Corporations Act director on or before 31 October? Apply for your director identification number by 30 November 2022
26 Sep 2022
Time to read: 1.5 MIN
- Corporations Act director on or before 31 October? Apply for your director identification number by 30 November 2022
All directors and alternate directors of companies governed by the Corporations Act who were appointed on or before 31 October 2021 – including those who have since ceased to be directors but were a director as at 1 November 2021 – have until 30 November 2022 to apply for a director identification number if they do not have one already.
NOTE: This article was update on October 4 to reflect regulator guidance.
The director identification number (director ID) regime commenced on 1 November 2021, with all directors and alternate directors of Australian companies (including companies acting as trustees of self-managed super funds (SMSF)), registered Australian body corporates, registered foreign companies and Aboriginal and Torres Strait Islander corporations required to verify their identity and obtain a director ID via the Australian Business Registry Services website.
The regime is a key part of the Modernising Business Registers (MBR) Program, which unifies the Australian Business Register and the Australian Securities and Investments Commission (ASIC) registers onto a single platform.
30 November 2022 deadline for Corporations Act directors
Directors and alternate directors of companies, registered Australian bodies or registered foreign companies under the Corporations Act who were appointed a director on or after 1 November 2021 have until 30 November 2022 to apply for a director ID.
- directors and alternate directors of companies who act as trustees of SMSFs (where corporate trustees are relatively common); and
- any director who was a director or alternate director on or before 31 October 2021 and remains so appointed on or after 1 November 2021. This is the case whether or not the company is in external administration, whether or not the person has subsequently resigned as a director or if the company in which they were a director is being voluntarily deregistered.
Directors and companies to act now to avoid penalties
Directors and alternate directors of corporations governed by the Corporations Act who were appointed on or before 31 October 2021 (including those who have since ceased to be directors but were a director as at 1 November 2021) and who fail to apply for a director ID before the 30 November 2022 deadline risk facing civil penalties up to $1.11 million and criminal penalties up to $13,320. In addition, companies can also face civil penalties over $11.1 million if they are “involved” in the contravention of the director’s obligation to apply for a director ID.
More information regarding the DIN regime (including about how to apply for a DIN) can be found here.
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26/09/2022 7:00:00 AM
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