Update 1 February 2022
Despite 2022 getting off to a challenging start, we hope this year brings you good health, happiness and success.
We have an announcement.....it is time for a rebrand, so watch this space.
We wish you and your families a very peaceful New Year.
There is new legislation that requires all directors of Australian companies to have a Director Identification Number (DIN).
You will need to apply for a DIN if you are a company director. This includes if you are director of your SMSF corporate trustee or family trust.
You will also need to apply for a DIN if you are acting in the capacity of an alternate director, even if you are appointed for a specified period or a temporary basis.
What is a DIN?
A DIN is a unique 15-digit identifier that a director will apply for once and will keep forever. A director can only have one DIN that they must use for all companies.
The purpose of introducing DINs is to prevent the use of fictitious director identities, assist regulators, trace directors’ relationships with companies and better identify directors involved in unlawful activity.
When do I need to apply for a DIN?
When you must apply for a DIN depends on the date you became a director.
The table below summarises the key dates of when you need to apply for a DIN.
How do I apply for a DIN?
Unfortunately, we are unable to apply for a DIN on your behalf. You must apply for your own DIN to verify your identity. We can however assist you by advising you of the steps and timelines involved.
Firstly you will need to visit the ABRS website (abrs.gov.au - click on red link button below).
2. Click on “Director identification number” near the top of the homepage:
or
scroll down to “Apply for your director ID”
Follow the 3-step process set out on the website, being:
Step 1 – Set-up a myGovID
You will need a myGovID with a standard or strong identity strength using two Australian identity documents, such as:
Driver’s licence or learner’s permit
Passport
Birth certificate
Visa (using foreign passport providing still in Australia)
Citizenship certificate
ImmiCard
Medicare card
If you already have a myGovID go to Step 2
Step 2 – Gather the documents required for identification You will need to have some information the ATO knows about you when you apply for your DIN. You will need to complete a ‘proof of ATO record ownership’ (PORO) by providing:
Your tax file number (TFN)
Your residential address as held by the ATO
Information from two documents to verify your identity
Examples of the documents you can use to verify your identity include:
Bank account details
An ATO notice of assessment
Super account details
A dividend statement
A Centrelink payment summary
PAYG payment summary
Step 3 – Complete your application Once you have a myGovID with a standard or strong identity strength, and information to verify your identity, you can log in and apply for your DIN.
Your myGovID details and ATO details will be prefilled and all you need to do is enter your place of birth, postal address, mobile number, any former names and complete the declaration. The application process should take less than 5 minutes and once complete, you will instantly receive your DIN.
How do I apply for a DIN if I cannot get a myGovID? If you can’t get a myGovID with a standard or strong identity strength, you can apply by phone or with a paper form.
You can apply by phone if you have:
An Australian TFN
The information needed to verify your identity (as listed above)
The phone number is 13 62 50 and is available between 8:00am and 6:00pm Monday to Friday for directors in Australia. For directors calling from overseas, the number is +61 2 6216 3440.
Don’t get caught out
All directors should apply for their DIN before the relevant deadline. Failure to comply with the new DIN requirements or providing false or misleading information may result in both civil and criminal penalties.
Please also take care when applying for your DIN. Only apply via the abrs.gov.au website as it is a secure site that will keep your information safe.
Please feel free to contact our office if you need any assistance with applying for your DIN or understanding your DIN obligations.
Source and credit: WDN & Abrs.gov.au
Choosing the right location for your business can be vital to your success. Learn what to consider when looking for the right business location and premises.
Unless you run a home-based business, you’ll likely need to buy or lease business premises.
Each business has different requirements. It's important to consider your business needs and priorities when deciding on the type and location for your business.
Type of business premises
The type of premises you may need will depend on your business type. For example, if you:
sell products, you may require a retail store
provide a professional service, you may only need a shared office with access to a meeting room for client meetings
Types of business premises include:
warehouses, manufacturing plants or storage facilities
retail premises
home offices for home-based businesses
shared commercial offices, hubs or co-working spaces
temporary premises, such as market stalls or pop-up businesses
When choosing business premises, make sure you also consider the future needs of your business.
