In May we advised of new legislation for company directors, who would be register for a unique identification number that they will keep for life.
We can now advise that if you are already a director, or want to become one, you can start applying for your director ID from 1 November 2021.
About the director ID
A director identification number (director ID) is a unique identifier you need to apply for once and will keep forever. It will help prevent the use of false or fraudulent director identities.
Your director ID will confirm your identity and trace your relationships to companies.
Directors have obligations under the law. You should only give your written consent to being appointed as a director if you will play an active role in overseeing the company’s business affairs.
Who needs a director ID?
You will need an ID number if you are an eligible officer of:
- a company, a registered Australian body or a registered foreign company under the Corporations Act 2001 (Corporations Act)
- an Aboriginal and Torres Strait Islander corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act).
An eligible officer is a person who is appointed as:
- a director
- an alternate director who is acting in that capacity.
For more detailed information about who needs a director ID and who doesn’t, contact your Aspen Corporate Advisor, refer to our May 2021 article or the ABRS website.
When do you need to apply?
Applications for a director ID open from November 2021.
Potential directors are entitled to apply for an ID number prior to an appointment to a company director role.
| 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 |
Directors of Indigenous corporations that are governed by the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) will be required to apply for the unique identifier by 30 November 2023.
To be a director under the Corporations Act, you must:
· be 18 years or older
· not be disqualified from managing corporations unless the appointment is permitted by ASIC or the Court.
For more information on the Corporations Act, visit the ASIC website
Applying for a DIN
1. Set up a myGovID
You will need a ‘standard’ or ‘strong’ identity strength myGovID to apply for your director ID online.
If you don’t have a myGovID, you can find information on how to download the app at how to set up myGovID.
2. Gather supporting documents
- your tax file number (TFN)
- your residential address as held by the ATO
- information from two documents to verify your identity:
- bank account details
- an ATO notice of assessment
- super account details
- a dividend statement
- a Centrelink payment summary
- PAYG payment summary.
3. Complete your application
Once you have a standard or strong identity strength myGovID, and your documents, from November 2021 you can log in to the ABRS website and apply for your director ID. The application process should take less than 5 minutes.
Note - Directors must apply for their director ID themselves because they need to verify their identity. No one can apply on their behalf.
If you have questions about submitting an application for a director ID or, would like assistance with your application, contact your Aspen Corporate Advisor.
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