It’s that time to start applying for your Director ID if you haven’t already done so. A director must apply for a Director ID themselves. It’s a simple process if you have set up a myGovID app and have your identification documents (ID) ready.
The Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.