SMSF Update | November 2024
This session provides a comprehensive overview of key updates from the superannuation sector over the past six months, along with practical strategies to effectively support your clients. […]
Director IDs
Acis, current as of: 1 November 2021.
UPDATED 1 November 2021: You can now apply for Director IDs through myGovID. Detailed instructions and an application can be completed here. For more information from ASIC on Director IDs, see here.
Notes: Directors must complete thier own application. myGovID is different from myGov.
Download our factsheet here. Want it customised, click here.
UPDATED 12 October 2021: The ATO’s Australian Business Registry Service website is now live. With the new regime relating to Director Identification Numbers applying from this November, check this site to make sure you have all the information you need to apply for your director ID.
UPDATED 21 July 2021: We understand that applications for Director Identification Numbers will likely be made via the MyGov system. With the regime set to apply from November 2021, existing directors and those intending to become a director in the near future, are encouraged to ensure their MyGov account access is without issue so that this does not delay their DIN application process.
UPDATE 28 April 2021: According to draft legislative instruments, the transitional application period for existing Directors to obtain a Director Identification Number under the Corporations Act is from 4 April 2021 until 30 November 2022. It is our understanding, however, that the mandatory application of the regime will only apply from November 2021 and that the period prior to that is dedicated to a beta trial of the technology and systems.
For more information:
Original article 3 September 2020
Timing is still very much up in the air when it comes to the new laws relating to Director Identification Numbers (DINs). There is up to a 24 month timeframe, from June 22 2020, within which the relevant provisions can commence.
DINs are being implemented as part of the establishment of the Commonwealth Business Registry Service. While even two years initially appeared ambitious, recent commentary has suggested that the regime could be operational as soon as early 2021.
Once the DIN regime is operational:
- Existing directors will need to apply for a DIN within a yet-to-be-specified timeframe
- Anyone who becomes a director within the first 12 months will have 28 days to apply for a DIN
- Anyone who becomes a director at any time after the first 12 months must have a DIN prior to being appointed
We will continue to keep you updated on DINs as more news comes to hand.
