Some key things to note…
By Steven Marsten
DIN Date is looming!
Less than 6 weeks to Christmas – what happened to the year? The biggest issue happening this month is the looming deadline for all company directors to apply for their Director Identification Number (DIN)! The DIN only needs to be applied for once and it will be permanent, much like a Tax File Number.
You are required to apply for a DIN by 30th of November 2022.
The maximum penalty for Individuals who fail to provide a Director ID when required to do so is $13,200 (criminal) or $1,100,000 (civil).
To apply for your DIN go to: www.abrs.gov.au/director-identification-number
You will first need to have a MyGovID set up for this process to work (this is different to your MyGov account).
Once you have your DIN please email it to us so we can update the number into the our corporate system if you have not already done so.
If you have already applied and received your DIN and haven’t yet notified us, please pass it on to us so that we can update our files.
Brief matters from the budget.
Overall, the 2022/23 Budget was a bit of a yawn. Steady as she goes – so to speak. So we just want to highlight a couple of things. The Government is very keen to make sure that Digital Currencies are not classed as Foreign Currencies and will be introducing legislation accordingly. This has more to do with the fact that a foreign currency can be valued at any point in time whereas a Digital currency depends on the buyer and how much they perceive the value of it at that time. Also, because its treated mostly as a speculative investment rather than used as a currency - the Government wants it treated as an investment and taxed accordingly.
The other point I want to raise is that we should be fully aware that LMITO has been formally axed and replaced with a LITO tax offset for the 2023 year. This will be less rewarding and less available to many taxpayers. No doubt there will be more of an outcry on this matter when it comes to completing your 2023 tax returns.
For more information on the matters in this article – feel free to contact the team from Appleby Chartered Accountants on 07 3876 6211.