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Are you a company director? You will be affected by the Director ID regime!

Are you a company director? You will be affected by the Director ID regime!

The Director ID regime will be implemented from November 2021 and aims to address illegal ‘phoenixing’ activities and increase director accountability and traceability.  A new publicly available database, maintained by the Australian Taxation Office will record Director ID numbers.

Under the new regime, you will need a director identification number (director ID) if you’re a director or alternate director of an Australian company, or a registered foreign company. 

A director ID is a unique identifier that directors need to apply for once and keep forever.  Directors must apply for their director ID themselves because they need to verify their identity.  No one can apply on their behalf.

Under transitional rules, if you became a director on or before 31 October 2021, you must apply for a director ID by 30 November 2022.  Those that become directors between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment.  From 5 April 2022, directors will need to apply for their director ID before their appointment as a director.

The fastest way to receive your director ID is to apply online using myGovID.  You’ll find instructions on how to set up your myGovID here.  You don’t have to wait until November for this step.  From November 2021 you will be able to use your myGovID app to apply online for your director ID.  Additional information that you’ll need for your application can be found on the Australian Business Registry Services website.

Alternatively, you will be able to apply by phone or on paper from November 2021.  Detailed information on these processes are also set out on the ABRS website.

While we can’t apply for your director ID for you, we would be very happy to assist you with the process.  Feel free to contact us if you need help.

Kreston Stanley Williamson Team

This article was written by Darren O’Malley.

*Correct as of 26 October 2021

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.

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