2021 was to be the year we returned to a post-COVID normal. However, the pandemic has fundamentally changed the way many of us operate in our personal and work lives. Here is some of what we can expect in 2022: Federal Election The Federal election will be held between March and May 2022. Campaign text messages, robo-messages and advertising are on their way! Federal Budget in March The timing of the election will bring the Federal Budget forward to March 2022. It’s an election year; expect many of the productivity-based tax concessions to be extended. Lock-in digital gains McKinsey & Company reports that consumer digital adoption rates accelerated dramatically during the pandemic. Many sectors will lock in the digital gains they made. Some, however, will see a decline in digital sales as consumers are no longer forced to shop online – groceries for example. To lock in the gains of digitalisation, consumers expect trust, end-to-end digital service (from start to after-sales service), and an improved online experience. Forced online adoption has changed the consumption habits of an older and wealthier portion of the market. The average age of online users in the McKinsey Global Sentiment Survey increased by around 3 years and spend around 4% more. Coming off a lower base, developing nations have experienced much higher growth in digital adoption than developed nations; evening out global access. Going green Business and consumers will be expected to be mindful of their carbon footprint. A wasteful process is likely to diminish consumer appeal. Let's Talk That’s all we focus on: You, your family, your wealth, your business and the legacy you (and we) leave. That’s it. Join Collins Hume on this amazing journey.

The 2022 Luna New Year, Year of the Tiger, is courage and bravery It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment. The Tiger economy At a recent speech to the National Press Club, Reserve Bank Governor Philip Lowe was optimistic about Australia's prospects in 2022. This optimism is driven by strong GDP growth that saw growth outstrip the RBA’s forecast to reach 5%, and strong jobs growth with the unemployment rate at 4.2% - the lowest rate since the resources boom. Unemployment is expected to reduce further to 3.75% by the end of 2022, and if it does, it will be the lowest unemployment level since the early 1970s. Underemployment is also at its lowest rate in 13 years. In addition, “household and business balance sheets are generally in good shape and wages growth is picking up.” The surprise inflation figures While wages growth is “picking up”, the forecast remains sluggish at 2.25%. Australia’s wages growth has remained lethargic for a decade now, which will come as a surprise to many business operators competing for skilled workers as, on the ground, the opposite feels true. Combined with a surprise spike in inflation (CPI) well above expectations at 3.5% (+2% on RBA forecasts), pushed predominantly by a sharp increase in petrol prices (32% over the past year) and the cost of constructing new homes, the purchasing power of Australians has declined. There has also been a large increase in the price of consumer durables (cars, fridges etc.,) and less discounting in the face of strong demand as supply chain problems take hold. Australia is not alone in this. The UK inflation rate jumped to 5.4%, 5.7% in the United States and 5.9% in New Zealand in the same period. Supply woes The sharp increase in interest rates comes on the back of, “very significant disruptions in supply chains and distribution networks,” with labour shortages in particular dominating news coverage as businesses struggle to maintain momentum with staff impacted by either COVID-19 or isolation requirements. National Cabinet harmonised the definition of a ‘close contact’ at the end of December 2021 for most Australian States and Territories and reduced the isolation period to seven days (from 14). The recent NAB quarterly business survey reported that, “ongoing supply chain issues and border closures saw 85% of firms report availability of labour as a constraint on output, while 47% reported availability of materials as a constraint – both records in the history of the survey. As a result, both cost growth and retail price growth remained elevated.” With global staff shortages, come bottlenecks in the supply chain. For many businesses, estimating what stock they need has become a crystal ball exercise rather than a predictable science and in some cases they are ordering ahead to reduce the supply risks, which has a knock-on effect of increasing demand for raw materials. And, this is without factoring in the problem of panic buying (toilet paper anyone) as customers anxiously watch dwindling supplies on supermarket shelves. Supply chain problems, both in Australia and globally, are not anticipated to normalise for another 12 to 24 months. The RBA Governor’s three takeaways are: The economy has been remarkably resilient; The link between the strength of the real economy and prices and wages remains alive; and The supply side matters for both economic activity and prices. You could almost add, no one really knows, as a fourth point as an unexpected change, like a new virulent COVID variant, or further lockdowns, could rewrite the forecasts. But, there is plenty of room for optimism. What we have seen to date is that when there is an opportunity to rebound, to return to normal, the economy bounces back quickly and often much faster than anticipated. After all, health, not the economy, has been the catalyst for the crisis. When will interest rates rise? During his National Press Club address, Mr Lowe was asked the question, “those people are now looking very carefully at your words, trying to read the tea leaves and work out what they do with their mortgages? You obviously can’t go to the RBA Governor looking for individual financial advice. But, if it was your mortgage, would you be scrambling for a fixed rate or sticking with a variable?” His response, “… the advice that I would give to people is, make sure that you have buffers. Interest rates will go up. And the stronger the economy, the better progress on unemployment, the faster and the sooner the increase in interest rates will be. So, interest rates will go up.” A rate increase by the RBA would be the first since November 2020. Westpac and AMP Capital are both forecasting the first increase to occur in August this year, then a second towards the end of 2022. While the RBA might be taking a ‘steady as she goes’ approach, many lenders have already factored in increases as the international cost of funding increases. RateCity data shows that, “a total of 17 lenders have hiked fixed rates so far this year, but that number will rise and quickly” - Westpac increased its fixed rates at the end of January and the CBA and ING (for new customers only) at the start of February. But with households having accumulated more than $200 billion in additional savings over the past 2 years, the RBA is hopeful that any increase will dampen inflation pressures but not impinge on growth. Let's Talk That’s all we focus on: You, your family, your wealth, your business and the legacy you (and we) leave. That’s it. Join Collins Hume on this amazing journey.

