Are you a Director of an Australian Company? From 1 November 2021 you will need to apply for a unique director identification number (DIN), which verifies your identity. Non-compliance will result in hefty fines.

The director ID will be attached to a director permanently, even if you cease to be a director, change your name, or move interstate or overseas.

This applies to directors if their organisation is a:

  • Company
  • Registered foreign company
  • Registered Australian body
  • Indigenous corporation
Date you become a director Date you must apply for a DIN
On or before 31 October 2021 By 30 November 2022
Between 1 November 2021 & 4 April 2022 Within 28 days of appointment
From 5 April 2022 Before appointment

What does this mean for you – Existing Directors?

If you are a director of a company currently, you will need to personally apply for a for a Director Identification Number before 30 November 2022, to comply with the new rules.

What does this mean for you – New Directors?

While existing directors have a year to apply for their Director ID, new directors appointed between 1 November 2021 and 4 April 2022 will need to apply within 28 days after their appointment.

New directors who are appointed from 5 April 2022 will be required to apply for their director ID before appointment.

How to Apply?

Applications for a director ID will open from November 2021.  Instructions on how to apply for your director ID can be found at the Australian Business Registry Services (ARBS) website. You will need to set up a MyGovID profile and provide some identifying documents.

Penalties

If a director fails to apply for the Director ID within the required time frame they could face criminal or civil penalties of 5,000 penalty units, which currently equates to $1.11 million.

Find out more about the director ID regime on the new ABRS website.

 

Source:

Jotham Lian 2021. Government locks in director ID deadline. [online] Accountantsdaily.com.au. Available at: .