Notice of officeholder data-matching program
ATO’s Comprehensive Data Acquisition Program Here’s what you need to know The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years, including details such as: their name, address and date of birth; email address and […]
Side hustles in the ATO’s sights
ATO pursuing more forms of income as tax A recent ATO article highlights the fact that it is increasingly trying to bring more modern techniques of money-making into its tax net. ‘Side hustles’ have really grown over the past few years — everything from the gig economy and drop shippers to content creators and influencers. […]
Director ID regime
Preparing for the new Director ID regime As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. This included recently enacted legislation introducing the new director identification number (‘director ID’) regime. The director ID is a unique identifier that a director will need to apply for […]
Director identification numbers
Preparing for director IDs If you want to become a director or are already one, you’ll need a director ID. Apply for a director ID from November 2021 here: https://www.abrs.gov.au/director-identification-number Director identification numbers (director ID) are a new requirement for all company directors, designed to help combat illegal activity by making it easier to trace […]
Company directors personally liable for GST
New laws can make directors personally liable for GST The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business operators who try to avoid their obligations to their customers, employees and creditors.” In particular, the changes allow the ATO to collect estimates of anticipated GST […]
Illegal phoenix activity
Legislation to combat illegal phoenix activity The Government has announced a package of reforms to tackle illegal phoenix behaviour. By way of background, phoenixing occurs when the controllers of a company strip the company’s assets and transfer them to another company, to avoid paying the original company’s debts. The proposed measures will deter and disrupt […]
