BUSINESS TIPS
MIND YOUR BUSINESS
By Troy Marchant, Director, Adviceco Chartered Accountants
Directors required to apply for their Identification Numbers The Federal Government last month launched its requirement of, and application process for, a Director Identification Number (DIN). This is a welcome development and an added layer of identity security for business directors in our digital world. Applications opened on 1 November and Directors must apply personally. Directors are increasingly vulnerable to identity fraud and illegal activity. The DIN will simplify business operations and identification and enable regulators to
Justice Logan went so far as to consider the effect of interruptions to the NSW terminal’s supply chain during the outbreak, and he considered there were private commercial interests at play alongside a public interest in minimising supply chain disruption. For example, for DP World, when the Port Botany terminal experienced three COVID cases, 35 employees were required to self-isolate and a further 57 were sent home due to being casual contacts. Considering that the employer agreed that they would not dismiss any employees for refusing the vaccination until 31 December 2021 it was decided that the injunction application was not successful. Discussion This case is helpful to employers who, in the course of legal proceedings, might face opposition from employees seeking orders preventing them from implementing such comply with the policies and procedures of the employer. It is also reassuring that the Courts are willing to take into consideration factors such as the risk posed to the business of having un-vaccinated portion of their workforce in increasing disruption to their business.
more efficiently trace directors’ relationships with companies over time. This added layer of transparency will improve business reliability and trust. Once issued, the unique 15-digit number is linked to a director for life and through movement between different roles, markets, companies and ventures. To apply, directors can log into ABRS online using the myGovID app. The director must personally register for their DIN, a representative cannot complete the process on behalf of a Director. The online application form is straightforward with valid proof of identity, such as a tax file number. It is free to apply and available to directors within Australia and overseas. Applications are available by phone and by paper for those who need it. Those who must register include any individual who is a director or acting as an alternate director for a company, for an Aboriginal and Torres Strait Islander corporation, for a charity/not-for-profit organisation, or for a registered Australian body or foreign company registered with ASIC and carrying on business in
Australia. This includes directors of an SMSF or a limited recourse borrowing (LRBA) corporate trustee. You do not need a DIN if you are running a business as a sole trader or partnership, are referred to as a ‘director’ in your job title but have not been appointed as a director under the Corporations Act or the CATSI Act, are a director of a registered charity with an organisation type that is not registered with ASIC to operate throughout Australia. All existing directors appointed prior to 31 October 2021 have a deadline of 30 November 2022 to apply for a DIN. Directors appointed between 1 November 2021 and 4 April 2022 will have 28 days to apply for their DIN. From 5 April 2022, Directors must have a DIN before they are appointed. Fines will apply for late registration. Troy Marchant holds workshops for business owners looking to work smarter, not harder, to reach their financial goals. To keep informed about when these are available, sign up to AdviceCo’s b-Mail via www.adviceco.com.au
XERO Small Business Index shows SMEs find their feet XERO Small Business Index shows SMEs find their feet Data released in late November by Xero produced as part of its Small Business Index shows that small businesses began to recover in October. The Index rose five points to 94, reaching its highest point in three months. The change is primarily attributed to the easing of lockdown restrictions in NSW, the ACT and Victoria during the month. The Index showed only a small increase on September’s numbers, keeping overall SME performance below average for three consecutive months. However, the data provides a positive early indication of what to expect in the coming months as businesses find their feet Sales slow down Sales growth slowed in October to 4.4 per cent, compared to an increase of 8.2 per cent recorded in September. This trend indicates that sales growth continued to hold firm, despite the lockdowns imposed on major states throughout September.
Joseph Lyons, Managing Director Australia and Asia, Xero said, “The latest Xero Small Business Index data highlights how it’s likely it will take a while for small businesses impacted by lockdowns to get back on their feet. As we lead into the festive season and summer holidays, it’s really important that Australians continue their support of small businesses, shopping locally wherever they can.” Now that businesses in NSW, the ACT and Victoria have reopened and have started their journey to recovery, they will need support throughout the festive season. With borders anticipated to be reopened on the east coast from 17 December, interstate support should give SMEs a vital boost. Historical Xero Small Business Insights data shows the longer restrictions are in place, the longer it takes for small businesses to bounce back. Mr Lyons continued: “With density limits easing and borders reopening, it’ll also be great to see holidaymakers exploring their own backyard and supporting local tourism operators while doing so.”
CENTRAL COAST BUSINESS REVIEW DECEMBER 2021
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