Director’s ID Number
The Australian Business Registry Services (ABRS) is a new “super-hub” for businesses, combining more than 30 previously separate Australian Security and Investment Commission (ASIC) registers together into one place.
The changes have already started and are rolling out over the next three years.
The Directors Identification Number (DIN)
The first cab off the rank is the Directors Identification Number. All directors are required by law to apply for a director’s ID. This is an 11-digit identification number that is unique to the individual and stays with you, regardless of whether you:
Change companies
Stop being a director
Change your name
Move interstate or overseas
All shareholders, employees, creditors, consumers, external administrators, and regulators are entitled to know the names and certain details of the directors of a company. The aim is to provide a greater level of transparency in business activities.
More importantly, this serves to identify and eliminate director involvement in unlawful activity, such as phoenix activity (when a company is wound up or liquidated to avoid paying its debts to employees, suppliers, sub-contractors, etc).
When to Apply
If you became a director on or before 31 October 2021, you must apply for a Directors ID by 30 November 2022.
If you’ve become a director between 1 November 2021 and 4 April 2022, you must apply for a Directors ID within 28 days of appointment.
If you are becoming a director from 5 April 2022, you must have already applied prior to your appointment.
How to Apply?
Visit this link and follow the steps to apply.
Once you have obtained your Directors Identification Number (DIN), please forward it to Hurney Partners so we can update our records.
As your tax advisers, we’re unable to process the application for you, but we are here to assist you with any queries you have in relation to the new requirements.
For more information on the Australian Business Registry Services (ABRS) or the Directors Identification Number requirements, visit the following link:
As always, please get in touch if we can be of assistance to you. Phone (07) 4061 1085 or email us to get started.
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