The NSW Government has announced a $1bn support package for struggling NSW small businesses Acknowledging the difficulty that business operators have faced, NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 over January and February 2022. Releasing the package, the NSW Treasurer said, “household balance sheets are strong at the moment, when we get out of this wave, we expect a snap back and the economy will bounce back better on the other side of this.” Small Business Support Package The NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per week for the month of February 2022. The minimum weekly payment for employers is $750 per week. Eligible non-employing businesses will receive $500 per week (paid as a lump sum of $2,000). Eligibility To access the package, businesses must: Have an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2021; and Experienced a decline in turnover of at least 40% due to Public Health Orders or the impact of COVID-19 during the month of January 2022 compared to January 2021 or January 2020; and Experienced a decline in turnover of 40% or more from 1 to 14 February 2022 compared to the same fortnight in either 2021 or 2020 (you must use the same comparison year utilised in the decline in turnover test for January); and Maintain their employee headcount from “the date of the announcement of the scheme” (30 January 2022). The support package only covers the month of February 2022. Applications for support are expected to open mid-February. Fees and charges rebate increased and extended to RAT tests The NSW small business fees and charges rebate has been increased from $2,000 to $3,000. In addition, the rebate has been extended to cover up to 50% of the cost of Rapid Antigen Tests (RAT) purchased by the business to protect staff and clients. The rebate for RAT tests will be available “by March” and is unlikely to cover RAT tests purchased prior to the funding coming online to prevent additional pressures on the RAT test supply chain. The rebate is not a cash payment but a digital credit that businesses can draw down on to offset the cost of eligible NSW and local government fees and charges. Note that there is an existing $5,000 small business Alfresco Restart rebate available for small and medium food and beverage businesses wanting to create or expand their outdoor dining area. Applications for this rebate are open until the end of April 2022 (or when the allocation is exhausted). Eligibility The fees and charges rebate is available to sole traders, small businesses, and not-for profits that have: Total Australian wages below the NSW Government 2020-21 payroll tax threshold ($1.2 million) An Australian Business Number (ABN) registered in NSW and/or have business premises physically located and operating in NSW. Already registered businesses will receive an automatic top-up of $1,000 and newly registering businesses will receive a rebate of $3,000. Only one rebate is available for each ABN. Commercial landlord relief extended The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 for small retail and commercial tenants will be extended for an additional two months, until 13 March 2022. This regulation prohibits certain actions by landlords (such as lockout or eviction) unless they have first renegotiated rent with eligible tenants and attempted mediation. The grant provides up to $3,000 per month (GST inclusive), per property, for eligible landlords who have provided rental waivers to affected tenants. Rent waived must comprise at least half of any rental reduction provided. The remaining portion may be a rental deferral. The grant does not apply to rent deferrals. Grants are paid as a lump sum amount for the rent waived. NSW Performing Arts Package extended The existing NSW Performing Arts COVID Support Package has been extended until April 2022. Eligibility To be eligible for funding, you must be one of the following: An eligible venue (list published by Create NSW) A producer of an eligible performance scheduled to perform at one of the eligible venues A promoter of an eligible performance scheduled to perform at one of the eligible venues. See CreateNSW for more details. How to contact us We’re available to assist you with the support measures. Contact Collins Hume Accountants & Business Advisers in Ballina on Byron Bay on 02 6686 3000. The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.

