Director Identification Numbers

The director identification number (DIN or director ID) system commenced on 1 November 2021. All directors need to apply for a DIN and existing directors should start preparing their applications now.

DIN is the first service to be delivered by the new Australia Business Registry Services (ABRS). ABRS is a new platform which (between now and 2024) will bring together multiple registers from Australian Securities and Investments Commission (ASIC), Business Names Register, the ATO and Australian Business Register (ABR). ABRS and your DIN will streamline all these registers, by allowing you to manage your details in one place, with a single identification number. The aim is to improve consistency and efficiency, cutting back administration time and ensuring all your records are updated within required time frames.

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Keeping a vehicle log book

When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping. Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).

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5 tips to avoid FBT on your staff Christmas gifts and work party

Christmas will be here in a moment and many employers will be thinking about recognising their team’s efforts throughout the year. You may already have plans in place, but have you thought about how to manage tax and Christmas gift giving?

Feel free to celebrate, but make sure you don’t get stung with unexpected taxes. Fringe benefit tax (FBT) and associated income tax and GST pitfalls are the big ones to watch out for.

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3 bookkeeping basics for small business owners

How much time do you spend bookkeeping each week? Recording, organising, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. 10 hours? More?

Effective bookkeeping is at the heart of a healthy business. But, done poorly, bookkeeping can be time-consuming and tedious.

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Fringe benefits tax (FBT) changes for the 2019 FBT year

Fringe benefits tax (FBT) is a tax paid by employers on specific benefits provided to employees (and their families). Benefits commonly provided to employees include company vehicles, car parking, low interest loans, and living-away-from-home allowances. FBT places the tax burden on the employer rather than the employee, which can be an attractive arrangement for many workers.

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Claiming GST credits for employee reimbursements

Did you know that employers registered for GST can claim GST credits for reimbursements made to employees?

Here’s a quick run-down on what qualifies, what doesn’t, and how to claim.

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STP reporting compulsory for all Australian employers

The extension of Single Touch Payroll (STP) requirements to employers with 19 or less employees has finally passed both houses of Parliament. From 1 July 2019, STP reporting will become compulsory for all Australian employers.

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8 smart ways to manage your debtors for business success

Managing your debtors so you get paid on time is critical to your business’ survival. Paying suppliers and salaries, investing in infrastructure and growth – if you don’t have the cash, your business is in trouble.

So, wouldn’t it be wonderful if customers paid on time, every time?

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Compulsory Single Touch Payroll (STP) reporting rolls out to small employers

Months of uncertainty for small businesses ended yesterday with the Senate passing the Bill to now extend compulsory Single Touch Payroll (STP) reporting to employers with 19 or less employees. Effective from 1 July 2019, it comes on the back of STP rolling out to larger employers from 1 July 2018.

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5 Common Bookkeeping Fails – and How to Easily Avoid Them

If you’re in business, you already know that careful financial management is important. But do you really aspire to spending your time dealing with numbers and paperwork? That’s probably not why you went into business!

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