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Director Identification Number Regime

Alan Law • Nov 03, 2021

Based on the recent ATO announcement, the Australian Business Registry Services (ABRS) will be introducing and maintaining the Director Identification Number as of 1 November 2021.

 

What is a Director Identification Number?


The Director Identification Number (Director ID) is a 15 digit unique identifier that will help prevent the use of false or fraudulent director identities with the new registry services of the ABRS. This will make it easier to trace director relationships across companies and help identify and eliminate involvement in illegal activity such as illegal phoenix activity.

 

What you need to do from 1 November 2021? 


Individuals who are currently a director or will be acting as a director in the future must apply for a Director ID based on the transitional arrangements specified in the table below: 

 

For example:

 

  • If you become a director on or before 31/10/2021, you must apply for Director ID by 30/11/2021;
  • If you become a director between 1/11/2021 and 4/04/2022, you must apply within 28 days of appointment;
  • From 5/4/2022, you must apply for Director ID before appointment.

 

How do individuals apply online for a Director ID?


1.    Go to the ABRS website to access the ABRS Director ID service and learn about the Director ID requirements

2.    Verify your identity using your myGovID credentials or create a myGovID using your smartphone and Australian identity documents. For more information visit How to set up myGovID.

3.    Conduct a proof of record ownership by answering two questions about the individual's ATO record. See below for further information.

4.    Complete a Director ID application on the ABRS platform to receive the Director ID instantly.

 

Time To Lodge Fringe Benefits Tax Return

By ACP Team • 17 Apr, 2024
From 1 April, it's a new fringe benefits tax (FBT) year. If you're an employer and have provided certain benefits to your staff in addition to their salary and wages, it's important to understand how FBT works and what is considered a fringe benefit. Perks that could attract FBT include providing employees with a work car (including dual cab Utes) for private purposes, gym memberships, or tickets to an event or show. If you provided these benefits to your staff, make sure you know how to lodge and pay the FBT. Here's 4 easy steps to help you get your FBT reporting right the first time: Identify the types of fringe benefits you provide Determine the taxable value of each fringe benefit Lodge an FBT return and pay by 21 May (for self-preparers). If your tax professional lodges electronically on your behalf, you have until 25 June Keep good records to support your calculations and FBT position If you don't have an FBT liability for the 2023–24 FBT year and you're registered for FBT, you will need to lodge a completed FBT non-lodgment advice form. If this is your first time lodging through a tax professional, make sure you contact them before 21 May to be added to their FBT client list. This ensures you’re eligible for the June lodgment and payment date. Contact us today – your Sydney small business accountants, or simply call us on 02 80467621.

Small Business Crypto Tips

By ACP Team • 20 Mar, 2024
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Super Concessional Contribution Cap Increase

By ACP Team • 14 Mar, 2024
The Federal Government recently announced the increases in the standard concessional and non-concessional contributions caps. From 1 July 2024, the standard concessional contribution cap will increase from $27,500 to $30,000. From 1 July 2024, the non-concessional contribution cap, which is expressed as 4 times the standard concessional contribution cap, will also increase from $110,000 to $120,000. This also means that the maximum available, under the non-concessional contribution bring-forward provisions, will increase from $330,000 to $360,000. From 1 July 2024, the Total Superannuation Balance Thresholds used to determine the maximum amount of bring-forward non-concessional contributions available to an individual will also be adjusted. Running your own business and have no time to deal with tax issues? Contact ACP Accountants today on 02 8046 7621, or email us at info@acpaccountants.net.au, and we will take care of your taxation matters as they were our own.
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