Before starting with myGovID, you need a compatible smart device (preferably with the latest or previous two OS versions) and two Australian identity documents with matching names. If your name has changed, you can use a marriage certificate or change of name certificate for verification. Expenses related to setting up myGovID might be tax-deductible.
To get started with myGovID, follow these steps:
1. Set Up Your myGovID:
Download the myGovID app from the App Store or Google Play. Enter your full name, date of birth, and personal email address. Verify your two identity documents; if using a Medicare card, it will be available as an option after verifying your first document. If you encounter issues scanning documents, you can edit or manually enter the details.
For more information, visit mygovid.gov.au/set-up.
2. Link Your myGovID to Your Business Using RAM:
Ensure you are the principal authority (business owner or responsible person) to link your business’s ABN to your myGovID.
If someone else is already authorized, they can grant you access via RAM.
To link online:
Once linked, you’ll be authorised in RAM to act on behalf of the business and can set up authorisations for others to act on behalf of the business.
For more details, visit info.authorisationmanager.gov.au/principal-authority for guidance.
3. Log In to Online Services for Business:
Once setup is complete, use your myGovID app to log in. Enter your email address on the online services for business login page, then input the 4-digit code from the myGovID app to access the services.
The Pay As You Go (PAYG) Instalments system allows you to make periodic payments towards your expected tax liability for business and investment income throughout the year. Your final tax liability is calculated at the end of the year when your income tax return is assessed, and PAYG instalments are credited to determine if you owe more tax or are due a refund.
The ATO notifies required payers of their instalment rate, which is based on their last assessed return. Instalments are usually paid quarterly, but options include biannual or a single annual payment.
Most businesses calculate their own instalments based on current income, rather than relying on ATO estimates. We generally do not submit PAYG forms for clients to avoid losing the paper form sent by mail. For more information on this, see the ATO brochure.
For more details on Tax in SMSF, please see here.
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Superannuation Warehouse is based in Melbourne and have clients throughout Australia. We deliver our SMSF administration services in an efficient and paperless way. This efficient service means a competitive fee to you. Our low ongoing fees will enable you to take control of your Super.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
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