An update from Crowley Calvert & Holmes Chartered Accountants
It's November already and apparently that seems to be the perfect time to implement a range of changes from the ATO, ASIC and other Government bodies.
Crowley Calvert & Holmes Chartered Accountants have compiled a shortlist of the most important below to keep you on top of everything being introduced before the Christmas break.
Director ID
The introduction of Director ID's see all company directors required to register for their own personal ID.
This ID is linked to the Director, meaning they only need to apply for one Director ID, regardless of how many companies they are a Director of.
Clients must apply for their own Director ID. The following link has information about how to apply for a Director ID:
https://www.abrs.gov.au/director-identification-number/apply-director-identification-number
Clients that are already Directors of Companies will have until 30 November 2022 to apply, however applications open November 2021.
Clients who become Directors of Companies between 1 November 2021 and 4 April 2022 will only have 28 days from appointment to register for a Director ID.
Clients who become a Director after 5 April 2022 must register for a Director ID beforehand.
End of paper PAYG and GST quarterly instalment notices
We have had a lot of queries from clients regarding non-receipt of paper copies of their PAYG and GST quarterly instalment notices.
If you had an email address registered with the ATO, the ATO automatically defaulted your communication preference to digital and therefore no longer issued paper PAYG and GST quarterly instalment notices.
Due to the number of complaints that the ATO received, an interim solution has been put in place by the ATO whereby they will continue to issue paper PAYG and GST quarterly instalment notices.
Please note once a PAYG and GST quarterly instalment notice is processed electronically, the communication preference then automatically defaults to ‘Digital’ overriding paper copies being sent by the ATO.
Australian Tax Office (ATO) and the myGOV inbox
Please be aware that if you have your own myGov account and have linked the ATO, then all correspondence will be sent directly to your myGov Inbox if your preferences are set to Digital.
If you are unsure of your communication preference, you can contact our office and we will be able to advise you.
If you receive correspondence from the ATO that you are unsure of or need assistance with, please forward it on to your Accountant and they will be able to assist, alternatively you can contact our office on 07 5534 5155.
The types of ATO communications you may receive in your myGov Inbox include:
- notices, such as notices of assessment
- statements of account
- confirmation and reminder notices
- activity statements or instalment notices.
Due to legal and privacy requirements, the ATO will send digital communications containing personal information (such as a tax file number) to your myGov inbox rather than your email account.
Scam Alerts - ATO
Technology has given scammers lots of new ways to rip off unsuspecting people. So it pays to be a step ahead of scammers by knowing their tricks – and protecting yourself.
Scammers will often try to ‘phish’ for personal and financial information by impersonating government agencies like the ATO.
The following links will help stay ahead of the scammers:
New Stapled Superannuation Funds rules introduced - information for employers
‘Superannuation stapling’ is a new measure that was introduced as part of a package of reforms to the superannuation system announced in the 2020/21 Federal Budget.
Under this measure, an existing superannuation account is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs. This avoids the creation of a new superannuation account each time a person changes their employment.
Broadly, the new rules require employers to use the ‘stapled super fund’ details (instead of the employer’s default fund) for new employees who do not choose a fund. These changes only apply to new employees who commence work on or after 1 November 2021 (i.e., existing employees are not affected by the new rules).
From 1 November 2021, if a new employee does not choose a fund, then the employer will need to check if the employee has an existing stapled fund by logging into ATO online services and accessing the ‘stapled super fund request service’. The ATO has advised that once all the required information is provided and the request is made, the result of the stapled super fund request should be available on-screen within minutes.
Employees will also be notified by the ATO of the stapled super fund request made in relation to them and will be advised of the details provided by the ATO to the employer.
More information about an employer’s obligations with regards to stapled super funds can be found here on the ATO's website.
Should you have any questions or require any further assistance, you can contact the Crowley Calvert & Holmes office on 07 5534 5155. or visit http://www.ccandh.com.au/.
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