Search

Have you applied for a Director Identification Number? The deadlines are just around the corner...



Last October, we sent out an alert regarding the implementation of Director identification Numbers (“DIN”) and the need for directors and soon-to-be directors to apply. As the deadlines draw closer the risk of non-compliance is becoming a reality.


Refresher on DINs

DINs are a unique identifier that will attach to individual directors forever in an effort to prevent fraud and increase traceability and accountability.


DINs will apply to anyone who is appointed as:

  • a director of a company, not-for-profit organisation or any other registered Australian body; or

  • an alternate director acting in that capacity.

Unincorporated bodies, de facto or shadow directors and company secretaries are not required to obtain a DIN.


Deadlines

As mentioned in our last article, the following deadlines will apply:

Type of Directorship

Must apply for a 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

Importantly, 5 April 2022 will mark the end of the transitional period which allowed directors appointed between 1 November 2021 and 4 April 2022 a 28-day timeframe from when they were appointed to apply for a DIN.


In just a few days of this article being published, anyone looking at becoming a director will need to apply for a DIN prior to appointment.


Penalties

Those that fail to meet these requirements can expect serious financial penalties. We expect that ABRS and ASIC intend to take a tough approach to ensure stakeholders take this issue seriously.


How to apply

Directors will need to apply for their own DIN personally by completing the following steps:

  1. Set up myGovID to apply for your director ID;

  2. Ensure you have the required documentation to provide the ATO via the app; and

  3. Complete the application, which should take less than 5 minutes.

Please feel free to give Shand Taylor Lawyers a call to discuss any queries you have with a member of our corporate and commercial team.


Brad Clark, Director (07) 3307 4527 bclark@shandtaylor.com.au


Patrick Sherlock, Senior Associate (07) 3307 4542 psherlock@shandtaylor.com.au


Annie Xu, Solicitor (07) 3307 4550 axu@shandtaylor.com.a



92 views0 comments