DID YOU KNOW…myGov and myGovID are two entirely different things? Don’t worry, you’re not the only one who’s confused (and I’m sure it has nothing to do with the names 😜)! Keep reading to find out why both are important and shouldn’t be overlooked for you and your business.
What is myGov?
myGov is an account that allows you to access a range of government services online. For example, once you have setup a myGov account you can securely link up services such as Centrelink, Medicare, the ATO, Child Support, My Health Record, JobSearch, NDIS etc. You can then access these services to update your details, receive correspondence and submit requests using a single sign-on to your myGov account.
Keep in mind, only individuals can have a myGov account so this doesn’t apply to partnerships, trusts and companies.
From a tax and business perspective though, having online access to the ATO is going be really important for a number of reasons. For example, as an individual you can access information about
- your personal tax lodgements (including the Notice of Assessment) for current and past years;
- your personal business activity statements (if you’re a sole trader);
- your personal super funds and recent balances;
- upcoming due dates for your personal lodgements;
- correspondence and notifications sent to you from the ATO;
- Single Touch Payroll summaries for any payroll processed under your individual ABN;
- your personal details such as address, email, phone number and bank account details.
What is myGovID
myGovID is an app that is essentially your digital identity. You provide personal information (such as your drivers licence, passport and DOB) to prove who you are. This information is then stored securely within the myGovID app. Rather than provide your personal details online to multiple different places to prove your identity, you can simply use the myGovID app. It’s the modern version of a 100 points ID check. And once you set it up, you can use myGovID to sign into your myGov account, among other places.
Where will I need to use myGovID?
As a business owner, you need to be able to access online services on behalf of your business/es and legal entities. Some of the most common places that you will need to log in using your myGovID include:
- the Australian Business Register – This is where you can update details about your ABN, business names, ANZSIC codes and update tax registrations such as GST or PAYG Withholding. It’s important to make sure that your business locations and ANZSIC codes are accurate, particularly in recent times when COVID support and grant eligibility are based on your business’ location or industry. You may miss out on critical funding if your details are not up to date.
- Relationship Authorisation Manager – or RAM is where you authorise individuals who can act on behalf of your business. If you operate your business in a company, trust or partnership then you will need to be able to access the RAM in order to authorise yourself to act on behalf of the business. It’s also really important to remove people who are no longer authorised to act on behalf of your business…an old accountant or advisor, old employees or directors who have been removed from your company. You don’t want them being able to make changes to your business without your approval.
- Access Manager – This is another place you can setup authorisations for your business and any authorisations you’ve setup in RAM will also flow through and be visible in the Access Manager. Access Manager is also where you can update your hosted SBR-enabled accounting software (basically you can add a software ID code to your ABN so your accounting software is linked to your business). This is very important if you are processing payroll or want to be able to lodge your BAS through your accounting software – the ATO needs to know what your software ID is to match up your lodgements to your business’ ABN.
Your myGovID is the online ticket to accessing all these services whilst ensuring the security of your business’ information online.
And as new regulations and registrations are introduced, having your myGovID is going to be essential so that you can meet all your obligations. For example, the introduction of the new Director Identification Number (DIN) will require all company directors to apply for their own DIN using myGovID to verify their identity.
How do I get started?
If you haven’t already setup your myGovID, then that’s a great place to start. Simply go to the website at https://www.mygovid.gov.au/set-up and follow the steps to creating your ID. Once you’ve got your myGovID then you can set up your MyGov account and start linking up all your services.
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