InFocus November 2022 - Volume 31 Issue 8
- Director ID: Time is running out
- How to request a refund on your account
- Small business debt helpline
Director ID: Time is running out
Time is running out for directors of companies in Australia to apply for their director identification number (director ID), with the 30 November deadline less than a month away.
On 19 October, Australian Business Registry Services (ABRS) launched a new awareness campaign to help company directors get their director ID before the deadline.
The new awareness campaign will feature both widespread communications and targeted outreach to ensure all directors are aware of their obligations.
See the recent media release from Stephen Jones MP, announcing the launch of the campaign.
To find out who needs to apply for a director ID, when and how, visit the ABRS website.
To avoid the last-minute rush, advise your clients to apply online now. If you’re a director make sure you also apply. Directors must apply for their own director ID to verify their identity. No one can apply on their behalf. This video steps through the online application.
A reminder that it is a criminal offence if directors do not apply on time and penalties may apply.
The Australian Taxation Office (ATO) is responsible for delivering the director ID service through ABRS, while ASIC is responsible for enforcing related offences.
How to request a refund on your account
If you’ve made a payment in error or an overpayment, you can request a refund for the credit balance on your account. Generally, we'll provide our refund in the same way you made payment.
Refunds for payments made in full via BPAY
If you’ve paid via BPAY and require the full amount to be refunded (for example, a full payment made in error), you’ll have to contact your bank or financial institution to reverse the payment. It’s the responsibility of the bank or financial institution to reverse all BPAY errors and to ensure that the payment is returned to the correct account.
Refunds for overpayments via BPAY or full payments via Australia Post, EFT or Cheque
If you’ve overpaid a fee via BPAY and want the difference back, or paid by Australia Post, EFT or Cheque, email refundenquiries@ASIC.gov.au and include the company name and A.C.N. or account number in the email.
We require proof that we are refunding to the correct party. You’ll need to provide proof of payment via a:
- bank receipt,
- bank statement or
- transaction history.
We’ll also need a copy of a bank statement where the refund is to be paid to. Please black out all transactions for privacy, but ensure the following is still visible:
- name on the bank account,
- BSB and
- account number.
Find out more about refunds on our website.
Be wary of potential scams
Scammers have been contacting ASIC customers asking for payment to renew business names or companies. The emails often link to fake ASIC invoices that have incorrect payment details or infect your computer with malware when you click on them.
An email may not be from us if it asks you:
- to make payment over the phone
- to make payment to receive a refund, or
- for your credit card or bank details directly by email or phone.
For a business name, we will issue a renewal notice 30 days before your renewal date. For a company, we will issue your annual statement within a few days of your review date. If it's outside our usual timeframe, it might be a scam. You can check your renewal date or review date on our website.
To help protect yourself:
- keep your anti-virus software up to date,
- be wary of emails that don't address you by name, misspell your details, or have unknown attachments, and
- don't click any links on suspicious emails.
If you're unsure if an email is legitimate, contact us and we can confirm if we've issued you a notice. You can also notify us of a scam by forwarding the email to ReportASICEmailFraud@asic.gov.au.
Small business debt helpline
Small business is one of the key drivers of our economy. However, like many other sectors, they are facing challenges in a world of soaring costs, rising interest rates and labour shortages.
If you or someone you know is struggling with their small business finances, the Small Business Debt Helpline can help. The Helpline is a dedicated small business financial counselling service which offers free, independent, confidential and impartial phone-based support to small business owners nationally.
The service is available to any small business, regardless of the cause of their financial hardship. The service can be accessed by calling 1800 413 828 between 9am to 5:30pm AEDT Monday to Friday.
For more information, go to https://sbdh.org.au/