Directors IDs - what you need to know and action

Posted 18 Oct '21

This program will:

• establish the new Australian Business Registry Services (ABRS)
• streamline how you register, view and maintain your business information with the government.

Action you need to take from November 2021:

Existing company directors will now be required to apply for a director identification number (director ID) by 30 November 2022, before fines of over $1.1 million kick in for non-compliance.

Directors must apply for their director ID themselves and will be required to produce their myGovID alongside two identity documents from a list including their bank account details, super account details, ATO notice of assessment, dividend statement, Centrelink payment summary, and PAYG payment summary.

While existing directors will have a year to apply for their director ID, new directors appointed between 1 November 2021 and 4 April 2022 will have just 28 days after appointment to apply for their director ID.

New directors who are appointed from 5 April 2022 will be required to apply for their director ID before appointment.

Although your PinnacleHPC adviser can’t apply on your behalf, we can assist if you need any guidance.

Please note, directors that do not apply within the given timeframe will be penalised. If you need any clarification please contact us.

For more information visit the ABRS website: www.abrs.gov.au/director-identification-number