Director ID requirements

by | Nov 3, 2021 | Corporations Law, Director Duties

Director ID

Director ID requirements 

Introduction

From the 1st of November, Australian Company Directors are required by law to verify their identity with the Australian Business Registry Service and obtain a Director ID. Please ensure you complete this obligation soon as penalties may apply. you can get more information about Director ID here.

it will help to:

  • prevent the use of false or fraudulent director identities
  • make it easier for external administrators and regulators to trace directors’ relationships with companies over time
  • identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.

When do you need it?

Here is a summary of when Corporations Act directors need to apply for a director ID (source: https://www.abrs.gov.au/director-identification-number/who-needs-apply-and-when):

when do you need director ID

How can I get my Director ID?

First step – you will need to complete the identification requirements through myGovID. MyGovID is an application designed to allow users to authenticate with the Australian Government websites and services and was developed by the Australian Tax Office (ATO) and the Digital Transformation Agency (DTA). The identification process requires you to verify your identity using a combination of identification documents and existing ATO held information.

Second step – once you are ready, you can start the application here.

Once I have my Director ID, what should I do?

Once you have completed the process and obtained a Director ID, you should send it to your accountant for record-keeping purposes. If you need any assistance, please do not hesitate to contact Lawrence (E: lawrence@wladvisory.com.au M: 0431 658 603).

WL Advisory is a Chartered Accounting firm. We specialise in accounting, tax and advisory services for individuals and small businesses. Please visit our website for more information.