Posted 2 November, 2022
By Julie Hidalgo
New legislation in 2021 introduced mandatory identification requirements for directors in an effort to help prevent the use of false or fraudulent director identities.
A director is now required to have an identification number known as a Director Identification Number (DIN), which is a unique identifying number that is only required to be applied for once and is to be kept forever.
Who must apply?
You must apply for a DIN if you are a director of a:
- registered Australian body;
- charity or not-for-profit organisation;
- foreign company registered with ASIC that is carrying on a business in Australia; or
- Aboriginal and Torres Strait Islander corporation.
When must a director apply?
Existing directors appointed on or before 31 October 2021 will have until 30 November 2022 to apply for a DIN. New directors must apply prior to being appointed.
How to apply?
Directors will need to apply for their own DIN’s.
The most efficient and easiest way of applying is online through the myGovID app and then logging into the Australian Business Registry Services.
You will need:
- your tax file number (TFN);
- your residential address as held by the ATO; and
- information from 2 documents to verify your identity.
ASIC will be responsible for enforcing this new ID requirement and it is an offence subject to criminal and civil penalties if directors do not apply within the relevant timeframes.
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Note: This document contains only a general summary of the legal principles relevant to its subject matter and is not intended to be used or relied upon as legal advice. The application of the legal principles discussed may vary depending upon the particular circumstances. Cowen Schwarz Marschke Lawyers take no responsibility for any loss suffered as a result of a person relying on this paper.