No director ID for resigned directors
Yesterday, the ATO released a draft legislative instrument regarding the director ID requirements. Should the legislative instrument be finalised as drafted it will relieve persons who took up a directorship on or before 31 October 2021, but had ceased to hold the directorship prior to 1 December 2022, from the need to obtain a director ID. However if those persons take up a subsequent directorship on or after 1 December 2022 the normal director ID registration requirements and deadlines will apply. This is in line with previous ABRS advice and will bring certainty to many people who, until now, appeared to have a director ID registration obligation although not currently holding a directorship. The consultation period for the legislative instrument is open until 9 December 2022.
ATO: Support for your practice
The ATO has reminded tax-agents that if they or their practice are experiencing difficulties or dealing with a stressful event, you can access relevant information on the ATO website at “Support for your practice”. It provides quick access to information about the support available to help you, including how to: manage your lodgment program; recover from a natural disaster or data breach or cyber security incident resolve certain issues; report when a tax or BAS agent passes away; access advice and guidance products; and use the ATO’s digital services.
ASIC: Relief for CCIV corporate obligations
The ASIC Corporations (Amendment) Instrument 2022/0940 has been made. It amends multiple instruments to facilitate the implementation and operation of the corporate collective investment vehicle (CCIV) in Australia and applies from 15 November 2022. Among other things, it grants relief from financial reporting obligations and relief in regard to the corporate duties of a corporate director of a CCIV.
Super: APRA discussion paper re financial “risk events”
APRA has announced proposed changes to improve how superannuation trustees manage financial resources to protect fund members from poor operational risk event outcomes. In a recently released discussion paper, APRA proposes to replace the existing Prudential Standard SPS 114 Operational Risk Financial Requirement (SPS 114) with enhanced obligations for trustees. The enhancements include widening the scope of permitted use of financial resources held to manage operational risks, reducing barriers to efficient use of these resources, and requiring trustees to adopt a more sophisticated risk-based approach to determining how much to hold.
Taxpayer not carrying on a GST enterprise – clarification
In yesterday’s TSA Daily Update [Tues 15 November] it was reported that a taxpayer was denied input tax credits of $415,000 as the AAT found that there was insufficient evidence to support his claim that he was carrying on an enterprise. However, the correct position was that he was denied input tax credits in relation to $415,000 of expenses. It was also reported that this occurred over one BAS period, when in fact it was over four BAS periods in the 2021 calendar year. (Chami and FCT [2022] AATA 3797, 11 November 2022.)
