Monthly Archives: October 2021

Deadline for Director Identification Number Applications

Directors of companies will soon have to enrol in the Director Identification Number regime. This requires that current and future directors apply for director identification numbers (DIN) which will be permanently linked to the individual and not be reissued, even if they are longer directors. It is hoped the regime will make it easier to […]

Closing a Business? Don’t Forget the GST Registration

Thinking of closing or selling your business due to the current restricted business conditions? Beware that if you do, you’ll have to cancel your GST registration within 21 days, with certain specific exemptions. This 21 day requirement also applies if you change your business structure, such as from a partnership to a company structure, unless […]

Are State/Territory COVID-19 Grants Assessable?

Amounts received by businesses from various state or territory governments as COVID-19 support payments may or may not have to be included in their tax returns as assessable income. While the Federal government has specifically designated some payments to be NANE income which means it will be non-taxable, other payments have not been granted this […]

COVID-19 Support Payments: What You’ll Need to Report

Many individuals completing their 2020-21 tax return this tax time will have received some form of government support payments as a result of the economic fall-out from COVID-19, including the JobKeeper, JobSeeker, the COVID-19 disaster payment, or the pandemic leave disaster payment. Some of these payments will need to be reported as income while others […]

Selling Property: Don’t Forget the Clearance Certificate

Spring has now sprung, and with news of various roadmaps out of COVID-19 lockdown, the property market looks set to take off once again in all States and Territories. If you’re thinking of selling a property whether it be your main residence or an investment property, based on the current capital city prices, it is […]

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