The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact. Since 2017, the ‘backpacker tax’ has taxed the first dollar of income a backpacker earns in Australia - regardless of their residency status - at the working holiday maker tax rate of 15% up to: $37,000 in an income year for 2019-20 and earlier income years $45,000 for 2020–21 and later income years. When the tax was introduced in 2017, a backpacker would pay a maximum of $5,500 in tax on the first $37,000 of income. However, an Australian national performing the same work would have a maximum tax liability of $3,572. In this case, Catherine Addy, a UK national working in Australia since 2015, contested her 2017 amended income tax assessment which imposed the backpacker tax on the grounds that it contravened the Double Tax Agreement (DTA) with the United Kingdom. Article 25(1) of the DTA seeks to ensure that nationals of the UK are not subject to "other or more burdensome" taxation than is imposed on Australian nationals "in the same circumstances, in particular with respect to residence". Ms Addy was a tax resident of Australia. The ATO did not accept Ms Addy’s argument and she launched action in the Federal Court. The Federal Court initially upheld the Tax Commissioner’s position. However, Ms Addy appealed the decision and the High Court overturned the Federal Court’s decision. The question for the Court was whether a more burdensome tax was imposed on Ms Addy owing to her nationality. The short answer was “yes”. The High Court decision found that the backpacker tax is inconsistent with the non-discrimination clause in the UK DTA. That is, the flat working holiday maker tax rate is not valid in some situations. Non-discrimination clauses that are similar to the one in the UK DTA can also be found in the DTAs with Chile, Finland, Japan, Norway, Turkey, Germany and Israel. So, what does this mean? Some individuals who have been taxed under the backpacker tax rules may be able to obtain a tax refund from the ATO. However, there are a couple of key points to bear in mind: The decision only impacts those classified as an Australian tax resident. Many individuals who are living or working in Australia on a working holiday visa will be classified as non-residents, in which case this decision will be less relevant. The decision is only likely to be relevant to individuals who are a citizen/national of a country that has a DTA with Australia containing a non-discrimination clause similar to the clause found in the UK DTA. Let's Talk That’s all we focus on: You, your family, your wealth, your business and the legacy you (and we) leave. That’s it. Join Collins Hume on this amazing journey.

Before we end 2021 we need to wish fond farewells to two doyennes of Collins Hume, Val and Robyn, who see the year out with the exciting announcement of their retirements. Ladies, we wouldn’t be the business we are today without your dedication, skill and friendship over the years. We thank you greatly for your many years of unwavering service and commitment to Collins Hume. We wish you both the very best as you embark on new chapters in your lives and to making many more memories with your children and grandchildren.

