The Deadline For Obtaining a Director Identification Number is Looming!
- 15 Nov 2022
- Corporate and Commercial Law
Time is running out for Australian company directors who were appointed to their role on or before 31 October 2021 to apply for a Director Identification Number (DIN). The deadline for existing directors to apply is 30 November 2022 so if you haven’t lodged your application already you need to move quickly!
As we advised back in January in our video New Director Identification Number Searches, the Corporations Act was amended last year to include the requirement that all Directors around Australia be assigned with a unique identification number. Directors then need to register their details against this number under the Australian Business Registry Services (ABRS) so that there is one, single business registry of all directors which is managed by the ATO. The director’s identification number stays the same regardless of where they are working and the number of director positions they hold.
By establishing the registry of directors, the government is attempting to limit potentially fraudulent activity and keep track of individual directors as they move from business to business.
Act Now – Penalties will Apply
All Directors appointed between 1 November 2021 and 5 April 2022 had to register their details within 28 days of their appointment and any newly appointed directors since 5 April have had to register their details before the commencement of their position.
The deadline of 30 November 2022 relates to Directors who were in the role on or before 31 October 2021. If you fall into this category, you can apply for a DIN online at the Australian Business Registry Services website: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number.
Failure to apply before the 30 November deadline could result in potential civil and criminal penalties, not least of which are significant fines.
For more information on DINs or the responsibilities and obligations associated with being a company director, contact Maclarens on 02 9682 3777.
For professional legal advice, contact Maclarens Lawyers on (02) 9682 3777
