foreign company. How long do I have before I need to get my director ID? Individuals that were a director of any company prior to 1 November 2021 have until 30 November 2022 to get a director ID. This transitional period also applies to newly appointed directors of corporate trustees of an SMSF, provided they were an existing director, of a company, before 1 November 2021. Otherwise, first time directors are now required to have a director ID before they are appointed as director of any company. What is the fastest way to apply for a director ID? With 30 November 2022 fast approaching, we strongly encourage all directors to apply for their director ID now. The fastest way to apply for your director ID is online at abrs.gov.au/directorID . To access the director ID application online, you will use your myGovID to log in to ABRS (Australian Business Registry Services) online. This director ID demonstration video will show you step by step, how to apply for your director ID online. What to do if you do not have a MyGovID already? A myGovID is different to your myGov account. Your myGov account allows you to link to and access online services provided by the ATO, Centrelink, Medicare and more, while myGovID is an app that enables you to prove who you are and to log in to a range of government online services, including myGov. If you do not already have a myGovID you will need to set this up before you can apply for your director ID online. Refer to mygovid.gov.au/setup for more information on setting up a myGovID. You will need to choose your identity strength, noting that ‘standard’ identity strength is the minimum strength required for a director ID. What if I can’t set up myGovID online? Where you are experiencing difficulties setting up your myGovID, the ATO encourages you to contact them on 13 62 50. To speed up the phone application, please have your TFN ready as well as the information listed below, required to verify your identity. If you cannot apply online or over the phone, the ATO will provide you with a paper form to complete. This is the least preferred option and will require you to provide certified copies of your documents to verify your identity. Can we help you get your director ID? You must apply for your director ID yourself, so that the ATO can verify your identity. To verify your identity against your ATO records, once you have logged into ABRS online using myGovID, you'll need your tax file number, your residential address held by the ATO, and information from two of the following documents: bank account details (where your tax refunds or payments are made and received) an ATO notice of assessment a dividend statement a Centrelink payment summary a PAYG payment summary (this is different to your income statement or your PAYG instalment activity statement). How can we help? If you have any questions or would like further information about director IDs, please feel free to give us a call on 1300 885 761, so we can discuss your requirements in more detail. Although we are unable to apply for a director ID on your behalf, we would be more than happy to guide you through the process and where possible, source documents to help you verify your identity with the ATO.  For other information, resources, and timely updates relevant to your SMSF, please refer to the SMSF Association’s trustee education platform, SMSF Connect.
By Dawson & Partners 23 Oct, 2022
All employers are required to pay and report super guarantee payments electronically to ensure they meet SuperStream requirements. With the introduction of SuperStream it is now easier for the ATO to monitor your payments to ensure they have all been paid on time. Super guarantee payments must be made by employers to their employees' complying funds by quarterly due dates, which are 28 days after the end of each quarter. The due dates for each quarter are as follows: 
By Dawson & Partners 16 Oct, 2022
Change can be hard, particularly when things seem to be working and the need to do things differently isn't obvious. Switching to eInvoicing will help you to reduce manual data entry, because eInvoices automatically appear in your business software, ready to be checked and paid. eInvoicing doesn't give access to the ATO and it's not a compliance measure. Rather, its aim is to reduce your administration, boost your cashflow and to give you more time to focus on what matters most to you. What is eInvoicing? eInvoicing (or electronic invoicing) is the new way to digitally exchange invoices through your software. eInvoices are not PDF invoices that need to be printed, posted or emailed. eInvoicing allows you to send and receive invoices digitally with other businesses such as your suppliers, contractors or government. It does not apply to business to consumer transactions. Benefits of eInvoicing The benefits of eInvoicing include: more accurate invoices, resulting in less mistakes to chase up and correct, reduced time and costs dealing with manual processes including fixing invoice errors, no more lost invoices - save time by getting the right information to the right contact on time, confidence in the security of the network – less chance of invoice fraud or scams, faster payments, better business decisions, based on correct, real-time financial information. Cost of eInvoicing Most small business accounting software providers are building eInvoicing into their products and some already have it available. It may be free, or it may depend on how many invoices you exchange. Talk to your accounting software provider to find out whether there are additional costs involved. How to start eInvoicing If you use accounting software If you send or receive invoices using accounting software such as MYOB or Xero all you need to do is: Check with your software provider to see if they are eInvoicing enabled. If they are, follow their instructions to get started. If your accounting software can't eInvoice, you can start eInvoicing now by either: adopting an "add-on" eInvoicing product, or switching to another accounting software that can eInvoice. If you use a mix of digital and manual invoicing processes If you use a mixture of digital and manual tools to send and receive your invoices, such as software, email or post, you can may consider going fully digital and using a software provider which provides eInvoicing. If you create invoices manually If you send or receive your business invoices manually on paper or using office software such as Word or Excel, you may: Check the eInvoicing provider list for options, and Purchase accounting software that is eInvoicing enabled. How can we help? If you have any questions or would like further information about eInvoicing, please feel free to give us a call on 1300 885 761 to find out about making the change.
By Dawson & Partners 04 Oct, 2022
With all the changes due to COVID-19, you may have contracted out more services in the past year. This could mean you need to lodge a Taxable payments annual report (TPAR) for the first time. TPARs are due on 28 August each year. You may need to lodge a TPAR if your business pays contractors or subcontractors for the following services: building and construction cleaning courier services road freight information technology investigation, security or surveillance. Contractors can include subcontractors, consultants and independent contractors. They can be operating as sole traders, companies, partnerships or trusts. The detail that you need to report about each contractor can be found on the invoice you should have received from them, and includes: Australian business number (ABN), if known, Name and Address and The gross amount you paid to them for the financial year (including any GST). The Taxable payments report can be lodged online or by completing a paper form. If you are unable to lodge online, you can order the TPAR paper form from the ATO publications ordering service. If you need to lodge a TPAR but missed the due date, lodge it now. If you lodged your TPAR but made a mistake, you can amend it. Keeping good records makes it easier for you to prepare your TPAR. Remember to include details of cash payments to contractors on your TPAR. If you would like any further information or assistance with lodging your taxable payments annual report please contact us on 1300 885 761 .
