Time is running out to apply for a Director Identification Number – Director ID (fines from $13,200 apply for late applications). New rules require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once and keep forever. ASIC will be enforcing these fines if you don’t apply before the end of this month.
The new requirement to obtain a director ID applies to all directors of companies. This obligation also applies to any directors who may have resigned from all director roles after 31 October 2021 and have no intention to ever be appointed as a director of an Australian or foreign company.
How long do I have before I need to get my director ID?
Individuals that were a director of any company prior to 1 November 2021 have until 30 November 2022 to get a director ID. This transitional period also applies to newly appointed directors of corporate trustees of an SMSF, provided they were an existing director, of a company, before 1 November 2021.
What’s the fastest way to apply for a director ID?
With 30 November 2022 fast approaching, we strongly encourage all directors to apply for their director ID now. The fastest way to apply for your director ID is online at https://www.abrs.gov.au/director-identification-number to access the director ID application online, you will use your myGovID to log in to ABRS (Australian Business Registry Services) online.
This director ID demonstration video will show you step by step, how to apply for your director ID online.
What to do if you do not have a myGovID already?
A myGovID is different to your myGov account. Your myGov account allows you to link to and access online services provided by the ATO, Centrelink, Medicare and more, while myGovID is an app that enables you to prove who you are and to log in to a range of government online services, including myGov. If you do not already have a myGovID you will need to set this up before you can apply for your director ID online.
Refer to https://www.mygovid.gov.au/ for more information on setting up a myGovID. You will need to choose your identity strength, noting that ‘standard’ identity strength is the minimum strength required for a director ID.
What if I can’t set up myGovID online?
Where you are experiencing difficulties setting up your myGovID, the ATO encourages you to contact them on 13 62 50. To speed up the phone application, please have your TFN ready as well as the information listed below, required to verify your identity. If you cannot apply online or over the phone, the ATO will provide you with a paper form to complete. This is the least preferred option and will require you to provide certified copies of your documents to verify your identity.
Can we help you get your director ID? – You must apply yourself
You must apply for your director ID yourself, so that the ATO can verify your identity. To verify your identity against your ATO records, once you have logged into ABRS online using myGovID, you’ll need your tax file number, your residential address held by the ATO, and information from two of the following documents:
- bank account details (where your tax refunds or payments are made and received)
- an ATO notice of assessment
- a dividend statement
- a Centrelink payment summary
- a PAYG payment summary (this is different to your income statement or your PAYG instalment activity statement).
How can we help?
If you have any questions or would like further information about director ID’s, please feel free to contact our office via email – info@cnaccountants.com.au , or phone 02 9684 2011 to either speak with someone or arrange a time for a meeting so we can discuss your requirements in more detail.
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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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