Expenditure may be fully  deductible in the income year

New obligations for those operating in the capacity of a Director,  failure to apply for a DIN within the required time frame will leave you open to both criminal and civil penalties.

• Existing Directors / Existing Entities - doesn’t apply yet, unless you are invited, but must obtain prior to 30th November 2022. (transition period)
• Apply using your myGovID     

From the ATO: A payment received will be NANE (None Assessable) if:

 

• It is received under an eligible state or territory grant or Commonwealth support program    
• You are a small business with an aggregated turnover of less than $50 million in the income year the payment was received; and it was received in
  • The 2020–21 or 2021–22 financial year for eligible state or territory grants
  • The 2021–22 financial year for eligible Commonwealth support programs.

Will reduce the reporting burden for employers who need to report information about their employees to multiple government agencies .