By Dawson & Partners 19 Sep, 2022
Who can claim Fuel Tax credits? You may be eligible to claim fuel tax credits for fuel purchased for use in your business. To be eligible you must: Be registered for GST Use the fuel for an eligible activity including but not limited to: Use in heavy vehicles travelling on public roads if the vehicle has a gross vehicle mass (GVM) greater than 4.5 tonnes. Use in business activities such as agriculture, forestry, mining, construction and manufacturing if the vehicle (including light vehicles) was travelling on private roads and off public roads. Further details regarding eligible fuels and business activities can be found on the ATO website. Indexation of rates: The rates for fuel tax credits are indexed bi-annually on 1 February and 1 August in line with the Consumer Price Index (CPI). The excise and excise equivalent customs duty rates have halved for petrol, diesel, and all other petroleum-based products except aviation fuels. This temporary reduction is in place for 6 months, and applies from 30 March until 28 September 2022. The indexed rates for the period from 1 August 2022 to 28 September 2022 are as follows: Nil for liquid fuels used in a heavy vehicle on public roads. In this 6-month period, businesses using fuel in heavy vehicles for travelling on public roads won't be able to claim fuel tax credits. This is because the road user charge exceeds the excise duty you'll pay, and this reduces the fuel tax credit rate to nil. Increase from 22.1 to 23 cents per litre for liquid fuels in all other business uses; Increase from 9.44 to 9.83 cents per litre for E85 (85% ethanol/15% petrol) in all business uses except heavy vehicles on public roads; Increase from 7.2 to 7.5 cents per litre for liquefied petroleum gas (LPG) ; and Increase from 15.2 to 15.8 cents per kilogram for compressed natural gas (CNG) and liquefied natural gas (LNG). These changes will affect fuel tax credit calculations for September quarter Activity Statements. If you claim less than $10,000 in fuel credits each year you can calculate your fuel tax credit using the rate that applies at the end of the BAS period. The ATO fuel tax credit calculator can be found here . Please contact us on 1300 885 761 for more information.
By Dawson & Partners 12 Sep, 2022
You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once and keep forever. The following provides some useful further information. As a director do I need a director ID? The new requirement to obtain a director ID applies to all directors including directors of corporate trustees of an SMSF. This obligation also applies to any directors who may have resigned from all director roles after 31 October 2021 and have no intention to ever be appointed as a director of an Australian or foreign company. How long do I have before I need to get my director ID? Individuals that were a director of any company prior to 1 November 2021 have until 30 November 2022 to get a director ID. This transitional period also applies to newly appointed directors, provided they were an existing director, of a company, before 1 November 2021. Otherwise, first time directors are now required to have a director ID before they are appointed as director of any company. What is the fastest way to apply for a director ID? With 30 November 2022 fast approaching, we strongly encourage all directors to apply for their director ID now. The fastest way to apply for your director ID is online at abrs.gov.au/directorID . To access the director ID application online, you will use your myGovID to log in to ABRS (Australian Business Registry Services) online. This director ID demonstration video will show you step by step, how to apply for your director ID online. What to do if you do not have a myGovID already? A myGovID is different to your myGov account. Your myGov account allows you to link to and access online services provided by the ATO, Centrelink, Medicare and more, while myGovID is an app that enables you to prove who you are and to log in to a range of government online services, including myGov. If you do not already have a myGovID you will need to set this up before you can apply for your director ID online. Refer to mygovid.gov.au/setup for more information on setting up a myGovID. You will need to choose your identity strength, noting that 'standard' identity strength is the minimum strength required for a director ID. What if I can't set up myGovID online? Where you are experiencing difficulties setting up your myGovID, the ATO encourages you to contact them on 13 62 50. To speed up the phone application, please have your TFN ready as well as the information listed below, required to verify your identity. If you cannot apply online or over the phone, the ATO will provide you with a paper form to complete. This is the least preferred option and will require you to provide certified copies of your documents to verify your identity. Can we help you get your director ID? You must apply for your director ID yourself, so that the ATO can verify your identity. To verify your identity against your ATO records, once you have logged into ABRS online using myGovID, you'll need your tax file number, your residential address held by the ATO, and information from two of the following documents: bank account details (where your tax refunds or payments are made and received) an ATO notice of assessmen a dividend statement a Centrelink payment summary a PAYG payment summary (this is different to your income statement or your PAYG instalment activity statement). How can we help? If you have any questions or would like further information about director IDs, please feel free to give us a call on 1300 885 761 , or arrange a time for a meeting, so we can discuss your requirements in more detail. Although we are unable to apply for a director ID on your behalf, we would be more than happy to guide you through the process and where possible, source documents to help you verify your identity with the ATO.
By Dawson & Partners 04 Jul, 2022
Like New Years, the end of the financial year is time to reflect on the past year and take stock.
By Dawson & Partners 20 Jun, 2022
The superannuation guarantee is legislated to increase from 9.5 per cent to 12 per cent in 0.5 percentage point increments from 2021 through to 2025. This means the superannuation guarantee rate will increase to 10.5 per cent from 1 July 2022 and rise by 0.5 per cent per year thereafter until it reaches 12 per cent by 2025.
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