Director ID update: All directors must apply for director ID by 30 November
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.
A director ID is a 15-digit unique identifier that is held for life, regardless of the organisation a director belongs to, and helps prevent the use of false or fraudulent director identities.
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 offense with fines issued by the Australian Securities and Investment Commission (ASIC) ranging from $13,200-$1.1million.
How to apply
Before a director applies for a director ID, several forms of personal identification are required, with most applicants using 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).
Importantly, an authorised tax agent cannot apply on your behalf; however, they 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.
To apply for your director ID, go to abrs.gov.au/directorID or access the site through the MyGovID app. Alternatively, phone or paper applications are available for people with accessibility issues.