Mandatory Director Identification Number – Have you applied?

Posted on by Admin

24 November 2021

Director ID Numbers required for both current and future directors

All company directors can now apply for their new Director Identification Number (DIN). Directors will need to verify their identity as part of a new DIN regime being administered by the newly created Australian Business Registry Services (ABRS) via the implementation of the Modernising Business Registers Program.

The unique DIN will remain with a director for life. The DIN regime is aimed to help prevent the use of false or fraudulent director identities in the future. The original intent was also to protect the privacy of directors by allowing them to be identified on public registers without disclosing personal information that is currently available.

When do you need to apply by?

For entities governed by the Corporations Act 2001 (Cth), the application date depends on when you were appointed as a director:

Who is required to apply for a DIN?

If you are a director or alternate director acting in the capacity of a director (including overseas residents) of an entity governed by the Corporations Act 2001 (Cth), you are required to apply for a DIN.

This includes directors of the following entities:

  • A company (including trustee companies);
  • A body corporate that is a registered Australian body (for example, an incorporated association  that has registered with ASIC);
  • A registered foreign company;
  • Aboriginal and Torres Strait Islander corporations registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth;.
  • Not-for-profit or charities incorporated under the Corporations Act.

How to apply for a DIN?

A director can now apply for a DIN online via the ABRS website using their myGovID for their unique DIN: https://www.abrs.gov.au/director-identification-number

You will need the following information:

  • Your Tax File Number – this is optional however will speed up the process;
  • Your residential address as recorded by the ATO;
  • Information from two documents to verify your identity (such as an ATO Notice of Assessment, PAYG Payment Summary, bank account or superannuation account details).

The process for foreign directors may be more complex and a paper application may need to be provided with certified copies of documents.

If you have not yet set up your myGovID, you can apply here: https://www.mygovid.gov.au/set-up

Managing your DIN

Directors must provide their DIN to the relevant company or entity for whom the director acts. This may be the company secretary, another director or an authorised agent of the company.

Where a director’s personal information changes, the following must occur:

  • The director should update their DIN online through the ABRS website;
  • The director must notify their company within 7 days of the change;
  • The company must notify ASIC of the changes within 28 days to avoid late fees.

Failure to comply with the DIN obligations and offences relating to a DIN can lead to fines and/or criminal charges.

Frequently Asked Questions

1. Can someone else apply for the DIN on your behalf?

No, due to the identity verification steps involved.

2. What is a myGovID?

myGovID is an app that you can download on your smart device. This is different to the myGov app. 

3. Do you need to inform ASIC of your ID number? 

At this stage, No. This regime is administered by the ABRS and it is expected by September 2023 that company registers will be transferred from ASIC to ABRS. 

Next steps

If you would like further assistance regarding how to apply for your DIN, please contact your Cooper Partners engagement team on 08 6311 6900.

Authors:
Rachel Pritchard, Associate Director
Simeran Cheema,  Manager.

This newsletter is current as of 24 November 2021, however, please note that announcements and changes are being made by the Government and the ATO regularly, and we expect that the tax and business-related responses will continue to evolve.  Before acting upon the content of this newsletter, please contact us to discuss how the above applies to your specific circumstances.

This information is general advice only and neither purports, nor is intended to be advice on any particular matter.
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