From Monday the 1st of November 2021, ASIC (the Australian Securities and Investment Commission) has implemented the new Director Identification Number (Director ID) regime.
What is a Director ID
A Director ID is a unique identifier that a director will apply for once and keep forever.
Why has this been introduced?
The Director Identification Number requirement has been introduced to assist in fraud prevention and false director identities as well as illegal phoenixing. Phoenixing occurs when a company is liquidated, abandoned or wound up to avoid paying its debts, and the same group of people start a new company.
What do you need to do
You will be required to apply for a Director ID. For existing directors, you will have until 30 November 2022 to apply. Individuals who became a director from the 1st of November 2021 will have 28 days from the date of appointment to apply.
How do you apply
You can apply through the Australian Business Registry Services (ABRS) https://www.abrs.gov.au/director-identification-number/apply-director-identification-number.
The application requires a director to have a myGovID and to verify their identity.
Further information can be found on the ABRS website by clicking the above link.
If you have any queries regarding the Director ID Registration, please do not hesitate to contact Wise Accountants on Telephone 08 8364 3246 or by email at accountant@wiseaccountants.com.au