New ASIC R&D, and EMDG Online Registration Requirements for Company Directors
New ASIC online registration requirements for Company Directors. New online authorisations required to appoint Accountants/Consultants to act on behalf of claimants under the R&D Tax Incentive and Export Market Development Grant
As part of the 2020 Budget Digital Business Plan, the government announced the full implementation of the Modernising Business Registers (MBR) program.
The MBR program will establish the new Australian Business Registry Services (ABRS) and streamline how you register, view and maintain your business information with the government.
The ABRS will:
- progressively roll out between 2021 and 2024
- introduce the director identification number(director ID) initiative
- bring together more than 30 ASIC registers and the Australian Business Register (ABR) in one place.
The MBR program is being implemented by the Australian Taxation Office (ATO).
On 15 April 2021, ASIC registry staff moved to the ATO, in a Machinery of Government (MoG) administrative change to assist the Registrar.
The Registrar’s role is to lead and implement the MBR program and perform statutory registry functions and exercise powers under the relevant laws.
Initially, this will also include assisting ASIC perform statutory registry functions and exercise its powers, as a delegate of ASIC.
At a later stage, the Registrar will assume primary responsibility for those functions under law.
New ASIC online registration requirements for Company Directors – registration by end of November 2022
From November 2021, all directors of Australian organisations will be assigned an identification number, allowing regulators to (amongst other things) identify and track illegal phoenix activity.
This applies to directors if their organisation is a company, registered foreign company, registered Australian body, or Aboriginal and Torres Strait Islander corporation. (note that this includes all companies that are trustees of Family Trust and Superfunds)
A director ID is a unique identifier that a director will apply for once and keep forever. Directors must apply for their director ID themselves because they will need to verify their identity. No one can apply on their behalf.
The ID Registration timetable is as follows:
The ABRS is responsible for the implementation and administration of director ID’s. ASIC will be responsible for the enforcement of associated offences.
Please use this link to visit the ABRS website.
Note that the site does not allow you to apply for an ID as yet. Applications will start on 1 November 2021
Instructions to register and authorise Ryan Tax Services, or your preferred R&D Tax Agent, to prepare and lodge your R&D Tax Incentive applications through the new online customer portal
All R&D Tax Incentive (R&DTI) claimants would have received notification from AusIndustry that a new online portal was established for lodging applications from the 1st of July onwards. Like most new platforms, many consultants and claimants have been experiencing issues with the registration process, slowing down their ability to lodge applications.
The framework of the new system involves:
- All claimants to authorise their nominated contact to install the MyGovID app on their device. If you do not already have this you should download it and validate your ID with two pieces of identification so that you qualify as a ‘standard user’
- All claimants to authorise their nominated company contact and R&D Tax agent to lodge the application on their behalf through the Relationship Authorisation Manager (RAM) portal.
- Having undertaken the above steps will provide access to the R&DTI Customer Portal which will grant claimants and their R&D Tax agent access to a dashboard showing the company’s current and historical R&D Applications.
- Click here for further guidance and an explainer video on how to register, access, and use the R&DTI Customer Portal.
- For further assistance, if you are having issues with the MyGovID portal, please call the support line on 1300 287 539 and select option 2 for MyGovID inquiries.
- Don’t hesitate to contact your TCF/Ryan R&D Consultant for further information and/or guidance.
Instructions to register and authorise Ryan Tax Services or your preferred consultant to prepare and lodge your Export Market Development Grant applications through the Customer Portal
To apply under the EMDG scheme, you must complete and submit your online application, including all required documents:
- between 1 July and midnight (AEDT) 30 November 2021
Austrade does not, by law, accept incomplete or late applications.
If you’re planning to apply for expenses under the EMDG scheme for either the 2020-21 grant year or the 21/22 grant year you will need to set up your MyGovID.
MyGovID is the Australian Government’s digital identity – a new way to prove who you are online. You can download the MyGovID app to your smart device. You can use security features in your device such as fingerprint, face, or password to help keep your information secure. This is to protect your identity and help stop other people from accessing your information.
Link your MyGovID to your business
Once the app is set up, you need to link your MyGovID to your business using the authorization service called Relationship Authorisation Manager (RAM).
To get started, the principal authority (business owner) needs to do the following:
Step 1: Set up your MyGovID – download the MyGovID app from the App Store or Google Play and use your Australian identity documents to enroll. – Set up your myGovID
Step 2: Log in to RAM using your MyGovID and link your business. Before you link your business, check your details on the Australian Business Register are up to date so RAM can use the correct information. – Link your myGovID in RAM
Step 3: Authorise Ryan Tax Services, or your preferred EMDG Consultant, in RAM to act on behalf of your business online. They will receive an email to accept the authorisation request using their MyGovID.
You can find general information on the process here on MyGovID and RAM, and here on the Authorisation Manager
– ASIC online registration is a requirement, contact us for assistance –
Ryan can assist with services such as:
- Scope your potential to claim various grant programs
- Assist with the preparation and lodgement of grant applications
- Review or provide a health check on your internally prepared grant applications
- Establish record-keeping practices as required under various grant programs
- Provide prepayment loans against future cash refunds under the R&D Tax Incentive
- Keeping industry informed on all new Government policy and grant initiatives
Don’t hesitate to give us a call.