As many as one million Australians could face a hefty fine following a taxation system overhaul. 7NEWS
Anyone who is required to but fails to sign up before December 14 will face a possible fine of up to $13,200 each.“You will only ever need one director ID, you don’t have to apply for another one if you become a director of other companies or corporations,” the ATO warns.The jobs set for the biggest pay boosts heading into the new year
According to the ATO website, failure to hold a director ID when required to do so comes with a maximum fine of $13,200 in a criminal case and $1000 for a civil case. They have been introduced to crack down on bodies that collapse without paying creditors and then re-emerge as another entity.The ATO says people who need a director ID are a director of a:
company registered with the Australian Securities and Investments Commission or Office of the Registrar of Indigenous Corporations ;registered Australian body, for example an incorporated association registered with ASIC such as sporting clubs that trade outside of their state or territory; charity or not-for-profit organisation that is a company or Aboriginal and Torres Strait Islander Corporation.reported earlier this month that half of the roughly 2.5 million directors had not been issued with a director ID.Some $86.2 million was put aside over four years for the ATO and ASIC to work on the director ID scheme and to maintain ASIC’s registry system.
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