Director ID update: 30 November registration deadline looms
Governance Institute of Australia has urged all company directors to apply now for their director identification number (director ID) to avoid missing the 30 November 2022 cut off date.
Directors of a company, registered Australian body, registered foreign company, or a director or corporate trustee of a self-managed super fund (SMSF) are all required to obtain a director ID.
Directors of an Aboriginal or Torres Strait Islander corporation (CATSI) have longer to apply.
The director ID initiative is led by the Australian Business Registry Services (ABRS). Failure to obtain a director ID is an offence with fines issued by the Australian Securities and Investment Commission (ASIC) ranging from $13,200-$1.1million.
How to apply
You will need several forms of personal identification to apply for your director ID – most applicants use bank account details (where your tax refunds or payments are made and received) and an ATO notice of assessment.
Other acceptable documents include Australian Prudential Regulation Authority (APRA) fund account details (excluding SMSF details), a dividend statement, a Centrelink payment summary and a PAYG payment summary (which is different to your income statement or your PAYG instalment activity statement).
Directors must apply for their own director IDs but an authorised tax agent can help provide a director with details from the Australian Tax Office’s stored identity documents.
Once a director receives their director ID, directors must advise the company record-holder of their director ID.