As previously communicated, the Federal Government introduced a regulation that will need to be adhered to by anyone that is a director of an Australian company. This applies to ALL companies, whether they are trading companies, trustee companies (i.e. Companies that are trustees of a Self-Managed Super Fund or a Family Trust), private companies and public companies.
Why do I need a Director ID?
The Director ID requirement is part of new legislation introduced in November 2021 to prevent the use of fraudulent or false director identities, improve traceability and identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.
Your Director ID is something you'll apply for once and keep forever, (much like your Tax File Number). You'll maintain your Director Identification Number even if you cease to be a director, become a director of a different company, change your name, or move interstate/internationally. You need to apply for your Director Identification Number yourself, a third party cannot complete this process on your behalf.
What happens if I don't apply for a Director ID Number?
If you don't apply for your Director ID by 30 November 2022, you may receive a financial penalty via ASIC under the Corporations Act 2001.
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Offence
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Legislative section
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Maximum penalties for individuals
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Failure to have a director ID when required to do so
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s1272C
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$13,200 (criminal); $1,100,000 (civil)
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Failure to apply when directed by the Registrar
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s1272D
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$13,200 (criminal); $1,100,000 (civil)
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How To Apply For Your Director ID
See our handy infographics below:
How to apply for your Director ID online
How to apply for your Director ID via telephone
How to apply for your Director ID via post
Please advise us of your Director Identification Number details
Once you have applied for and received your DIN, please advise Smith Shearer as soon as possible using the form below so that we are able to advise ASIC of the details.
Advise Us
Do You Need Help?
If you need help applying for your Director Identification Number, please urgently contact our Client Services Assistants - Tahlia or Tessa - on (08)9071 2173.
