October 2022 Newsletter

Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.

This month we look at:

  • Director identification numbers…time is running out: Directors need to act quickly and apply for a director identification number (director ID). The deadline for most directors is 30 November 2022. You must apply personally via the Australian Business Registry Services website
  • Bridging the super gender gap: Fresh statistics released by the ATO reveal that the superannuation gender cap is very real. There are however a number of strategies that can be employed to bridge this gap.
  • Optus data breach: This recent breach potentially exposes Optus customers to identify theft. The government’s Scamwatch website provides a number of steps Optus customers (and indeed all people) should take to protect their personal information online.
  • Claiming business losses: You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. However, there are a number of hurdles to clear.
  • SMSF member obligations: A recent Administrative Appeals Tribunal decision reminds us all that SMSF trustees (members) can be disqualified where serious breaches, be they advertent or inadvertent, of the super rules are committed.

Click here to read the Rose Partners October 2022 Newsletter.

If you would like to discuss anything raised in the newsletter, please contact our Team.

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