Recent legislation has introduced new obligations for company directors requiring them to obtain a personal director identification number (‘Director ID’).
Failure to comply with these new Director ID requirements may result in both civil and criminal penalties.
A Director ID is a unique (15-digit) identifier that a director will keep forever (even if they cease being a director). This additional layer of identification verification has been primarily introduced by the Government to prevent the appointment of fictitious directors, and facilitate traceability of an individual director’s profile and their relationships with companies over time.
You will need to personally apply for a Director ID if you are an appointed company director (or even an alternative director). Note this also includes where you are a director of a company
acting as a trustee (such as the corporate trustee of your SMSF or family trust).
When do I need to apply for a Director ID?
When you must apply for a Director ID depends on the date you became a director (as outlined below).
Date you were/are appointed/Date you must apply by:
Appointed On or before 31 October 2021 – Apply by 30 November 2022
Appointed Between 1 November 2021 and 4 April 2022 – Apply Within 28 days of appointment
Appointed From 5 April 2022 – Apply Before appointed Director
There is a three step registration process involved which should take around 10 minutes to complete. Once you have your Director ID this should be given to the record-holder of the companies for which you are a Director. This may be your Accountant who acts as the registered agent.
If you need any assistance or further information in relation to Director ID’s please contact Helen Bunford of our office on 9387 5637.
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