www.findknox.com.au
OCTOBER 2021 | FIND KNOX
aggravating feature of these crimes. When you are approached to set up a SMSF but property spruikers, an accountant, and/or a financial advisor, it is important to check if that person or group are qualified to provide such advice in the area related to SMSF. One way to check if someone has the correct license and appropriate qualifications is to visit the ASIC Professional Register. The Professional Register enables you to check if the person has a Financial Services Licensee or is an Australian Financial Services Authorised Representative. You can then click on the ‘Go to the Financial Advisor Register’ which will take you to the Money Smart website and provide details about the advisor. What you are looking for is to see if the advisor, under the product areas they can advise, has listed under ‘Superannuation’ the following wording: ‘Superannuation – All’.
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able to provide SMSF advice, are required to have a minimum bachelor’s degree in financial planning (or at least trying to obtain it by 2026), have passed the FASEA Exam by the end of this calendar year, and be either licensed or an Authorised Representative of an AFSL. If they do not meet these criteria, then we strongly recommend you do not deal with them. At Find Accountant, we provide SMSF tax advice. Our senior accountant is also an award-winning financial advisor. If you require SMSF advice or are considering whether or not to wind up your SMSF, then speak to Warren Strybosch at Find Accountant Pty Ltd.
Warren Strybosch
The last thing to do is to ask if they have any specific qualifications related to SMSF. Please keep in mind that having the SMSF Specialist designation from the Association of SMSF, is not enough. All financial planners, those who are
You can call them on 1300 88 38 30 or email info@findaccountant.com.au www.findaccountant.com.au
Company Director Identification Number – Dates Have Been Set Directors of new companies are required to obtain a directors ID but application deadlines have now been extended. For current directors the date has been set.
The ABRS is responsible for the implementation and administration of director ID. ASIC will be responsible for the enforcement of associated offences.
The Government has issued Legislative instrument Corporations (Director Identification Numbers—Transitional Application Period) Instrument 2021. It extends the application period in which new eligible officers are required to apply for a director identification number (director ID) if the individual becomes an eligible officer in the period starting when the director ID legislation commenced and ends 31 October 2021.
Visit the ABRS website for more information on how to register for a Director ID
Director identification number From November 2021, new directors will need to verify their identity as part of a new director ID requirement. A director ID is a unique identifier that a director will apply for once and keep forever. This applies to directors if their organisation is a company, registered foreign company, registered Australian body or Aboriginal and Torres Strait Islander corporation. Directors must apply for their director ID themselves because they will need to verify their identity. No one can apply on their behalf.
It is important to note that when registering for a director ID you must obtain a MyGovID account which is different to your current MyGov account – just to add to the complexity of it all we will have multiply MyGov accounts.
For Existing company directors, they will now be required to apply for a director ID by 30 November 2022, while directors of Indigenous corporations that are governed by the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) will be required to apply for the unique identifier by 30 November 2023. The deadline, first floated by Treasury earlier this year, has now been confirmed in a legislative instrument made last week by the Minister for Superannuation, Financial Services and the Digital Economy, senator Jane Hume. Applications for a director ID are free and will open next month on the newly established Australian Business Registry Services (ABRS), a single platform administered by the Commissioner of Taxation that brings together ASIC’s 31 business registers and the Australian Business Register.
Special Tax Return Offer $99 Returns - PAYG Only We have made it cheaper and easier for you to get your returns completed & you can do it all from the comfort of your own home. Here are the steps involved: 1. Email to returns@findaccountant.com.au requesting your PAYG return to be completed. Provide us with your full name, D.O.B and address. 2. A Tax engagement letter will be emailed to you for signing via your mobile (no printing or scanning required). 3. You will be then sent a tax checklist to complete online. Takes less than 5 minutes. 4. We will then require you to upload your documents to our secure portal. 5. Once we have received all your documentation, we will complete the return. 6. We will email you the completed return with our invoices. Once you sign the return and pay the invoice we will lodge the return on your behalf.
1300 88 38 30
Important: This offer is only available new clients to Find Accountant Pty Ltd. Liability limited by a scheme approved under Professional Standards Legislation
OCTOBER 2021 | FIND KNOX
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