SMSF trustees who have missed the deadline to apply for a director identification number (director ID) will need to request an extension of time from the ATO to complete their applications, the ATO has said.
In an update on director IDs on the regulator’s website, the ATO stated company directors, including directors of corporate SMSF trustees, who missed the original 30 November deadline and the 14 December extension should still take action.
“If you missed the deadline, you can still apply for your director ID. We’re taking a reasonable approach to those directors who try to do the right thing,” the regulator stated.
“Directors who need additional time to apply beyond 14 December 2022 can request an extension of time,” it added, pointing them to the Australian Business Registry Services website.
It noted that despite the application deadline having passed, there was no change in the application process and the quickest way to apply for a director ID was online and via the myGovID app on a smart device.
Applicants were also advised to gather any identification documents required before starting the application process and their identity will be verified with information on record.
The ATO also stated superannuation funds would be able to accept downsizer contributions from members who are aged 55 and over from 1 January 2023 after legislation enabling the change received royal assent.
The Treasury Laws Amendment (2022 Measures No 2) Bill 2022, which reduced the eligibility age to make contributions from 60 to 55, passed through parliament on 28 November and received royal assent on 12 December.
The downsizer age change will take effect from the first day of the start of the next quarter after receiving assent, which means super funds can accept downsizer contributions from members who are aged 55 and over from that time.
The ATO reminded super funds that no other eligibility changes have been made, but correct processes must be followed with all downsizer contributions.
“You must receive the downsizer contribution form from your members either at the time or before they make the actual contribution,” it stated.
“You can only accept eligible downsizer contributions for members aged 55-59 on or after 1 January 2023. You can continue to accept eligible downsizer contributions for those aged 60 years and over in the meantime.”
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