What you’ll find inside:
- Is your activity a hobby or a business?
- Main residence exemption for foreign residents
- Reminder to apply for a director ID
- Share our social media posts with your community
Is your activity a hobby or a business?
Do you know if your activity is a business or a hobby? It’s important to know the difference, as you may have tax obligations. You can find out more on the ATO website in your preferred language here:
Main residence exemption for foreign residents
Are you a foreign resident who has sold property after 30 June 2020? You must meet the life events test to claim the main residence exemption from capital gains tax.
If you don’t meet the life events test, you’re not entitled to any of the exemption, even if you were a resident for some of the ownership period.
Find out more about the main residence exemption for foreign residents and whether you can claim it on the ATO website.
Reminder to apply for a director ID
All directors of companies registered with the Australian Securities and Investments Commission must have a director identification number (director ID). Australian Business Registry Services (ABRS) is contacting directors who don’t have a director ID to remind them to apply. The fastest way to apply is online. The demonstration video, which is translated into 8 languages, can show you how to apply.
If you or someone you know is a director of a business and don’t know if you need a director ID, search ABN Lookup using your ABN or business name. If ASIC Registration – ACN or ARBN or ARSN or ARFN is showing against your record, and you are a director, you must apply. You also need a director ID if you are a director of a corporate trustee of a self-managed super fund.