Director ID – action is required

Director Identification Numbers are now Mandatory – Action is Required

Company directors must verify their identity as part of a new director identification number (Director ID) requirement by ASIC.

What is a Director ID?

A Director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or fraudulent director identities.

All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a Director ID.

The Director ID regime is intended to tackle illegal ‘phoenix’ activities and increase Director accountability and traceability. DIN’s will be recorded in a new database to be administered and operated by the Australian Tax Office and be made available to the public. This 15-digit number is a unique identifier that a director will keep indefinitely – even if the person changes companies or moves – and will be used to help stamp out the fraudulent activity by enabling the government to verify and track individual directors’ corporate history accurately.

When do I need to apply?

Existing directors have until 30 November 2022 to apply

New directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment

From 5 April 2022, intending directors must apply before being appointed

The new Australian Business Registry Services (ABRS) is responsible for administering the Director ID initiative.

How do I apply?

The quickest way to apply is online. There is no fee for applying. You will need to:

Set up a myGovID account (if you don’t already have one). This is different to your myGOV account.

Have your identification documents ready. You will need your Tax File Number (TFN), residential address (as held by the ATO) and two documents that verify your identify, e.g. bank account / super account details, ATO notice of assessment, dividend statement or PAYG payment summary.

Submit your application here – How to apply for your Director ID | Australian Business Registry Services (ABRS).

Unfortunately, Jaquillard Minns cannot apply for Director ID on behalf of our clients. As a director, you’ll need to sign up for this yourself before the deadline, but we are happy to answer any questions you may have about the new system.

Where we manage your companies with ASIC, please advise your Jaquillard Minns contact as soon as you receive your Director ID so we can update our records and ASIC accordingly.