Resigned directors not required to apply for a director ID

Directors who have resigned from their position prior to 1st December 2022 will be exempt from the director ID requirement.

The ATO has recently drafted a legislative instrument regarding the director ID requirements, to enable resigned directors to be exempt from the obligation.

Previously if you were a director on or before 31 October 2022, you needed to apply for a director ID number even if you had resigned and never planned to become a director again.

This instrument will bring certainty and relief to those directors who have resigned prior to 1st December 2022. However, if those persons were to take up a directorship on or after 1st December 2022, they would be required to apply for a director ID number.

The consultation period for the legislative instrument is open until 9th December 2022.
We will provide an update and further information once it has been released by the ATO.

If you’re currently a director, ensure you apply for your director ID number before 30 November 2022 to avoid severe penalties.

It is a criminal offence if you do not apply on time. ASIC is responsible for enforcing Director ID offences set out in the Corporations Act 2001.


Super Guarantee Increase

Small business operators don’t get caught out from the 1st July 2022 the Super Guarantee (SG) rate has increased to 10.5% from 10% on Ordinary Times Earnings (OTE). I have recently been assisting a client who’s payroll software did not adjust for the increase and it can be costly and time consuming to navigate through late SG payments so don’t get caught out!

Things to do to ensure you comply with the latest changes;

  • Check your payroll codes and confirm the correct rate of SG for all employees
  • Ensure that your payroll software is up to date and any updates have been downloaded
  • Check with your accountant should you have any queries or concerns.

My Ethical Accountant

Accountants Daily have reported on the results of the 6th Annual Ethics Index completed by The Governance Institute of Australia and Accountants have come out on top. The survey indicates that Australians perceive their Accountant to be the most ethical of all of the professionals working in the Finance and Banking sector. Accountants have come in first with mortagage brokers coming in last. Read below to find out on more…

QLD Lockdowns July 2021 Business Support Grants

Is your business eligible?

$5,000 Business Support Grants will be made available to small and medium businesses across Queensland that were affected by the lockdown that commenced on Saturday 31 July 2021. The Grant may be used to pay for business expenses.

To be eligible your business must have had a 30% reduction in turnover as a result of the lockdown.

Small and medium businesses are defined as having:

  • a turnover of more than $75,000 per annum
  • an annual payroll in Queensland of up to $10 million.

Eligibility areas include:

  • Brisbane City Council
  • Gold Coast City Council
  • Ipswich City Council
  • Lockyer Valley Regional Council
  • Logan City Council
  • Moreton Bay Regional Council
  • Noosa Shire Council
  • Redland City Council
  • Scenic Rim Regional Council
  • Somerset Regional Council
  • Sunshine Coast Regional Council

How to apply

Applications for the Business Support Grants will not open until mid-August.

It has been indicated that all eligible businesses who apply for the grant will receive funding. Information on how to apply will be supplied in the next few coming days.

For more info & to stay in the loop see

Maximise EOFY tax deductions

Getting the most out of your tax deductions requires your accountant, financial advisor and legal representative to work together

Check out this article from the IPA outlining how to maximise deductions for small to medium sized business this financial year.

Crypto at Tax Time

What do you need to know?

With a recent surge in Australian investment in crypto assets the ATO is taking a keen interest in ensuring these investment transactions are recorded correctly on all 2020-21 tax returns. The ATO will be taking an up front approach and writing to a number of Australian Tax payers that have crypto assets in order to prompt them to lodge their 2021 tax returns.

ATO assistant commissioner Tim Loh said the ATO was concerned that the anonymous nature of trading crypto assets led taxpayers to believe their investments were untraceable. He said this year the ATO will head into tax time with access to more data and the ability to track those investing in crypto assets more closely. 

What records do you need to keep?

The nature of crypto unfortunately means MORE record keeping requirements.

You need to keep the following records in relation to your cryptocurrency transactions:

  • the date of the transactions
  • the value of the cryptocurrency in Australian dollars at the time of the transaction (which can be taken from a reputable online exchange)
  • what the transaction was for and who the other party was (even if it’s just their cryptocurrency address).

The sorts of records you should keep include:

  • receipts of purchase or transfer of cryptocurrency
  • exchange records
  • records of agent, accountant and legal costs
  • digital wallet records and keys
  • software costs related to managing your tax affairs

You can use an accountant or third-party software to help meet your record-keeping obligations and working out your tax.

Should you have any questions or require any help with crypto this tax time don’t hesitate to get in touch