You may be aware that the Australian Business Registry Service (ABRS) has introduced the Director Identification Number (Director ID). Having on of these is a requirement for all directors of Australian companies.
So what the hell is it?!
The Director ID is a unique number to be attached to the individual for which directors will only need to apply once. The implementation is intended to prevent the use of fraudulent identities and assist in tracing director relationships across companies. Let's see how that goes!
When are they required?
The requirement varies depending on the date of which you were first appointed as a director of your company. As always with these things, there is a swathe of twists and turns and dates thrown all over the place.
Fortunately for you, I have put together a neat little table summary which you can see below... now! 👇
How do you get one?
If you are currently acting as a Director of your company you must personally apply for director ID on the ABRS website. Unfortunately, given the DVS verification of identity process, this is not something accountants can do on your behalf.
You will need to verify your identity using myGovID before conducting a proof of record ownership with information from your individual tax record.
Once these requirements have been met, the director ID will be issued instantly.
You can apply at any time from 1st November 2021 by mashing the button below!
Will there be any changes to company registration processes?
There will be no changes to the information required for company registration or for clients who have their annual ASIC review conducted by us. The process with your annual ASIC review will remain the same.
At this stage there is only the requirement to apply for the Director ID according to the table above. There are no requirements enforced by ASIC or the ABRS within the company application form itself at this time.
So you have a Director ID - now what?
Once you have a Director ID there is nothing more to do, and there are no ongoing obligations (such as renewal) at this stage.
From what we know right now, there is no need to update ASIC with your Director ID, although this could be the case down the track. We will keep you posted on the latter!
Need more info?
I have tried to explain these new requirements in the most easy to digest format for you! If you need more details though, you can find more comprehensive information about the requirements on the ABRS website, alongside information on how to obtain a myGovID.
If you are having trouble or want to understand more about these new requirements please contact us for a 30 minute meeting so we can talk you through the process and answer any questions!