Recently we received notification from ASIC in relation to new Director identification requirements.

Australia’s Director Identification Number (DIN) regime came into effect on 1 November 2021 and will require all Australian Directors (including corporate trustees of self managed super funds) to register for an identification number.

A Director ID is a 15-digit identifier that, once issued, will remain with you for life regardless of whether you stop being a director, change companies, change your name or move overseas.

The DIN is managed by the Australian Taxation Office (ATO) but created through the Australian Business Registry Services (ABRS).

The purpose of the DIN is to help prevent the use of false or fraudulent Director identities.

WHO NEEDS A DIRECTOR ID?

Every Director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will be required to apply for a Unique Identification Number. This includes directors of a corporate trustee of self-managed super funds (SMSF).

TIMEFRAMES FOR REGISTRATION

The dates of when to apply depends on when you become a Director or if you are an existing Director of a Company.

For Corporation Act directors:

DATE YOU BECOME A DIRECTOR DATE YOU MUST APPLY
On or before 31 October 2021 By 30 November 2022
Between 1 November 2021 and 4 April 2022 Within 28 days of appointment
From 5 April 2022 Before appointment

For Corporations (Aboriginal and Torres Strait Islander) Act directors:

DATE YOU BECOME A DIRECTOR DATE YOU MUST APPLY
On or before 31 October 2022 By 30 November 2023
From 1 November 2022 Before appointment

If the company intends to appoint new directors, it will be important to ensure that they are aware of the requirements and timeframes to establish their Director ID if they do not already have one.

ESTABLISHING YOUR DIRECTOR ID

The fastest way to apply is online – https://www.abrs.gov.au/director-identification-number. For further information please refer to the ASIC notice attached or go to https://www.abrs.gov.au/about-us. More information on the application process can be accessed via the ‘how to apply’ link below.

How to apply

We are here to help you navigate this process however, application must be done by the Director themselves. Legally we are unable to process applications on your behalf.

If you have any queries, please do not hesitate to contact myself directly.

Yours sincerely,

Peter Hayes