DIRECTOR ID
About the director ID:
From November 2021, directors will need to verify their identity as part of a new director ID requirement.
All directors are required to verify their identity before receiving a director ID. This is important because it will help to:
- prevent the use of false or fraudulent director identities
- make it easier for external administrators and regulators to trace directors’ relationships with companies over time
- identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.
A director ID is a unique identifier that a director will apply for once and keep forever.
When you must apply for your director ID:
This depends on the date you become a director:
Date you become a director | Date you must apply |
---|---|
On or before 31 October 2021 | By 30 November 2022 |
Between 1 November 2021 and 4 April 2022 | Within 28 days of appointment |
From 5 April 2022 | Before appointment |
As you can see, you will have some time to prepare for this change; however, we recommend that you set up your Director ID asap.
If you don’t meet your obligations:
- there may be civil or criminal penalties
- you may be issued with an infringement notice.
How to apply for your director ID:
You need to apply for your own director ID. The fastest way to do this is online.
It is a quick 3 step process:
- Step 1 – Set up myGovID (if app not already set up – Note this is different to your myGov account)
- Step 2 – Gather your ID documents
- Step 3 – Complete your application (this should take less than 5 minutes)
For detailed information on the application process – PLEASE CLICK HERE
What to do with your director ID:
When you receive your director ID, you need to pass it on to the record-holder in your company. This might be your company secretary, another director, a contact person or an authorised agent of the company, i.e. Aspire Consulting.
If you’re appointed as a director of any other companies in the future, you need to give your director ID to the relevant record-holders.
Next Steps:
If Aspire Consulting is the registered agent for any companies of which you are a director, we will be contacting you, as a Director and request you to respond with your director ID # so we can update our records.
Category
- Business Management (123)
- Business Structure (15)
- Business Tax (43)
- Contracts (2)
- Covid-19 Response (11)
- Federal Budget (3)
- GST (5)
- Individuals (34)
- Marketing (5)
- Money (36)
- People (25)
- SMSF (15)
- Super for Employers (11)
- Superannuation (9)