Director Identification Number deadline set. Take action before the due date.
Background
In June 2020, the Federal Government passed legislation to improve business registrations and create a registry. The Modernising Business Registers (MBR) follows the government’s Digital Business Plan.
The main takeaway from this legislation is the introduction for all Directors to have a unique Director Identification Number (DIN).
What is a Director Identification Number?
A Director Identification Number (DIN) is a unique identifier that a director will use to identify themselves. The aim of a DIN is to increase the director’s accountability and traceability. This is done by data matching between the ATO and other regulatory bodies. Once you have a DIN, you will have it for life.
Do I need to apply?
Yes, if you are a director or an acting director of an Australian corporation or registered foreign company under the Corporations Act 2001 (Cth). This included companies responsible for managed investment schemes and registered charities.
Currently, unincorporated bodies, de facto, shadow Directors, or company secretaries are not required to apply for a DIN.
How do I apply?
From November 2021, you will be able to apply for a DIN through abrs.gov.au.
To log in to ABRS online you’ll need to use the myGovID app, set to a Standard or Strong identity strength. If you haven’t already, you can set up your myGovID now.
When do I need to apply?
You need to have applied for a DIN by 30 November 2022.
Penalties for Non-compliance
Civil and criminal penalties will apply to individuals who:
- Fail to apply for a DIN;
- Intentionally apply for more than one DIN;
- Provide a false DIN; or
- Are actively involved in the contravention of any of the above.
Can you apply on my behalf?
As part of the process, you will need to apply for your own DIN. We are however able to assist you in understanding the process and guide you through the application.
Want more information?
If you require any assistance with the process or would like further clarification, please contact our team on (07) 3879 3303.