Director Identification Numbers are a New ASIC Requirement.
The government has announced that it will be putting in place a unique identifier for all directors. This is called the director indentification number (DIN), and will need to be applied for once, and kept forever (similar to a tax file number for directors).
The reasoning behind this change to provide a fairer business environment by minimising the use of false identities, and prevent abuse of the financial system.
This change commenced on 1 November 2021, and applied to anyone who is a director of any company, whether that is a director of a corporate trustee of a trust, a corporate trustee or a self managed superannuation fund, or any other public or private company.
The application will need to be made through the “ABRS” website, and will require a director to log in via a Mygov ID.
The due dates to apply for the director identification number is as follows;
- directors who became a director on or before 31 October 2021, they must apply for a director ID by 30 November 2022;
- directors who become a director between 1 November 2021 and 4 April 2022, must apply for a director ID within 28 days of appointment; and
- directors who become a director from 5 April 2022, they must apply for a director ID before their appointment.
Your company registered agent cannot do this on your behalf, you will need to do this yourself you are already a director or intend to become a director. Please contact our office if you need further information on this.