You need a director identification number (director ID) if you’re a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation.
You must apply for your own director ID to verify your identity. No one can apply on your behalf.
What do you need to do?
Nothing right now, your accounting software will do most of the work in the background – Xero is still building the features and has an extension to March 2023, so there is plenty of time to transition. We will complete the transition for our clients in the next few months (once all the kinks have been ironed out).
We’ll be in contact when we are ready to start the rollout, until then STP means Sit Tight Please.
There are masses of free learning opportunities for small business owners – have you tried any? Don’t know where to start?
Bet it hasn’t exactly turned outs the way you first imagined it!
Well done for backing yourself.
What do you wish you had of known before you started out? What advice would you give a friend thinking of making the leap?
Are you thinking of making improvements to your home office?
Do you know what you can claim?
ATO says: If you operate some or all of your business from your home, you may be able to claim tax deductions for home-based business expenses
(check the fine print!)
You can only claim deductions for payments you make to your workers (employees or contractors) from 1 July 2019 where you have complied with the pay as you go (PAYG) withholding AND reporting obligations for that payment.
Any payments you make to a worker where you haven’t withheld or reported the PAYG amounts are called non-compliant payments.
If you don’t comply with your PAYG withholding and reporting obligations for a payment, you may:
– lose your deduction for that payment
– face existing penalties that apply for failure to withhold and report amounts under the PAYG withholding system.
There’s more to it than exchanging labour for wages.
Confidentiality in the partnership is a big concern.
It is not best practice to send any sensitive info by email – we don’t want anyone’s identity to be compromised if any part of the email chain gets hacked.
Sing out if you have any questions about how we can help you keep your employees top secret info safe.
Be careful what you wish for!
Do you really know what you are getting yourself in for
It’s not for everyone!
Ever wanted to learn about how to run your small business better?
The ATO says: We are committed to delivering a better client experience for small business. Helping you to improve your skills and knowledge to be successful in your small business venture is an important part of this commitment.
We offer free webinars on many topics. There are general topics that suit all small businesses and others that are specific to certain industries or situation.
Which one will you sign up for? Check out the full list
These days many people are working from home, at least some of the time. What do you need to consider as a small business owner?
Your OH & S responsibilities still apply, even if your employee is not in the office.
A study also completed by Australian Unions found that a staggering 42% of Australians working from home do not have a suitable workstation or even the correct equipment when working from home.
