Director ID- What Do You Need To Know?

Action required in November 2021

Calling all directors! It is time for you to become familiar with the new Director identification number regime and start fulfilling your new obligations as a company or registered body director.

Find out more about the Director ID, who needs to apply, how to apply, and key dates relating to the system.

What is a Director ID?

A director ID is a unique, 15-digit identifier assigned to eligible directors. Directors will only ever have one director ID which will be retained when they change companies, stop being a director, change their name, or move interstate or overseas.

Director ID’s will be used to verify your identity and, in turn,

• Prevent the use of false or fraudulent director identities,
• Trace directors’ relationships with companies over time, and
• Identify and eliminate director involvement in unlawful activity.

Who needs to apply?

You will require a director ID if you are a director of a:

• Company
• Registered Australian body
• Registered foreign company
• Aboriginal and Torres Strait Islander corporation
• Corporate trustee
• Charity or not-for-profit organization that is a company or Aboriginal and Torres Strait Islander Corporation

How do I apply?

If you are an eligible director, you must apply for your director ID yourself.

To apply, you must:

1. Set up myGOVID. You can do so by downloading the myGOVID app and entering your details. All directors will need to create a MyGovID beginning from 1 November 2021. Please note this is different to MYGOV!  A MyGovID can be applied for on this page: https://www.mygovid.gov.au/
2. Gather your documents. You will require your TFN, residential address as held by the ATO, and information from two documents to verify your identity.
3. From November, you will be able to apply for your director ID on this page.

 

You can apply for your director ID from November 2021, and due dates for these applications will vary according to the date you became a director and the type of corporation you manage.

For a company or body under the Corporations Act 2001, the following due dates apply.

Date you become a director	Date you must apply
On or before 31 October 2021	By 30 November 2022
Between 1 November 2021 and 4 April 2022	Within 28 days of appointment
From 5 April 2022	Before appointment

 

For a company or body under the Corporations Aboriginal and Torres Strait Island Act 2006, the following due dates apply.

Date you become a director	Date you must apply
On or before 31 October 2022	By 30 November 2023
From 1 November 2022	Before appointment

 

Contact one of our team members today to further discuss this regime and your obligations as a director.

 

19 October 2021

The Macro Group Limited AFSL:485843 Tax Agent Number 24 76 5236.

The information in this article  contains general information only. We have not taken into consideration any of your personal objectives, financial situation or needs. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs, and seek appropriate professional advice if you think you need it. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances.