Chromatic Accounting & Tax

22/10/2026

If you're on an agent's list, and returns are up to date to 2025, you may not need to panic about the 31 October deadline. If you're not sure, check your MyGov under 'My profile', or give us a call.

21/10/2026

Reflecting this Global Ethics Day on our founding principles, and listening to some timely information on spotting financial abuse, and ethical use of AI.

04/10/2026

Important reminder from one of our colleagues in the legal space.

Your director ID must exist before you are appointed as director.

It is a 15 digit number that you hold, no matter how many companies you are involved with. The Australian Business Registry Services issues it after verifying who you are.

The requirement for a director ID is important to follow for three main reasons 👉

‼️ Not having one when required is a strict liability offence: it does not matter that you did not mean to break the rule.

‼️ You can be fined for not having a director ID. In May 2026, two New South Wales directors were convicted and fined $10,000 each, and as of June 2026, ASIC has prosecuted 11 directors for this offence.

‼️ From 1 July 2027 companies will have to give their directors' IDs to ASIC through normal reporting, so gaps will be easier to spot.

If you are setting up a company, applying for a director ID should be at the top of the list.

Read more in this week’s article: thelegalshop.com.au/articles

For help with restructuring your company, contact us for a free, no-obligation chat.

This content is provided for informational purposes only and does not constitute legal or financial advice. We do not make any representations as to the accuracy or currency of the information. The information provided does not take into account your specific situation. If you would like advice for your circumstances, please contact us.

30/09/2026

Draft legislation proposes a 30% minimum tax on discretionary trusts from 1 July 2028. Helen breaks down what we know, what’s still unclear, and why trustees and advisers should act now to understand potential impacts. Read the full update for context and next steps: https://wix.to/d1hCvm9

Note: This article is based solely on draft legislation released at 24 September 2026. All details are subject to change and no planning decisions should be made on the basis of this update alone.The 2026-27 Budget announced the introduction of a 30% minimum tax on discretionary trusts from 1 July 2...

25/09/2026

Helen covered a lot in a short time this morning - stay tuned for a longform recording giving these topics the explanations they deserve.

24/09/2026

Meet our referral partners and hear Helen's headlines on the status of the tax changes from May's budget. Get in touch to attend the live Zoom event Friday 25 Sept 9.45am Syd/Bris time.

03/09/2026

When working extra-remotely, always opt for the most rainbow coffee cup!!

24/07/2026

How are you caring for yourself today?

15/07/2026

Keen to hear this lady talk operations and systems on Friday - if you'd like to listen in, drop us a message.

🚨 BNI FEATURE PRESENTER ALERT 🚨

This Friday we’re hearing from Cat Prior of Priority Strategy & Operations.

Cat’s session focuses on operational clarity for service-based businesses, where work has grown faster than the systems underneath it.

She will cover:
• The three operational patterns she sees most often
• What gets rebuilt inside a business to make it run smoothly
• Who benefits most when proper structure is in place

Cat helps business owners untangle bottlenecks, redesign workflows, and build systems that allow the business to operate reliably even when the owner steps away.

Who should attend?
✅ Service-based business owners who cannot step away without everything stopping
✅ Businesses that recently added staff but are feeling more chaos, not less
✅ Owners drowning in admin, quotes, or client communication
✅ Trades and service-based businesses running everything through spreadsheets, messages, or memory
✅ Any business where the owner is the bottleneck

If your business feels heavier than it should, Cat’s session will show how operational clarity and proper structure can free you to focus on growth.

📅 Join us this Friday at BNI InSync!
🕘 9:45am – 11:30am (AEST) | Online
💬 Comment below or message us for your visitor invitation

09/07/2026

Perfect summary reminder here from one of our trusted colleagues

📁 Quick question — do you know what records your business is legally required to keep, and for how long?

The ATO requires all businesses to retain records for a minimum of 5 years from the date you lodge your tax return. This isn't optional — failing to produce records when the ATO asks can result in penalties of up to $6,260 per offence, plus shortfall penalties on top.

Here's what you need to keep:

📌 All income and sales records — invoices, receipts, till records, online sales reports
📌 All business expenses — purchase invoices, bank statements, credit card records, petty cash
📌 BAS copies — every BAS you've lodged, plus your supporting calculations
📌 Payroll records — pay slips, PAYG withholding records, super contributions, TFN declarations
📌 Asset records — purchase dates, costs, and depreciation workings. Keep these for 5 years after you dispose of the asset.
📌 Bank statements — every account used for business purposes

Your records must be in English (or easily converted), protected from being altered, and accessible if the ATO requests them. Digital records are absolutely fine — just make sure they're backed up securely.

The new financial year is the perfect time to audit your record-keeping system.

💙 Message us to get started.