Company directors - get your IDs by 30 November 2022 or else!!

Company directors who were appointed prior to 31 October 2021 need to apply for a director identification number with the Australian Business Registry Services (ABRS) by 30 November 2022 (or else cop a whopping fine!).

A director identification number (DIN) is a unique identification code. Once a director has applied for and received their DIN, they will have it for life and must provide it to all the companies of which they are or become a director. The regime applies to directors of Australian companies and of other ASIC-registered entities (such as registered foreign companies, incorporated associations with an Australian Registered Body Number and incorporated charities).

While company directors under the Corporations Act 2001 (Cth) who were appointed prior to 31 October 2021 have until 30 November 2022 to apply for a DIN, directors who were first appointed between 1 November 2021 and 4 April 2022 should have applied for a DIN within 28 days of that appointment. We also note that, effective 5 April 2022, new directors need a DIN before they can be appointed.

A director's failure to have a DIN when required is a strict liability offence under section 1272C of the Corporations Act, and both civil and criminal penalties may apply. The maximum penalty for an individual is $1.1 million. Further information on penalties in relation to DINs is available here: https://asic.gov.au/for-business/running-a-company/company-officeholder-duties/director-identification-number/#faq3.

Most DIN applications can be made online via the ABRS, however applications may also be made over the phone or via paper form. As the application involves an identity verification process, directors must apply for their DIN personally and we are not able to do so on your behalf as an agent.

Further information about the process of applying for a DIN is available directly on the ABRS website: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number.

Get in touch if you need a hand with this.