Pursuant to legislation released in 2020, all directors will be required to apply for a Director Identification Number (DIN) via the newly created Australian Business Registry Services (ABRS). The DIN registration will be required for all directors of companies and corporate trustees.
The purpose of the new DIN regime is to improve the traceability of directors and to help prevent illegal phoenixing (i.e. closing down a business structure and opening a new business structure shortly thereafter).
Applications for a DIN are now able to be made via the ABRS website. Going forward, directors will be required to obtain a DIN by the following times:
|Date director is appointed||Must obtain DIN|
|On or before 31 October 2021||By 30 November 2022|
|Between 1 November 2021 and 4 April 2022||Within 28 days of appointment|
|After 4 April 2022||Before appointment|
To obtain a DIN, directors will be required to apply via myGovID, telephone, or manually via application. As part of the registration process, directors will need to supply identity details including their Tax File Number and 2 other verification of identity documents.
After the director obtains their DIN, it will be their responsibility to retain their DIN for future use. Once the DIN is obtained, you should provide a copy of the DIN registration to your client service contact at Banks Group so we can retain a copy of it for our records.
Click here for further details regarding the DIN registration process.
If you have any questions relating to the above, please do not hesitate to get in touch with us via your Banks Group representative, (03) 9810 0700 or firstname.lastname@example.org.