A lighter look at the complexity of Australian taxation laws and the year that has been. Dear Mr Claus, Thank you for the opportunity to provide strategic business, tax and compliance advice for your operation. We’re pleased you have initiated this advice as the Australian Taxation Office (ATO) has instigated a number of reviews that may impact your operations and your team, and its relationship to contractors. Some of these issues have been exacerbated by the pandemic. We have identified a number of areas of concern as a starting point for further discussions. These include: Business structure viability The fact that you run a global enterprise that generates no income or profit but ‘gifts’ millions of toys each year produced by your offshore factory, has significant brand value, is represented extensively in merchandise, your spokespeople are employed by shopping centres all around the world, but you have never lodged a tax return or paid tax in Australia, is likely to trigger an ATO investigation. There is also a risk that the Serious Financial Crime Taskforce might become involved. As discussed, we do not believe that the “it’s magic” argument will suffice in the event of an investigation. The argument has been tested previously with the ATO to no avail. Your enterprise’s lack of structure also means that you are missing out on significant benefits. For example, tax deductions might be available for expenses you incur. A number of significant changes were made in recent years enabling businesses to immediately deduct the cost of assets used to produce income. Expenses incurred Your flying reindeers are likely to be considered beasts of burden and as such can be depreciated as plant. However, a deduction is only available to the extent that the reindeer are used to produce income that is taxable in Australia. At present, you do not make any claim for expenses incurred during your Christmas Eve deliveries. While we understand food – cookies, reindeer food, glasses of milk and the occasional tipple of scotch – is provided free by the world’s children, there are likely to be other expenses that you incur. The cost of your uniform, dry-cleaning (removing chimney soot), and postage, to name a few. Research & Development We understand that the ‘flying sleigh’ was developed in your workshop and the technology has developed markedly over the years. In addition, your purpose-built ‘naughty or nice’ technology system is unique (we note our concerns about potential privacy breaches and a lack of an opt-in/opt-out system; I know you have been watching the detrimental brand impact on several social media outlets). If incorporated, there is a potential to access the R&D tax incentive that provides entities with a turnover of less than $20m a refundable tax credit of your corporate tax rate plus 18.5%. The value of the tax offset is lower for companies with a turnover of $20m or more. The technology developed in your workshop, if patented and commercialised, could revolutionise logistics and put a whole new meaning to same-day delivery. We are certain that Australia Post, in particular, would be very interested in entering into discussions with you. Global taxation There have been significant shifts over recent years to ensure that multinational enterprises pay tax in the country where they generate their income. The increase of digitalisation has only exacerbated the issue. While not earning an income, your enterprise operates globally with a workshop located in the North Pole and delivers to clients across the globe. Representation in a particular country may also be enough to make your operation subject to local tax laws. You appear to have local agents - several thousand Santa representatives — with authority to operate on your behalf in shopping centres across Australia. These agents commit the operation with the promise of toys to millions of children. A local agent acting with authority may expose you to local tax laws. This is an issue that may extend well beyond Australia and requires urgent assessment. As discussed, there are currently no provisions within Australian tax law to allow the Commissioner the discretion to ignore your tax liabilities as a goodwill gesture. Please contact us urgently regarding these issues. Thank you. Please note that our office will close over Christmas commencing Wednesday 22 December at 4:00 PM and will reopen with a majority of staff on 6 January 2022, with the balance of our team coming back by 10 January 2022.

