In attempt to modernise Australia’s business registers, the government is consolidating ASIC’s 31 business registers into one Australian Business Registry Service (ABRS). Part of this involves creating a company director registry where all company directors will have unique Director Identification Number that follows them for life. The director registry’s goal is to stop directors from illegal phoenixing and directors with false or fictitious identities.
Failure to properly register for a Director ID can result in criminal charges or civil penalties of 5,000 penalty units, or $1,110,000.
In order to get a Director ID, applicants will need to produce their myGovID with 2 identity documents such as bank account details and an ATO notice of assessment. The timeline to complete the application is as follows:
Existing directors have until 30 November 2022
Directors appointed between 1 November 2021 and 4 April 2022 have 28 days from their appointment
From 5 April 2022 onwards, directors have to apply before they are appointed