Company directors need to verify their identity as part of a new director identification number (director ID) requirement. A director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or fraudulent director identities. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID.
Corporations Act directors
When you must apply depends on when you were appointed as a director:
- Existing directors have until 30 November 2022 to apply.
- New directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment.
- From 5 April 2022, intending directors must apply before being appointed.
The new Australian Business Registry Services (ABRS) is responsible for administering the director ID initiative.
ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if you do not apply on time.
Visit the ABRS website for more information about director ID.
Director ID offences
The ABRS will provide support and guidance to directors to assist them to understand and meet their director ID obligation.
ASIC’s enforcement role covers four new director ID offences under the Corporations Act 2001:
- Failure to have a director ID when required to do so.
- Failure to apply for a director ID when directed by the Registrar.
- Applying for multiple director IDs.
- Misrepresenting director ID.
No changes to company notification requirements
The director ID requirement does not replace existing requirements to keep company records updated. For example, directors must still notify their company of changes in address or other details. The company will still need to notify ASIC of any changes for the public record.
How to Apply For Your Director Identification Number
Step 1 – Set up myGovID
You will need a myGovID with a Standard or Strong identity strength to apply for your director ID online. If you live outside Australia and can’t get a myGovID with a Standard or Strong identity strength, you will need to apply with a paper form and provide certified copies of your identity documents. If you live in Australia and:
- don’t have a myGovID, you can find information on how to download the app at How to set up myGovIDExternal link
- already have a myGovID, you can apply for your director ID now.
myGovID is different from myGov
- myGovID is an app. You download the myGovID app to your smart device. It lets you prove who you are and log in to a range of government online services, including myGov.
- myGov is an account. Your myGov account lets you link to and access online services provided by the Australian Taxation Office (ATO), Centrelink, Medicare and more.
Step 2 – Gather your documents
You will need to have some information the ATO knows about you when you apply for your director ID:
- your tax file number (TFN)
- your residential address as held by the ATO
- information from two documents to verify your identity.
Examples of the documents you can use to verify your identity include:
- bank account details
- an ATO notice of assessment
- super account details
- a dividend statement
- a Centrelink payment summary
- a PAYG payment summary (this is different to your income statement, and/or your PAYG instalment activity statement).
Step 3 – Complete your application
Once you have a myGovID with a Standard or Strong identity strength, and information to verify your identity, you can log in and apply for your director ID. The application process should take less than 5 minutes.
Source: www.abrs.gov.au
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Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this page and on this website are for illustrative purposes only.
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