Sky Update – October 2021
Director ID regime
Under the director ID regime, all company directors will be required to obtain a 15 digit identifier.
The purpose of this identifier is to:
- prevent the use of false or fraudulent director identities;
- make it easier for external administrators and regulators to trace directors’ relationships with companies; and
- identify and eliminate director involvement in unlawful activity (e.g. phoenixing).
Existing company directors can apply for their director ID from the 1st of November and will have to the 30th of November 2022 to obtain a director ID.
Persons who become a company director from the 1st of November will have to obtain a director ID within 28 days of being appointed a company director.
Then, from the 4th of April 2022, persons who become a company director will be required to obtain a director ID before being appointed.
Company directors are encouraged to apply sooner rather than later to ensure that there is ample time to work through any hiccups associated with this new system.
If you need assistance with these new requirements, please get in touch.
Personal income tax return deadline
The 1 November deadline to lodge a 2021 income tax return for self-preparers is fast approaching.
If you intend to prepare and lodge your own income tax return, you should act now to ensure that you can meet the deadline.
Those who have their tax returns prepared by an accountant have access to extended due dates as part of the tax agent lodgement program.
In most instances, the due date to lodge a 2021 income tax return is extended to the 16th of May 2022.
Those who have had us prepare their tax returns in past will automatically qualify for these extended due dates. No action is required prior to the 1st of November.
However, if you would like to confirm the due date of your tax return, or to make an appointment, please get in touch.
Additionally, anyone who wants to access the extended due dates and has not previously used an accountant, should get in touch as soon as possible.
Business Costs Assistance Program Round Four – Construction
Victorian construction industry businesses affected by the industry shutdown between the 21st of September and the 4th of October can now apply for the Business Costs Assistance Program Round Four – Construction grant.
The amount of available grants varies from $2,000 to $8,400 depending on payroll size.
Applications close on the 9th of November or earlier if funds are exhausted.
If you need advice on eligibility, or require assistance to lodge an application, please get in touch.
2021 Annual Wage Review
In our September Sky Update we noted the Annual Wage Review increases applying to awards including the Fitness, Hair & Beauty, Hospitality, Registered Clubs & Restaurant Awards from the 1st of November.
A full list of the affected Awards can be found here.
The Fair Work Ombudsman will very soon be publishing updated Pay Guides.
We encourage employers to keep a close eye out for the new Pay Guides so that they can ensure that employees are paid the correct award rates beyond the 1st of November.
With lockdowns coming to an end in the ACT, NSW and Victoria, many businesses are coming to terms with the requirements that need to be satisfied in order to re-open.
There is a myriad of requirements that need to be observed and these vary from industry to industry, state to state and LGA to LGA.
Businesses who fail to observe the requirements can be closed down and subjected to significant fines.
With inspectors currently visiting businesses to check compliance, care is needed to ensure that your business is not exposed to sanctions.
State governments publish the requirements for businesses operating in their state. We have assembled the below links to help businesses throughout Australia to stay up to date with the requirements that apply in their area.
Additionally, useful information on maintaining a COVID-19 safe workplace can be found at the Safe Work Australia website.
Stapled Super Fund reminder
In our September Sky Update we wrote about the changes applying from the 1st of November that will require employers to check if a new employee has a “stapled super fund” before making any contribution to a default fund.
With the start date now just a week away, employers will need to familiarise themselves with using the ATO’s online services to check if a new employee has a stapled super fund.
For more details on the new process, please refer to the ATO website. Alternatively, feel free to contact us.
Quote of the month
The last three months have been a very tough time. Many have endured long and difficult lockdowns where they have had their livelihoods affected, been isolated from friends and family, had their liberties restrained and have had to make difficult health decisions.
For most of us, our feelings of optimism are a reflection of our personal circumstances and the broader mood of the society in which we exist. Is it then any wonder that optimism levels have decreased in recent times.
However, optimism is much more than the mood we find ourselves in. Instead, optimism is a tool that can be harnessed to drive better outcomes in our lives.
As Noam Chomsky puts it, “optimism is a strategy for making a better future. Because unless you believe that the future can be better, you are unlikely to step up and take responsibility for making it so”.
With lockdowns ending and our way or life starting to take on some sense of normalcy, lets hope that we can all find a glimmer of optimism.
Let all of us nurture that optimism and take responsibility for working to make a better future where we can all learn to live safely with COVID-19 and prosper in spite of it.
Sky Accountants Ballarat
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Sky Accountants Gisborne & Macedon Ranges
Phone: 03 97444522
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437