New Director ID for Company Directors
If you are a Director of a company, from November 2021, you will need to verify your identity as part of a new Director Identification Number (Director ID) requirement.
A Director ID is a unique identifier that a Director will apply for once and keep forever.
This requirement applies to Directors of a company, registered foreign company, registered Australian body or Indigenous corporation. For more information on business structures https://business.gov.au/planning/business-structures-and-types/business-structures
Existing company Directors will be required to apply for Director ID by 30 November 2022, while Directors of Indigenous corporations that are governed by the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) will be required to apply by 30 November 2023. New Directors appointed between 1 November 2021 and 4 April 2022 will have 28 days after appointment to apply for their Director ID and Directors who are appointed from 5 April 2022 will be required to apply for their Director ID before appointment.
Directors must apply for their Director ID themselves – no one else can do it on your behalf.
So how do you apply? The Australian Business Registry Services (ABRS) has been established which is a single platform, administered by the Commissioner of Taxation (ATO),which brings together the Australian Business Register and over 30 ASIC registers. The ABRS is responsible for the implementation and administration of Director ID.
ASIC will be responsible for the enforcement of associated offences.
As mentioned previously, applications for Director ID do not commence until November 2021. However, if you are a Director of a Company you can start preparing now.
Firstly, you need to setup a myGovID. myGovID is different to a myGov account. A myGovID is an app you download to your smart device that lets you prove who you are and log in to a range of government online services, including myGov. myGov is an account that lets you link to and access online services provided by the Australian Taxation Office (ATO), Centrelink, Medicare and more.
Once you have a myGovID you need to gather additional information that you will need to verify who you are. You will need to have some information the ATO knows about you when you apply for your director ID:
- your tax file number (TFN)
- your residential address as held by the ATO
- information from two documents to verify your identity.
Examples of the documents you can use to verify your identity include:
- bank account details
- an ATO notice of assessment
- super account details
- a dividend statement
- a Centrelink payment summary
- PAYG payment summary.
In November 2021, you can apply for your DirectorID – Visit the ABRS website for more information.
If you have any questions, please book an appointment with Balanix Solutions on 07 3264 4783 or email at email@example.com .