Directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director identification number (DIN). Directors who fail to comply and do not apply for a DIN may be subject to penalties up to $1,050,000.
The DIN is a unique identification number issued to eligible individuals, which will relate to all directorships they may hold for life.
Implementation of this requirement by the Government is to improve traceability and address illegal activities by directors that can include closing down failing companies and transferring assets to another company for the purpose of avoiding payment of liabilities.
From November 2021, directors can apply for a DIN by logging into Australian Business Registry Services (ABRS) online by using the myGovID app.
DIN Application dates:
For directors appointed on or before 31 October 2021, you must apply for your DIN by 30 November 2022.
For directors appointed between 1 November 2021 and 4 April 2022, you must apply within 28 days of your appointment.
For directors appointed from 5 April 2022, you must apply for a DIN before you take up your appointment.
To apply for your DIN click here.
For more information and assistance please contact Rosenfeld Kant on 02 9375 1200.