Company directors get reprieve on tax ID deadline

Company directors set to miss a deadline from the Tax Office and the federal government to apply forDirectors had until November 30 to apply for a new unique 15-digit Director ID identifier, with fines for board members, registered Australian charity organisations and foreign companies that failed to sign up to the anti-fraud system.Assistant Treasurer and Financial Services Minister Stephen Jones

wrote to Taxation Commissioner Chris Jordan on Wednesday asking for extra time for directors set to miss the deadline or who had faced difficulty signing up. Mr Jones said about 1.8 million directors were fully registered, including some 600,000 who signed up in November alone. About 700,000 directors who were set to miss the deadline will instead have until December 14 to comply with the rules.

The Director ID system is designed to help crack down on illegal activity and fraud, including phoenix activity. Business owners who illegally shut down their company and transfer assets into new firms to avoid paying debts will be tracked.Mr Jones welcomed moves by the ATO to hold off applying compliance penalties and fines until mid-December, noting online systems had faced pressure from a large number of applications.

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Business directors must be registered under new ruleThe Australian Tax Office has issued a new rule saying company directors have to be registered and have a director ID number. Many people trying to register have experienced issues with the business registry services site and myGovID. The deadline is Wednesday November 30. I presume the Company Registry already maintains a register of directors! ((If it doesn't, what purpose does it serve?). That being said, I fail to understand this new layer of bureaucracy. Is it simply socialist control freakery? ellymelly, MRobertsQLD Why not just make directors liable for their businesses. Prosecute them when they are behaving unlawfully. Links up everything forever, it's the new digital ID coming for everyone soon... If not lodges by today the fine is $12 thousand bucks .
Source: SkyNewsAust - 🏆 7. / 78 Read more »