Every year, we get asked about the tax impact of various Christmas or holiday-related gestures. Here are your top issues: Staff gifts The key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300 per person. $300 is the minor benefit threshold for Fringe Benefits Tax (FBT) so anything at or above this level will mean that your Christmas generosity will result in a gift to the Tax Office as well. To qualify as a minor benefit, the gifts also have to be ad hoc (no ongoing gym membership payments or giving the same person regular gift vouchers amounting to $300 or more). A question we often get is what is the tax impact if you give your team say a hamper and a gift card? The good news is that the tax rules treat each item (the hamper and the gift card) separately. FBT won’t necessarily apply as long as the value of each item is less than $300. However, the minor benefits exemption is a bit more complex than this. For example, you need to look at the total value of similar benefits provided to the employee across the FBT year etc. If you are planning to provide your team with a cash bonus rather than a gift voucher or other item of property, then this will be taxed in much the same way as salary and wages. A cash bonus at Christmas is not a gift; it’s still income for the employee regardless of the intent. A PAYG withholding obligation will be triggered and the ATO’s view is that the bonus will also be treated as ordinary time earnings which means that it will be subject to the superannuation guarantee provisions unless it relates solely to overtime that was worked by the employee. The staff Christmas Party If you really want to avoid tax on your work Christmas party then host it in your office on a workday (COVID rules allowing!). This way, Fringe Benefits Tax is unlikely to apply regardless of how much you spend per person. Also, taxi travel that starts or finishes at an employee’s place of work is also exempt from FBT. So, if you have a few team members that need to be loaded into a taxi after overindulging in Christmas cheer, the ride home is exempt from FBT. If your work Christmas party is out of the office, keep the cost of your celebrations below $300 per person. This way, you won’t generally pay FBT because anything below $300 per person is a minor benefit and exempt. If the party is not held on your business premises, then the taxi travel is taken to be a separate benefit from the party itself and any Christmas gifts you have provided. In theory, this means that if the cost of each item per person is below $300 then the gift, party and taxi travel can all be FBT free. However, the total cost of all benefits provided to the employees needs to be considered in determining whether the benefits are minor. The trade-off to this is that if the costs associated with hosting the party are not subject to FBT then it would be difficult to claim a tax deduction or GST credits for the expenses. If your business hosts slightly more extravagant parties and goes above the $300 per person minor benefit limit, you will generally pay FBT but you can also claim a tax deduction and GST credits for the cost of the event. Client gifts Few of us have that much time in the diary for pre-Christmas entertainment so why not give a gift instead? In addition to a few extra hours saved and a lot fewer calories to work off (most of us are still struggling post lockdown), there is also a tax benefit. As long as the gift you give to the client is given for relationship building with the expectation that the client will keep giving you work (that is, there is a link between the gift and revenue generation), then the gift is generally tax-deductible as long as it doesn’t involve entertainment. Entertaining your clients at Christmas is not tax-deductible. If you take them out to a nice restaurant, to a show, or any other form of entertainment, then you can’t claim it as a deductible business expense and you can’t claim the GST credits either. It’s goodwill to all men but not much more. Charitable gift-giving The safest way to ensure that you or your business can claim a deduction for the full amount of the donation is to give cash to an organisation that is classified as a deductible gift recipient (DGR). And, the charities love it as they don’t have to spend any of their precious resources to receive it. There are a few rules that make the difference between whether you will or won’t receive a tax deduction. The charity must be a DGR. You can find the list of DGRs on the Australian Business Register. If you buy any form of merchandise for the ‘donation’ – biscuits, teddies, balls or you buy something at an auction – then it’s generally not deductible (the rules become more complex in this area). Your donation needs to be a gift, not an exchange for something material. Buying a goat or funding a child’s education in the third world is generally ok because you are generally donating an amount equivalent to the cause rather than directly funding that thing. The tax deduction for charitable giving over $2 goes to the person or entity whose name is on the receipt. If your business is making a donation on behalf of someone else, such as a client or that friend ‘who has everything', it will depend on how the donation is structured. The tax rules generally ensure that the deduction is available to the individual or entity who actually makes the gift or contribution. Having receipts issued in someone else’s name can make this more complex. Let's Talk That’s all we focus on: You, your family, your wealth, your business and the legacy you (and we) leave. That’s it. Join Collins Hume on this amazing journey. Please note that our office will close over Christmas commencing Wednesday 22 December at 4:00 PM and will reopen with a majority of staff on 6 January 2022, with the balance of our team coming back by 10 January 2022.

Collins Hume CEO Christopher Atkinson shares best Christmas wishes from all our team and wraps up 2021 on a positive note. Please note that our office will close over Christmas commencing Wednesday 22 December at 4:00 PM and will reopen with a majority of staff on 6 January 2022, with the balance of our team coming back by 10 January 2022. Let's Talk That’s all we focus on: You, your family, your wealth, your business and the legacy you (and we) leave. That’s it. Join Collins Hume on this amazing journey. Copyright 2021. Collins Hume Accountants & Business Advisors | Ballina & Byron Bay

