Have you completed your director ID?
Company directors need to get their director identification number (‘director ID’) by 30 November 2022.
A director ID is a unique 15‑digit identifier that a company director will apply for once and keep forever. Director IDs are administered by the Australian Business Registry Services (‘ABRS’), which is managed by the ATO.
The fastest way to apply is online at abrs.gov.au, and the director ID will be issued instantly once the application is complete. It is free to apply, and directors must apply themselves, as they are required to verify their identity.
Watch the video tutorial on how to apply here: https://www.abrs.gov.au/video-how-apply-director-id
What happens if you fail to get your director ID?
There are civil and criminal penalties that will apply where individual directors fail to apply for their director ID within the prescribed timeframes.
ASIC’s enforcement role covers four new director ID offences under the Corporations Act 2001 including:
- Failure to have a director ID when required to do so = $13,200 (criminal); $1,100,000 (civil)
- Failure to apply for a director ID when directed by the Registrar = $13,200 (criminal); $1,100,000 (civil)
- Applying for multiple director IDs = $26,640, 1 year imprisonment or both (criminal); $1,100,000 (civil)
- Misrepresenting director ID = $26,640, 1 year imprisonment or both (criminal); $1,100,000 (civil)
For more information about director IDs, including who must apply, is available on the ABRS website – click here.
If you have any questions or would like to discuss your Director Identification Number requirements, please contact us.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice. Whilst the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact upon the accuracy of the information.
