Businesses given a deadline to acquire a Director ID

Recent news that Business Directors now have a set deadline to obtain a director identification number under the federal governments digital business plan.

It’s providing directors appointed under the Corporations Act 2001 that they have up until the 30th November 2022 to obtain a Director Identification Number (Director ID).

It will apply for both existing Directors who were appointed prior to the start of the Director ID regime as well as Directors appointed during the testing phase. The Government released these details as part of the 2020 budget Digital Business Plan.

The director ID will help prevent the appointment of fictitious directors, which unfortunately some businesses have done. This is under the MBR program which was announced as part of last years.

If you have any further questions, please do not hesitate to contact me anytime.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!

Why the wife or partner shouldn’t do the Bookkeeping

The number of times when I call a business owner and the response is ‘oh the Mrs / partner does the Bookkeeping.’

That there is where the problem lies.

Firstly, not all Mrs or Partners are fully qualified Bookkeepers. Not all know what they are doing.

But because you’re in a relationship with this person, you don’t question what they are doing with your books, because of course you trust them.

Unintentionally the Mrs/Partner may be entering in the wrong information or not coding an expense correctly, not out of spite, but just because they are not experienced and because most couples don’t want to upset the other, they trust they are doing the right thing.

More often than I can count, is when a business owner calls me, because mistakes have been made and then it causes problems in the relationship, which it shouldn’t.

Hence why when it comes to bookkeeping, right from the beginning you should outsource to a bookkeeper. Someone that is impartial, but also makes your business a priority, because that is what I do. I treat your business financials as my own. If I’m helping businesses with PAYG or payroll, reconciliations, whatever it is, I do it as if it was my own business.

So instead of allowing your Mrs/Partner to do your bookkeeping, it is way better to outsource this area of your business and keep your loving relationship intact, otherwise you may be visiting a divorce lawyer instead.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047

You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!