All company directors must now hold a director identification number (director ID). ASIC introduced the new requirement earlier this year. Here’s what you need to know.
What is a director ID number?
If you have verified your identity with the Australian Business Registry Services (ABRS), you will need a unique identifier. This is your director ID.
How do I know if I need a director ID?
You will need a director ID if you are the director of an Australian corporation. A ‘director’ includes an alternate director who is acting in that capacity.
When do I need to apply for a director ID?
Please refer to the table below for the transitional arrangements for existing and new directors.
|Date person becomes a director||Must apply|
|On or before 31 October 2021||By November 2022|
|Between 1 November 2021 and 4 April 2022||Within 28 days of appointment|
|From 5 April 2022||Before appointment|
How do I apply for a director ID?
To apply for your director ID, you will need to:
1. Set up a myGovID account. This must be done by yourself as no one is permitted to do so on your behalf.https://www.mygovid.gov.au/set-up
2. Once you’ve verified your identity, you need to apply for a director ID via the ABRS website. https://www.abrs.gov.au/ from November 2021
Do I need to let Aspect know my director ID?
If Aspect Accountants and Advisors is your ASIC agent, we will contact you to get your director ID. We also ask that you provide us with the director ID of all directors of the company. Please ensure you notify all directors to apply for a director ID.
For more information on this new requirement please visit: https://www.abrs.gov.au/director-identification-number
Under the Superannuation Guarantee (‘SG’) scheme, employers are required to make quarterly contributions on behalf of their employees.
From 1 July 2021, the minimum contribution required is 10% (up from 9.5%) of an employee’s Ordinary Time Earnings base, up to a maximum quarterly contribution base of $58,920 for 2021/22.
Employers are reminded that the due date for making SG contributions for the September 2021 quarter is 28 October 2021.
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