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Tax News
Starting from 1 November 2021, company directors including foreign directors are required by law to apply for a director identification number (director ID) following legislation passed by the government.
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ATO’s small business focus for 2022 income year   The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year:
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ATO priorities this tax time   The ATO has announced four key areas that it will be focusing on for Tax Time 2022:
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No reduction in the Private Health Insurance rebate as of 1 April 2022   An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases.
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2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset   A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420.  The LMITO is a tax offset which reduces an individual taxpayer’s…
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Tax deductibility of COVID-19 test expenses   After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:
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ATO support for businesses in difficult times   The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to:
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Super is now following new employees   The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules.
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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. 
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  From November 2021, directors of Australian companies will be required to apply for and verify their identity to register for a Director Identification Number (DIN). A DIN is a 15-digit identifier issued to a current or prospective director after they have verified their identity with Australian Business Registry Services (ABRS). Once a DIN is…
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