ASIC has recently announced that all current company directors and anyone wanting to become a Director, will need to apply for a Director Identification Number (DIN) from November 2021. This short article breaks down what is involved, when you need to do it by and what you need to do next.
A Director ID gives Directors a unique identification, which aims to prevent the use of false or fraudulent Director identities. This number will be used to identify you as a Director for all of your companies. You will only need to apply once for a DIN as it will act similar to a TFN. This number will be unique to you and you will keep forever, regardless of if you are appointed as a new director in another company, cease to be director or even if you move states or countries.
You will be required to reference the DIN whenever you are appointed as a new director of an Australian company.
Please note the dates below as they outline when you need to action this if you are a company director.
IMPORTANT DATES TO REMEMBER
31st October, 2021
If you are a Director on or before this date, you must apply by 30th November 2022.
1st November 2021 – 4th April 2022
If you become a Director between these dates, you will need to apply within 28 days of appointment.
5th April, 2022
If you become a Director after this date, you will need to apply for a Director ID number, before registering a company.
HOW TO APPLY FOR YOUR DIRECTOR IDENTIFICATION NUMBER
Only a Director can apply for their own Director ID. This cannot be applied for by anyone else, on your behalf.
If you don’t apply for a Director Identification Number during the required time-frame, there may be fines, civil or criminal penalties and you may be issued with an infringement notice.
If you would like any additional information regarding the DIN, please call us or follow this link.
Please give us a call if you need any assistance with the application process. The application needs to be completed by the individual that is applying for their personal number i.e. we cannot prepare the form for you but we can certainly help you through the steps.