November 2021 | Bramelle Partners

Treatment of financial compensation to super funds

According to some recent statistics released by ASIC, six of Australia’s largest banking and financial services institutions have paid or offered a total of $1.86bn in compensation, as at 30 June 2021. This is in relation to customers who have suffered a loss or experienced a detriment due to fees for no service misconduct or...

Directors of private companies: tax return lodgment

As tax time 2021 draws to a close, the ATO has issued a reminder specifically to directors of private companies. It has noticed through data-matching activities that many directors of private companies has either not lodged their tax returns or have not reported the correct amount of income received from the company in their tax...

Deadline for Director Identification Number applications

The Director Identification Number regime came into force late in 2020 as a tool for the government to reduce phoenixing and black economy activities. Broadly, the regime will require all directors to confirm their identity with the ATO, at which time they will be issued a unique identifier. This identifier will then be permanently linked...