5 top tips for tax-imising the joy of the festive season As we fly into our second pandemic-impacted festive season, many employers are now, more than ever, looking to bring a little bit of cheer to their employees this Christmas. But the Grinch that can be taxation could spoil the party for employers who are not aware and not prepared. Plan ahead to avoid a tax headache in the New Year and keep your staff happy over the holidays. 1. Choose Christmas gifts wisely Employers can thank employees by providing a Christmas gift. The best outcome for the employer is to provide a non-entertainment gift that costs less than $300 (GST inclusive). These annual Christmas gifts are typically exempt from fringe benefits tax (FBT) because they are minor, provided infrequently and not a reward for service. A non-entertainment gift, such as a gift voucher, hamper or bottle of wine should be tax-deductible for the employer and GST credits can be claimed. If the gift costs less than $300 but is considered to be entertainment, such as tickets to the movies, theatre or sporting event, the FBT exemption may still be available but the employer will not be able to claim a tax deduction or the GST credits. Employers who provide a gift costing $300 or more will be subject to FBT, which almost doubles the cost for the employer. Where the gift is subject to FBT, the cost of both entertainment and non-entertainment gifts is tax-deductible and GST credits can be claimed. 2. Where’s the Christmas party? The annual staff Christmas party provides a chance for employees, who may have been isolated from their colleagues throughout the year, to come together and reconnect. Holding the Christmas party on the employer’s business premises can stretch out the Christmas party budget. Christmas parties held on the employer’s business premises can be exempt from FBT where the employer uses the actual method to value their entertainment benefits. In this case, there is no cap on the value of FBT exempt food and drink which can be provided to employees. Note however these entertainment expenses are not tax-deductible for the employer and the GST credits cannot be claimed. If the Christmas party is held at a venue that is external to the employer’s business premises, FBT will apply unless the minor and infrequent exemption is available. In this case, the cost of the event is important. If the total cost per head is less than $300, the FBT minor and infrequent exemption can apply, but the entertainment expenses are not tax-deductible for the employer and the GST credits cannot be claimed. Alternatively, if the total cost per head is $300 or more, FBT will effectively double the cost of the event, although the employer can claim a tax deduction and the GST credits. 3. Who’s invited? Some employers invite their employees’ families to the annual Christmas party. The FBT exemption for Christmas parties held on the employer’s business premises applies only to employees, not their associates. FBT will apply to expenses that relate to family members attending the Christmas party (either on the employer’s business premises or at an external venue) unless the minor and infrequent exemption is available. Typically there is only one such event per year and so provided the cost per head is less than $300, the FBT minor and infrequent exemption can apply. Alternatively, if the cost per head is $300 or more, FBT will apply to those expenses which relate to family members. 4. Getting home safely If the Christmas party is held on the employer’s business premises, the employee’s taxi or ride-share trip home from the office is exempt from FBT. Alternatively, if the Christmas party is held at an external venue, the employee’s travel costs are subject to FBT unless the FBT minor and infrequent exemption applies. 5. Keep good records As is always the case with FBT, it is critical employers maintain accurate records to support the position taken in the FBT return, especially if claiming an exemption from FBT. For the Christmas party, this includes details of all the costs of the party, who attended it and where it was held. For gifts, this includes the cost of each gift, what it was, who received it and any other gifts provided to that person during the year. Let's Talk At Collins Hume we turn our knowledge into great value for you; it’s as simple as that. Contact our team in Ballina or Byron Bay on 02 6686 3000. This article originally appeared in the 19 November 2021 edition of SmartCompany (Tax)

The ATO has recently issued an alert on gifts or loans from overseas The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return. Some schemes however disguise offshore capital gains or income as a gift or loan. So, how does the ATO know if money from overseas is a genuine gift or loan? Generally, the ATO will expect to see some form of evidence that the gift is genuine such as a deed of gift prepared by the donor, formal identification of the donor, a copy of the donor’s bank account, or in the case of an inheritance, the will or distribution statement from the estate. If you have received a loan from overseas, the ATO will expect to see properly executed loan documentation, and other documentation supporting why the loan was made and its purpose. Third-party documentation is best as documentation from a family member may not be accepted as conclusive evidence of a loan. The ATO will form its view based on the evidence available. Loans received from companies or trusts can still trigger tax issues in Australia. Let's Talk At Collins Hume we turn our knowledge into great value for you; it’s as simple as that. Contact our team in Ballina or Byron Bay on 02 6686 3000.

Director ID Regime Australia’s Director Identification Number (DIN) regime came into effect on 1 November 2021 and will require you to register for an identification number. A director ID is a 15 digit identifier that, once issued, will remain with you for life regardless of whether you stop being a director, change companies, change your name or move overseas. The DIN is managed by the Australian Taxation Office (ATO) but created through the Australian Business Registry Services (ABRS). DIN Fact Sheets Director IDs — Australian Residents Director ID Factsheet — Non-Residents Note: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.

Do you know how cryptocurrency is taxed in Australia? If you buy, sell or trade crypto you need to be aware of your tax obligations. Collins Hume CEO Christopher Atkinson discusses the latest guidance from the ATO in our video summary of the commonly asked questions about cryptocurrencies. Read more in our comprehensive article below or talk with the team at Collins Hume in Ballina or Byron Bay on 02 6686 3000. Tax and the Normalisation of Cryptocurrency Note: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.