DIRECTOR IDENTIFICATION NUMBERS ARE HERE
1st November 2021
From November 1st 2021, All company directors will be asked to verify their identity and required to obtain a 'Director Identification Number' (DIN).This comes with the establishment of Australian Business Registry Services (ABRS), an Australian government initiative that will eventually bring together the current Australian Business Register and over 30 Australian Securities and Investments Commission (ASIC) registers.
Who Does It Affect?
This applies to all directors if their organisation is a:
- corporate trustee;
- charity or not-for-profit organisation;
- registered foreign company;
- registered Australian body; or
- Aboriginal and Torres Strait Islander corporation.
Please note, PVW Partners cannot apply on your behalf.
When Do I Need To Apply?
Existing directors (appointed on or before 31st October 2021) must apply between 1st November 2021 and 30th November 2022.
For those becoming directors between 1st November 2021 and 4th April 2022, applications must be lodged within 28 days of appointment.
For applicants after 5th April 2022, applications for their DIN must be lodged prior to their appointment, otherwise, ASIC will not accept their appointment.
How Do I Apply?
All company directors are encouraged to obtain a myGovID (if they don’t have one already), which is an application that lets you prove your identity in a secure way (not to be confused with a myGov account).
To obtain a myGovID 2 proof of identification documents are required. These include:
- Drivers License
- Medicare Card
- Birth Certificate
- Citizenship Certificate.
If a myGovID is not applicable, both phone and paper applications are available (depending on the applicant’s situation).
Applicants will require the following during the Director Identification Number application:
- Tax File Number (TFN)
- Residential Address as held by Australian Tax Office (ATO)
- Information from two documents to verify identity (e.g. Bank account details, ATO notice of assessment, PAYG payment summary, super account details)
Applications can be lodged from November on the Australian Business Registry Services website and should take less than 30 minutes if all correct documents are provided.
Failure to apply for a DIN can result in significant penalties.
For further information please visit Australian Business Registry Services website - www.abrs.gov.au or contact us at PVW Partners on (07) 4721 8500