Effective from 01Nov01, Australian Business Registry Services will be combining the Australian Business Register (ABR) and about 30 ASIC business registers into one registry, and introducing the concept of a Director ID Number (DIN).
Takeaways:
- For existing directorships, you will have until 30 November 2022 (12 months) to register
- If you appoint new company directors between now and the 4th April 2022 you will need to register within 28 days of your appointment
- After the 5th April 2022, you must apply before your appointment as a director
- this will be managed through directors obtaining a MyGovID
- To keep up to date visit www.abrs.gov.au
What is a Director Identification Number?
A Director Identification Number is a unique 15-digit number that is being introduced to reduce director identification fraud.
Once you have a DIN, you will keep that number forever and use it for all company directorships.
How do I apply for a Director Identification Number?
- Gather supporting proof of record ownership (PORO) documents. You’ll need to prove your tax file number (TFN) and your residential address held by the ATO, and to answer two questions about your ATO record, which can be two of:
- Notice of Assessment
- PAYG payment summary
- Dividends statement
- Centrelink payment summary
- Bank account details
- Superannuation account details
- If you haven't already got a myGovID (different from your personal myGov account), create one using your smartphone and Australian identity documents. You can also use this to access any of your company business records
- Head to www.abrs.gov.au
- Verify yourself using your myGovID
- Apply for for your Director Identification Number
Check out this "How to apply for a Director ID" video for more details
Penalties
Dare we say, as per usual with ASIC penalties will apply if you have not registered yourself for a DIN per the above dates.
More
- Australian Business Registry Services [ABRS website]
- Director Identification Numbers [ASIC website]