Key Items to Kick-Off 2022
Happy New Year!
Happy new year. We hope you had a nice festive season and were able to enjoy some freedoms. We are now already 1 month into 2022 and there is still so much uncertainty as to which way this year will go. But we need to stay positive and focus on the things we can control.
Below are a few key items to kick off 2022.
Director ID
What is director ID?
A director identification number (director ID) is a director’s unique identifier, which will be allocated to a director for life. The director ID aims to help prevent the use of fictitious director identities, help regulators trace directors’ relationships with companies over time and better identify director involvement in unlawful activity such as illegal phoenix activity.
How do directors apply?
Directors are now able to apply for their director ID using the ABRS website.
Prior to applying for a director ID, directors are encouraged to:
Set up a myGovID (if they don't already have one and are applying digitally), and
Ensure they have the required identifying documents.
Applicants will need:
a standard or strong identity strength myGovID.
an individual Australian tax file number (TFN). Providing your TFN is optional but it speeds up the process.
your residential address, as recorded by the Australian Taxation Office (ATO).
answers to two questions based on details we know about you from the following documents.
Bank account – notice of assessment – super account – dividend statement – centrelink statement – PAYG summary.
To assist the director ID application process, the ABRS website now includes important information on:
An accountant cannot apply for an ID on behalf of a director (although there will no doubt be some clients needing assistance with the task). Those without a myGovID will still be able to apply by phone or written application.
The importance of safeguarding confidential personal information used in the application process, and cyber security awareness, cannot be over-emphasised.
Once an applicant receives a director ID, it can be shared with company officials (e.g. the company secretary, another director), a contact person or an authorised agent of the company. There are also important, on-going obligations in managing the director ID and updating the ABRS.
Transitional application periods
The table below summarizes the dates by which new and existing directors will need to apply for a director ID.
Commercial Tenancy Support Extended
15 January 2022
The Victorian Government will extend the Commercial Tenancy Relief Scheme (CTRS), providing rent relief and protections for commercial tenants and landlords experiencing hardship through the latest wave of the pandemic.
The CTRS was created in 2020 and reintroduced in July 2021 to support small to medium businesses. It will be extended to 15 March 2022 to provide further financial relief and security for thousands of small businesses across the state.
The extended scheme will be available to businesses with an annual turnover of $10 million or less and which have suffered a decline in turnover of at least 30 per cent due to COVID-19.
Landlords will be required to provide continued proportional rent relief in line with a reduction in turnover. For example, a business with a turnover of 40 per cent of pre-pandemic levels could only be charged 40 per cent of its rent.
Of the balance, at least half would be waived, with the remainder to be deferred. The freeze on rent increases will continue.
The Victorian Small Business Commission (VSBC) will continue to provide mediation support to tenants and landlords if parties cannot reach a satisfactory agreement.
The eviction moratorium will continue. Landlords will not be able to lock out or evict tenants without undertaking mediation through the VSBC.
The new regulations will take effect from 16 January 2022. Tenants and landlords should abide by the conditions in their existing agreement. Small and family businesses that already have a deferment will have more time for repayments as a result of this extension.
Many commercial landlords have already backed their fellow Victorians by providing rent relief to commercial tenants, supporting eligible businesses through reduced trading due to COVID-19.
Eligible commercial landlords that have provided rent relief to their tenants have received support through the $20 million Commercial Landlord Hardship Fund. They will continue to do so while their tenants are eligible for the scheme.
Full details of the scheme including eligibility will be published on the VSBC’s website. Tenants and landlords can contact the VSBC for further information on 13 87 22 or visit vsbc.vic.gov.au
Quotes attributable to Minister for Small Business Jaala Pulford
“Victorian small and family businesses play a critical role in creating jobs and driving economic growth – and that’s why we’re supporting them to get through this challenging period.”
“We have allocated more than $13 billion in funding to businesses across Victoria throughout the pandemic.”
https://www.premier.vic.gov.au/commercial-tenancy-support-extended
Sincerely,
Andrew Whitson
Founder
andrew@whitson.com.au
https://www.whitson.com.au