The director identification number (director ID) regime is now in place with Australia’s newest company directors having to comply first.
Director IDs are a unique 15-digit identifier that a director will apply for once and will keep forever, similar to a tax file number (TFN). A director can only have one director ID and they must use it for all relevant entities.
From wine-fuelled political debates over Christmas lunch to overly competitive games of Monopoly, there are many reasons family members can find themselves at loggerheads with one another. A particularly serious scenario is when a parent passes away and leaves behind an estate that becomes a source of bitter conflict between siblings.
Several superannuation proposals announced in this year’s Federal Budget have been introduced into Parliament in the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021
You may need to take action to prevent the cancellation of your ABN.
The ATO has announced that it is continuing to review inactive Australian Business Numbers (ABNs) for cancellation. Your ABN may be selected for review if you have not reported business activity in your tax return, have not lodged activity statements that include business income, or there are no other signs of business activity in other lodgements or third-party information. This includes running a legitimate business but forgetting or neglecting to lodge tax returns and activity statements.
Peter Karounos is a consultant, strategist and entrepreneur who helps people and organisations grow, improve, perform and change in order to achieve success in business and in life. His consulting business has seen steady growth in a variety of industries across Australia and internationally.
The Australian Federal Government is making some important changes to help minimise fraud and protect the privacy and security of company directors.
As part of this process, directors of all Australian companies will need to verify their identity by applying for a Director Identification Number (DIN). This 15-digit number is a unique identifier that a director will keep indefinitely – even if the person changes companies or moves – and will be used to help stamp out fraudulent activity by enabling the government to verify and track individual directors’ corporate history accurately.
Is there CGT when a property inherited from a foreign resident is sold? Am I liable for CGT on a home I inherited from a foreign resident when I sell it one year later? The following scenario demonstrates how the CGT rules work in this situation.
Applying the “Retirement Exemption” in the CGT Small Business Concessions can be quite difficult – particularly where a company or trust makes the capital gain and the exemption is sought to be applied for the benefit of individual shareholders in the company or beneficiaries in the trust.
Ten years ago, after a 20-year career in the banking industry, Steve Villios opened a RAMS (Registered Australian Mortgage Securities) franchise. He began as a sole operator working from home, but the business quickly grew and he opened two offices in Unley and Mount Barker, expanded the company to a team of 15 employees and became the biggest volume RAMS office for South Australia/Northern Territories/Western Australia every year.
The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home. These expenses include electricity, phone service, cleaning, decline in the value of equipment, furniture and furnishing repairs, and so on. To make things easier, the ATO even provided several “short-cut” options to claim “working from home” expenses (as opposed to claiming the relevant proportion of the actual costs).
To coincide with the Adelaide 500 motor racing weekend, Oreon Partners proudly hosted a fun-filled corporate event in our grounds with viewing decks, food, drinks and plenty of action. Enjoy our recap video from the weekend.