Reminder: Director ID deadline – 30 November 2022
The Government is launching a new awareness campaign to help company directors get their director identification number (director ID) as the 30 November deadline approaches. All directors of companies registered with ASIC will need a director ID and must apply by the 30 November deadline. However, directors of Aboriginal and Torres Strait Islander corporations may have additional time to apply. Tax and Super Comment: The following table sets out the relevant dates by which directors must obtain a director ID:

Date you were appointed a director Date you must apply for a director ID
On or before 31 October 2021 By 30 November 2022
Between 1 November 2021 and 4 April 2022 Within 28 days of appointment
From 5 April 2022 Before appointment

Note also that all directors of a company are required to obtain a Director ID by the due date. It is not sufficient that one of the company directors obtains a Director ID and the other directors do not. This is particularly relevant to “Mum & Dad” companies. It is not sufficient if only Dad gets a Director ID. Where both are directors, both Mum & Dad each need to obtain a Director ID.

ATO: Record keeping requirement for small businesses 
The ATO has reminded small business taxpayers of the need to keep appropriate records. In this regard, it states that there are 5 rules that should be followed: keep all records related to starting, running, changing, and selling or closing your business that are relevant to your tax and super affairs; store records safely to prevent damage and protect information from being changed; keep most records for 5 years (eg keep records of losses for up to 5 years after they have been fully claimed the loss); be able to show the ATO the records if it asks for them; and ensure the records are in English or easily converted to English.

APRA: Revocation of certain super standards
In APRA’s Response Paper to consultation on Superannuation Data Transformation (SDT) Phase 2 which was released on 29 August 2022, APRA has outlined the next steps for pre-SDT reporting standards that overlap with Phase 1 reporting standards to reduce duplicate reporting from industry. Among other things, APRA has advised that: for Reporting Standard SRS 533.1 Asset Allocation and Member Benefit Flows (SRS 533.1) the period ending 30 June 2022 will be the last reporting period; under Reporting Standard SRS 703.0 Fees Disclosed (SRS 703.0), RSE licensees are required to report any changes within 28 calendar days of a change to information reported on the SRF 703.0 form, with the last annual reporting period ending on 30 June 2022; and under Reporting Standard SRS 250.0 Acquired Insurance (SRS 250.0), the period ending 30 June 2022 will be the last reporting period.