Director Identification Numbers to be issued
The Government recently passed Bills to amend the Corporations Act 2001 to introduce a ‘Director Identification Number’ (DIN).
Watch out! Director Identification Number required from 1 November 2021 for new companies
In June 2020 we advised that the Government had passed legislation introducing the concept of Director Identification Numbers (DIN) with up to a two-year implementation period. The DIN will assist regulators to track and combat illegal company phoenix activities.
The Government recently issued a legislative instrument confirming a transitional period for existing company directors to apply for a DIN.
The Government recently issued a legislative instrument confirming a transitional period for existing company directors to apply for a DIN.
When do I need to apply for a DIN?
- Existing company directors will have until 30 November 2022 to apply for a DIN.
- Existing directors of indigenous corporations will have a further year until 30 November 2023 to apply.
- Directors appointed to companies between 1 November 2021 and 4 April 2022 will have 28 days to apply for a DIN.
- Any director appointments after 4 April 2022 will need to apply for a DIN before appointment.
Failure to apply for a DIN can result in significant penalties.
How to apply for a DIN
Applications for a DIN will be made through the new Australian Business Registry service https://www.abrs.gov.au/.
This service, managed by the Australian Taxation Office (ATO) will bring together the Australian Business Register (ABR) and over 30 ASIC registers. It is hoped that bringing all of the registers under the one organisation should help to reduce red tape over time.
Applications for the DIN should open in November 2021. Australian residents can use the myGovID system to help apply, or if myGovID is not available, a paper application can be made.
Non-residents must apply by paper and send notarised copies of identification documents to provide their identity. While this may initially delay company incorporations where foreign individuals are involved, the identity documentation is required by the ATO anyway for tax registrations.
Please refer to the related content below for our earlier information that Mazars has published about the DIN.
Should you have any queries, please contact your usual Mazars Advisor or one of our specialists via the form below or on:
Brisbane – Jamie Towers | Melbourne – Liliana Harris | Sydney – Jeremy Mortlock |
+61 7 3218 3900 | +61 3 9252 0800 | +61 2 9922 1166 |
Author: Jamie Towers
Published: 12/10/2021
All rights reserved. This publication in whole or in part may not be reproduced, distributed or used in any manner whatsoever without the express prior and written consent of Mazars, except for the use of brief quotations in the press, in social media or in another communication tool, as long as Mazars and the source of the publication are duly mentioned. In all cases, Mazars’ intellectual property rights are protected and the Mazars Group shall not be liable for any use of this publication by third parties, either with or without Mazars’ prior authorisation. Also please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice. Content is accurate as at the date published.