Last year, we published an article Post | Shand Taylor Lawyers introducing the new Director Identification Number ("DIN") regime. With the 30 November 2022 deadline fast approaching, we would like to remind all existing directors of their obligations to apply for a DIN before the deadline.
What is a DIN?
DINs are a unique identifier which will be attached to an individual director for the rest of their lives, even when they cease to be a director. Directors will need to verify their identity as part of a new director ID requirement which is expected to increase director accountability and traceability.
DINs will apply to anyone who is appointed as:
a director of a registered body; or
an alternate director acting in that capacity.
A registered body includes a company, registered foreign company, corporate trustee, not-for-profit organisation or any other registered Australian body.
Unincorporated bodies, defacto or shadow directors and company secretaries are not required to obtain a DIN.
Does your SMSF have a corporate trustee?
If you have a Self-Managed Super Fund which has a corporate trustee company, then the requirements will also apply to you. You must make sure that all the directors of the corporate trustee apply for and obtain their own DIN. Failure to do so will attract significant penalties with a maximum monetary penalty of $1,100,000.00.
What are the deadlines?
Type of directorship | Must apply for DIN by: |
Existing directors | 30 November 2022 |
Directors appointed between 1 November 2021 and 4 April 2022 | Within 28 days of appointment |
Directors appointed from 5 April 2022 | Before appointment |
How do I apply for a DIN?
Directors will need to apply for their own DIN personally by complying with the following steps:
Set up myGovID to apply for your director ID (note: myGovID is different from myGov, it is an app you download on your smart device);
Ensure you have the required documentation to provide the ATO via the app; and
Complete the application, which should take less than 5 minutes.
ABRS has published a new step-by-step video to guide directors through the application process.
Directors residing outside Australia will be required to complete a paper application and provide certified copies of one primary document and one secondary identity document.
If you have any questions about DINs and how to apply, please get in contact with a member of our corporate and commercial team.
Brad Clark, Director
(07) 3307 4527
Patrick Sherlock, Senior Associate
(07) 3307 4542
Annie Xu, Lawyer
(07) 3307 4550