All directors required to apply for Director Identification Number

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 info@banksgroup.com.au.

Talk to us…

    Banks Group is an association of independent firms that operate in Melbourne, Sydney and Auckland under the same trading name. Neither the Melbourne Banks Group, Sydney Banks Group or Auckland Banks Group are partners or agents of each other and shall not be liable for any act or omission of each other. Liability limited by a scheme approved under Professional Standards Legislation

    MAG_WEB

    All services are provided as a Corporate Authorised Representative of Magnitude Group Pty Ltd (ABN 54 086 266202, AFSL 221557).

    Count_WEB

    Financial Planning Services provided as an authorised representative of Count Financial Limited ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner of the Financial Planning Association of Australia Limited. Count advisers are authorised representatives of Count. www.count.com.au

    "Please note that any taxation and accounting services are not endorsed nor the responsibility of Count Financial Limited".