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Director Identification Numbers

As of the 1st of November 2021, if you are a director of a company, including one serving as a corporate trustee of a trust or a self-managed superannuation fund (SMSF) – or if you are intending on becoming a company director – you must apply for a Director Identification Number (Director ID).  What are…

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Working From Home Deductions and Changes from 1 July 2021

A few reminders before the end of financial year: Small Business Superannuation Clearing House (SBSCH) users must ensure superannuation payments are received by the SBSCH on or before the 23rd of June 2021 if intending on claiming a tax deduction for payments made to employees in the 2020/21 financial year. We recommend making your payments early so as…

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Successor Directors: a key player in estate planning and asset protection

What would happen if you no longer had control of your company? It’s a sombre thought, but a reality: if you or your partner are a director of a company and happen to become incapacitated or die without company resolutions or a properly drafted will in place, you could lose control of your company and…

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FRINGE BENEFITS

With more of us working from home now as part of our ‘new normal’, the ATO is increasingly turning its attention to business expenses and employee deductions. Here’s how to ensure you don’t get caught out. What is a fringe benefit? Really simply, a fringe benefit is an additional ‘payment’ or benefit you receive on…

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