Reply To: Directors ID- (mygovID ) For directors

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#21096
maggoo fox
Participant

Not a bad idea of folding and starting afresh! If the business is in your name you do not have to “register” it with ASIC or ATO. They just want you to so they can ask (pressure) you for tax payments turning you into a “taxpayer”. I do believe there is a cap on the “money” a business can earn before ATO require “registration”. It used to be $50K and then they want you to apply for GST to get you into the tax system. But if you are asking for cash, well, who is to know how much you earned from your energy and efforts? And dogs do tend to eat paperwork if left lying about. Remember, “INCOME” is NOT subsistence – which is what you would be working for in your business. You can also pay your employees in cash. Who you have working for subsistence alongside you is no one’s business but the actual men and women involved.