Newsletter

21 JANUARY 2023

• December 2022 monthly business activity statement - due date for lodgement and payment except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.

You need a director identification number (DIN) if you're a director of a company, registered Australian body, registered foreign company, or Aboriginal and Torres Strait Islander corporation here in Australia. This new government legislation took effect on 1 November 2021. The final deadline for all existing directors to apply for a DIN was 14 December 2022.

Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. When you pay regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return.

Single Touch Payroll (STP) Phase 2 reporting started on 1 January 2022 and is now well and truly underway. So far, more than 200,000 employers have started reporting STP Phase 2 information for over 3 million individuals.