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News update

Important update on director IDs

From 5 April, newly appointed first-time directors must apply for their director ID before appointment. Directors who are unable to obtain a director ID in time can apply for an extension. Previously, first-time directors appointed after 1 November 2021 had 28 days to apply.

The updated timeline is the next stage of implementation of the director ID by the Australian Business Registry Services (ABRS), in an effort to combat fraudulent identities, unlawful activity, and to provide more transparency for stakeholders and shareholders.

Applying for a director ID is free and provides directors with a unique 15-digit number that is theirs for life, regardless of the organisation they belong to. Directors must apply for the number themselves as their identity will need to be verified. The fastest way will be online through the MyGovID app, however, alternative methods through phone or paper applications are also available to cater to those with accessibility issues. Once received, directors must advise the company record-holder of their director ID.

The ATO offers a comprehensive overview, including a step-by-step tutorial of how to set up a director ID.

The next program deadline will be 30 November 2022 for any current directors appointed on or before 31 October 2021 to apply for a director ID.

For more information, click here.

See our previous articles on this topic:

Corporate governance myths exposed – Part 1

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