Director Identification Deadline Fast Approaching
All existing Directors of a company, registered Australian body, registered foreign company, or director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30th November 2022 to avoid penalties.
What is a Director Identification Number (DIN)?
A DIN is a unique 15-digit identifier given to a Director who has verified their identity with the Australian Business Registry Services (ABRS). Directors will only need to apply once and keep it forever.
Do I need one?
If you are a Director of an Australian Corporation you will need to register for a DIN. A ‘Director’ includes an alternate Director who is acting in that capacity.
When do I need to apply?
This will depend on when you become a Director. The transitional arrangements for existing and new Directors are set out below. ASIC is responsible for enforcing Director ID offences, it is important that you apply on time.
For directors of companies regulated by ASIC and registered under the Corporations Act 2001:
- Intending new directors must apply before being appointed.
- Directors appointed on or before 31 October 2021 have until 30 November 2022 to apply.
- New directors appointed for the first time between 1 November 2021 and 4 April 2022 had 28 days from their appointment to apply
Directors who fail to apply by 30 November 2022 could face criminal penalties of $13,200 and/or civil penalties of up to $1,100,000.
If you are unable to apply for a director ID within the required time frame, an extension can be applied for by downloading and completing an application form here.
How do I apply for a DIN?
- Step 1 – Set up your myGovID
You will need to set up a myGovID. Simply head to myGov and follow the instructions. Please be aware that your application for a myGovID is completed through the app that you have downloaded onto your phone.You will need to ensure you achieve a Standard or Strong identity strength to be able to apply for your DIN.
If you already have a myGovID, simply move to Step 2 below
- Step 2 – Apply for your Director Identification Number (DIN)
From 1 November 2021, you will be able to apply for your DIN via the ABRS website.Setting up your myGovID, verifying your identity and applying for your DIN must be done by you. We are unable to do this on your behalf.
If you require assistance applying for your DIN you can enlist the help of our Carbon Concierge team. Simply email firstname.lastname@example.org with your contact details and advise them you require DIN assistance* (*fees and charges will apply for the use of this service).
Do I need to let Carbon know my DIN?
Yes, you need to provide us with the DIN for all Directors of your company. You can email your DIN direct to email@example.com. We will securely store these to ensure we can support future Director appointments.
We ask that you notify all Directors of the new requirement and the need to apply for a DIN.
To learn more about the Director Identification Number and its benefits to current and future Directors, access the article here.