New requirements for Directors from 5 April 2022

Are you planning to set up a new company and be the company director? Or are you planning to set up a new Self-Managed Super Fund where your company would be a trustee and you would be the director?

Do you know that legislation has passed in June 2020, whereby from 5 April 2022 onwards it is mandatory that all directors of a company to have a Director’s ID (Director identification number, or DIN) before you are allowed to be appointed as a director?

How to apply for Director’s ID?
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in Articles / Knowledge Base / News / Running A Business / Self Managed Super Funds / Starting a New Business  by Emily Yip

Aston COVID office guidelines

To ensure the health and safety of our clients and staff, we would appreciate if the following health and safety guidelines are followed when attending our office:

  • Upon arrival at our office, check in to the ServiceWA app, or SafeWA app.
  • Face masks need to be worn properly at all times
  • Practice physical distancing (at least 1.5metres away from each other)
  • Practice good hygiene (e.g. use hand sanitiser, covering any coughs and sneezes with a tissue or your elbow)
  • If you are unwell, please do not attend the office, we are more than happy to make alternative arrangements to your appointments
  • Where preferred, appointments can be conducted via the phone or Zoom.
  • Where possible, communications or correspondences can be transmitted electronically through emails, or by post.
  • Anyone who has visited overseas, or who are required to self-isolate should stay away from the office for 7 calendar days
  • Always follow the guidelines and recommendations from the Healthy WA website.

The above guidelines have been communicated to our staff.

Please let us know if you have any concerns.

Thank you for your cooperation.

in Articles / Knowledge Base / News  by Emily Yip

STP Phase 2 rollout

In the 2019–20 Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information.

The expansion of STP, also known as STP Phase 2, would reduce reporting burden for employers who need to report information about their employees to multiple government agencies.

The mandatory start date for Phase 2 reporting was 1 January 2022 however

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in Knowledge Base / News / Running A Business / Starting a New Business / Tax Advice and Planning / Xero Cloud Accounting / Xero Training  by Emily Yip

WA Small Business Grants

Applications are open for the Small Business Assistance Grant – December 2021.  This grant is to assist small businesses impacted financially by the Covid-19 restrictions put in place between 23rd December 2021 and 4th January 2022.

This grant offers up to a maximum of $12,500 to eligible businesses and specifically applies to the hospitality sector, music events industry and creative and performing arts sectors.

Eligible employing businesses will receive $1,130 for each impacted day (up to a maximum of $12,500), while eligible non-employing small businesses will receive $400 for each impacted day (up to a maximum of $4,400).

Click here to view the eligibility criteria.

Applications close 4 pm Thursday 31st March 2022 (AWST).

in Knowledge Base / News / Running A Business / Starting a New Business  by Emily Yip

Work Test changes

Last year (2021) the Federal Budget had announced positive changes for individuals aged between 67 to 74 years to make contributions to superannuation.  These changes are to allow this age group to make non concessional and salary sacrificed contributions to superannuation (subject to cap limits), without having to meet the work test.

This measure has now been passed and we can expect these changes to start 1 July 2022.  

If you are 67 or over and would like to make further contributions to super please contact us for more information.

More information can be found on the Treasury website.

in Knowledge Base / News / Self Managed Super Funds  by Emily Yip