Buying or leasing
Once you've decided what type of premise you want, you'll need to decide if you want to buy or lease the space.
Buying or leasing commercial property is different to engaging in residential agreements.
Accountants, solicitors and business advisers can advise whether you should buy or lease your business premises and your business equipment. We can advise you on tax implications for each option.
If you’re considering signing a lease, make sure you understand and agree with the clauses in the lease.
It's important to seek financial and legal advice before signing any contract. This will help you avoid expensive mistakes that could cost you and your business.
Choose a location
The location of your business can determine its success. When you choose a location, consider if it’s the right environment for your business.
You may pick a location because:
your suppliers or distributors are nearby
the area is known for the products or services you provide
businesses in the area complement yours
the cost of buying or leasing is affordable
the area is a growing business hub with many future opportunities
Tips to choosing a location
Research different locations – gather demographic information on the area you’re interested in including population, age and income to see if it’s the right market to sell your product or service in.
Find out about other businesses in the area – other local businesses might complement your business's product or service.
Research your competitors – find out your competitors locations and the type of premises they use to sell products and services.
Contact local councils – find out about the area, any future or planned development, zoning, rates and business activity in the region.
Consider the current and future needs of your business – make sure your marketing plan is current and your chosen location is in line with your business goals and objectives.
Changing your premises
As your business grows you may need to consider moving your business.
Reasons to move your business may include:
Customer convenience – it’s important your location is relevant to your target market. Do some research to help you understand your customers.
Lower business costs – you may be able to cut costs by moving your business to a cheaper location. You may also find a different location will help you increase your profits.
More space – is your business bursting at the seams? Maybe you no longer have enough parking space for your customers? If your business grows, consider relocating your business to a bigger location.
Source and credit: Business.gov.au
Learn how to pivot, adapt or transform your business when you need to respond to change.
You can use this step-by-step process to discover if you should:
improve your business operations
develop new products and services
adopt a new business model
target new customers.
Step-by-step change planning process
Create a plan to manage change and save your business time and effort, improve outcomes and reduce risk.
The tools included in this change process are used by businesses of all sizes around the world to respond to their changing environment.
Create your own change journey:
Work through the steps and activities in order and design a comprehensive plan for your business.
Focus on the essential sections in each step for the key stages of the change process if you have an outcome in mind already or have limited time and resources.
Click on each step for links to guide you.
Source and credit: Business.gov.au
The NSW Government has committed $1 billion to the Farm Innovation Fund.
Farmers can borrow up to a maximum of $1 million per project, with a total of $1 million outstanding at any one time to build on-farm infrastructure, including stock containment areas.
The Farm Innovation Fund is a long term, low interest rate loan scheme for NSW farmers for permanent on-farm infrastructure. The Farm Innovation Fund helps farmers to:
improve farm productivity - reduce risks and improve efficiencies by building fodder and grain storage facilities, sheds, fencing, roadworks and solar power conversions.
manage adverse seasonal conditions - improve water efficiencies with irrigation systems, cap and piping of bores, new dams, install water tanks and desilting of ground tanks.
ensure long term sustainability - increase the viability of a farm business and improve pasture and soil health, plant trees for shade and wildlife corridors, eradicate weeds, flood proof property and fence river banks.
The application process
Find out what you can apply for.
What you will need.
Apply online or manually.
Claim invoice payment.
Need help?
The Farm Innovation Fund is available to farmers in NSW to meet the cost of carrying out permanent capital works that will have a significant beneficial impact on the land, long-term profitability of the business and address adverse seasonal conditions.
Click the link below for more information.
Source and credit: NSW.gov.au
If you wish to arrange a telephone appointment or zoom meeting with one of our team please contact our office either by telephone or email.
21 January 2022 December monthly BAS due
28 January 2022 December quarter super guarantee due
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