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How to set up your Director ID

How to set up your Director ID

To all Directors, you may be aware, ASIC has recently announced that all Company Directors will be required to obtain a Director Identification Number as required by the Treasury Laws Amendment Act 2020.

With applications commencing November 2021, we’ve prepared a client guide to help you with FAQs including:

  • What is a director ID? 
  • Who needs a director ID? 
  • Timeframes for registration 
  • How to set up a director ID?  
  • Foreign directors and the director ID system  
  • Directors in name only 

For more, How to set up your Director ID

We are here to help
If you have any questions or would like assistance regarding the Director ID requirements, please be sure to contact your advisor at PrimeAdvisory or call us on 02 9415 1511.

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Tax and the Normalisation of Cryptocurrency

Tax and the Normalisation of Cryptocurrency

In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.

But cryptocurrency is only one part of the blockchain universe. Non-fungible tokens or NFTs (fungible means interchangeable) are one-of-a-kind digital assets which are part of the Ethereum blockchain. An example is the CryptoKitties game that allows players to purchase, collect, breed, and sell unique virtual cats – and, before you laugh, the game transacted over $1 million in virtual cats in its first few days of launching.

NFTs are also rapidly rising in popularity in the art world because ownership of the asset is on the blockchain and in some cases, the artist can take a percentage of every transaction of that artwork – so, no more starving artists because they can generate an income from the asset over time not just on the first sale. A stellar example is the sale of an NFT artwork by the digital artist Beeple, which was sold at auction by Christies in March 2021 for $69 million (USD).

Let’s look at what the Australian Taxation Office has to say about some of the commonly asked questions about the implications of investing in blockchain.

For more, Tax and the Normalisation of Cryptocurrency

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Divorce, Superannuation, and the Gender Divide

Divorce, Superannuation, and the Gender Divide

From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.

The recently enacted laws are designed to ensure that there is procedural and economic fairness in divorce proceedings to prevent the under-reporting of superannuation assets. While a spouse’s superannuation information can be obtained now through legal action, if it is not provided willingly, it is often expensive and time-consuming to obtain factual information through subpoenas or court orders.

From April 2022, when a couple has entered into divorce proceedings, if one of the parties believes the other is not being forthcoming about the value of assets held in superannuation, they can apply to a family law court registry to request their former partner’s superannuation information held by the ATO. They will then be able to seek up-to-date superannuation information from their former partner’s superannuation fund.

For more, Divorce, Superannuation, and the Gender Divide

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Australians returning home – How to prepare before your arrival

Australians returning home – How to prepare before your arrival

As Australia meets its 80 percent double vaccination target, international travel is back on the horizon. Take a closer look at what this means for returning Australians.

An estimated 38,000 Australians will come back to their homeland, but returning individuals must take care not to enter the country without careful financial planning since failure to do so could lead to tax implications.

For more, Australians returning home – How to prepare before your arrival

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Stapled Super Funds – Everything You Need To Know

Stapled Super Funds – Everything You Need To Know

New rules for Stapled Superannuation Funds took effect on 1 November 2021.

In light of these changes, most employers will need to take an extra step to comply with the choice of fund rules if their new employees (who commence work on or after this date) do not choose a superannuation fund.

Click on this link, Stapled Super Funds – Everything You Need To Know to review the new rules and what employers must do as part of their employee onboarding process.

Inside this guide, find out:

  • What is superannuation stapling?
  • When to request stapled super funds?
  • How can super contributions be paid?
  • General Guidelines & Penalities
  • Additional ATO Resources

We are here to help

If you have any questions or need further assistance regarding stapled super funds, please be sure to contact your advisor at PrimeAdvisory or call us on 02 9415 1511.

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