January 6th, 2022 by igniite

Read this if you are a Director.

From November 2021 directors will be required to verify their identity as part of the new director ID requirement.

A director ID is a unique identifier that a director will apply for once and then keep forever.

Directors must apply for their director ID themselves because they will need to verify their identity. No one can apply on their behalf.

The DIN regime will be administered by the Australian Business Registry Services (ABRS) and will be managed by the Australian Taxation Office (ATO).

There will be a 12 month transitional period following the commencement of the regime where any person appointed as a Director will have 28 days to apply for a DIN. Civil and criminal penalties will apply if you fail to register or provide false information.

The DIN regime is intended to tackle illegal “phoenixing” activities and increase Director accountability and traceability.

The DIN information will be made available to the public.

This information is, general in nature and for information purposes only. It is important to do your own analysis, based on your own personal circumstances, before making any financial decisions. We do not know you personal financial details and we suggest you consult with a financial adviser for your own specific financial needs, regarding any information that you find on this website.

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