A Director Identification number (Director ID) is a unique 15-digit identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities. Directors need to apply for their own director ID. It’s free to apply. Existing Directors need to apply for their Director ID by 30 November 2022.
At Element, our focus is helping small businesses grow and succeed. As Dwayne “The Rock” Johnson says: “Success isn’t overnight. It’s when every day you get a little better than the day before. It all adds up.” And as numbers people (although we really are much more than that), we can assure you that it
You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund. A stapled super fund is an existing super account of an employee that follows them as they change jobs. This change aims to stop your new employees paying extra
The Queensland Government has now released details for the 2021 COVID-19 Business Support Grant to assist business affected by the most recent lockdowns. The initial grant will be $5,000 (excluding GST) which can be used for business expenses. Under the joint Queensland and Australian Government support package recently announced 13 August 2021, an additional
If super is not paid by the due date, it is not tax deductible. By law, the ATO cannot extend the due date to pay super. If you miss a deadline to pay your quarterly SG contributions, you need to lodge a superannuation guarantee charge statement to the ATO. If you have partially paid
As you may have heard the NSW Government announced a number of relief measures on 13 July 2021, including a number of measures to assist NSW businesses. The key business relief measures are summarised as follows: • Business Grants Program – Grants of between $7,500 - $15,000 for businesses: a) with wages of up
The Superannuation Guarantee, or SG for short, is an employer’s regular payment to an employee’s super fund. It is currently set at 9.5% of ordinary earnings. The minimum percentage that businesses must pay will gradually grow, with the next increase to 10% coming into effect on 1 July 2021. This will affect all payruns
If you receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, you must lodge your 2019–20 Individual tax returns by 30 June 2021. Lodgment deferrals with the ATO do not alter this requirement. If you are entitled to the Family Tax Benefit but didn’t receive any payments in the 2019–20 financial
In the lead-up to 30 June 2021, we want you to be aware that you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to make a resolution to
