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Are you a Company Director?




If you are a company director you will soon need a Director Identification Number (DIN)


The DIN is a unique identifier that directors apply for once only and then keep permanently. No additional DINs are permitted. All company directors will soon be required to personally apply for a Director Identification Number (DIN) as part of the new Australian Business Registry (ABR): https://www.abrs.gov.au/.


This body will control the companies register, business names register and ABNs, replacing ASIC in this role.


Currently, ASIC doesn’t take steps to verify the identity of company directors.


The DIN system is designed to ensure that directors are who they say they are, allow traceability of directors to prevent the use of fictitious identities or variations of name and allow tracking of a director’s involvement with failed companies. Companies considering appointing a director can obtain such information from his or her DIN as part of its due diligence about the suitability of the proposed director.


Current Directors must apply for a DIN by 30 November 2022. Directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of appointment and Directors to be appointed from 5 April 2022 must apply for a DIN before their appointment.


Applications can be made online from November 2021 at the following link: abrs.gov.au.


Directors must apply for their own DIN using the myGovID app.


Applications can also be made by phone or on paper. Consequences of non-compliance If a director fails to comply with the requirements to apply for and obtain a DIN, the ABR can require a director to make such application and give a time period for compliance.


The ABR will also have the ability to issue infringement notices and civil and criminal penalties may apply. Penalties also apply for providing false information and/or applying for or holding multiple DINs.


Penalties for applying for more than one DIN or misrepresenting a DIN may be up to $21,000 and/or 12 months imprisonment.


If you have any questions contact us on the link below:


https://www.sydunco.com.au/copy-of-team

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