Monthly Archives: November 2022
Important Director Identification Number (DIN) update
This has no doubt been caused by their phone systems being in meltdown. But finally we have some logical relief in having to apply for a Director Identification Number (DIN).
A DIN is required for all directors including those of trustee companies and trustees of self managed super funds.
A director is issued with a unique number irrespective of how many directorships are held.
Thankfully we finally have some common sense relief.
Those that were a director before November 2022 need not apply for a DIN if:-
- The sole or all companies of which one is a director are liquidated before 1st
- The sole or all companies of which one is a director are deregistered before 1st
- A deceased director (you would think this exemption would have bene in place for the start particularly given one of the stated aims of this system is to eliminate phoenix activity).
- Directors who have ceased due to losing capacity.
- Director who resign all directorships before 1st December. Please note though that it appears there is a carve out for this for those who try and re-appoint themselves after 30th November.
If you haven’t applied as yet for your DIN, please do so immediately.
The fine for not doing so is $13,200 and it will be recorded as a criminal offence. It remains to be seen what relief may be given – but don’t rely on that.
Need to no more? Then either call us or check this earlier blog (and related articles).
How you can make sure that your super doesn’t go to the wrong people
How you can make sure that your super doesn’t go to the wrong people? It’s a question anyone with super should ask themselves. Even if your balance is low, a life insurance payment can create a whole new scenario. Peoples biggest 2 assets are almost always their family home and their super. Your Will dictates who is to get our home if it is owned entirely in your own name. If it is owned jointly with your partner, then they will get your half should you pre-decease them; in other words it doesn’t form part of your estate. Your super though is held in trust for you. If your super is with a public fund (industry, retail, employer and so on) then it is up to their board trustees to decide who is to receive your super in the absence of a complying death benefit nomination. The trick is to have the right form of nomination in place. When it comes to self managed super funds, it can become of whole lot trickier. Not only do you need the right form of death benefit nomination in place, but you must be wary of the trust deed. As they are generic in nature, they don’t reflect your wants or desires. Moreover, they can confer general powers which are open to be used in inappropriate ways depending on how the cards fall. In an upcoming 30 minute webinar we will explore:-
The webinar will be held from 5:30pm on Wednesday 30th November. You can register by clicking on the following link – https://us02web.zoom.us/webinar/register/WN_Ov2inp73QdG955M_Bhk9Jg And as we are passionate about helping people to become more successful and secure, we welcome your extending this invitation to family, friends and business colleagues. |
Does your firm comply with Privacy Laws?
Does your firm comply with Privacy Laws? The recent Optus and Medibank privacy hacks have been alarming. They are also a clarion call to assess how your firm collects, holds and protects data.
And clearly what will happen next is that both laws and expectations will tighten. And tighten they will as our privacy and security requirements lag major countries and in particular Europe.
So what must you do?
Firms with group turnover in excess of $3,000,000 must comply and adhere to the 13 principles as set out the Privacy Act.
You can read more about those principles here
But those that handle Tax File Numbers (like tax agents) or medical records must adhere to these principles no matter what their turnover is. Credit reporting firms are also automatically covered by the Privacy Act.
So what does this mean you need to do
Not by all means a complete list, some of the key activities you should undertake are:-
- Consider what data you actually need.
- Consider how your team should best ask and collect personal data.
- Consider what data you hold is sensitive.
- Consider how long you should keep that data.
- Consider how you are going to keep that data – such for how long, is it going to be encrypted, who has access to it.
- Consider where you store data.
- Undertake regular cyber training.
- Adequately train team members on all requirements.
- Review regularly!
- And take out cyber protection insurance – we say this last as prevention is better than cure.
Please ask us if you would like a referral to a suitably qualified technical expert or cyber insurer.
Urgent ASIC DIN requirement
This is an urgent reminder to those directors who have yet to apply for their ASIC Directors Identification Number (DIN).
You now only have 3 weeks left in which to apply and receive your DIN.
Not obtaining one by the due date is a criminal offence and subject to a fine of $13,320.
It is also a civil offence which attracts a fine of $1,100,000.
We have progressively been publicising this obligation in our newsletters and remind you of our blogs which you can read at:-
19th October 2021 – click here re what is a DIN and your obligations.
8th February 2022 – click here for update on DIN requirements.
3rd April 2022 – click here for DIN obligations for first time directors.
At this stage it now appears too late to request a paper form and have it processed in time.
Online is the best way of applying. You can do so by clicking here.
However, if you have differences in your name as registered with different government authorities, it is best to ring 13 62 50 (and do so in the morning).
Please call us if you have any question – but above all else don’t leave this any longer – apply today!