Applications for director IDs open on Monday 1 November.
Company directors are required to apply for a director ID by 30 November 2022. However, although existing directors have a year to apply for their director ID, new directors appointed between 1 November 2021 and 4 April 2022 will have just 28 days to apply for their director ID after their appointment.
Applications for your director ID are free and will open next month on the brand new Australian Business Registry Services (ABRS), a single platform that brings together ASIC’s 31 business registers and the Australian Business Register.
Directors must apply for their ID themselves and will be required to produce their myGovID alongside two identity documents from a list, including their bank account details, super account details, ATO notice of assessment, dividend statement, Centrelink payment summary, and PAYG payment summary.New directors who are appointed from 5 April 2022 will be required to apply for their director ID before appointment.
Directors who fail to apply for a director ID within the stipulated time frame can face criminal or civil penalties of 5,000 penalty units, which currently stands at $1.11 million. Directors of a CATSI organisation can face penalties of up to $200,000. Penalties will also apply for conduct that undermines the new requirements, including providing false identity information to the registrar or intentionally applying for multiple director IDs.
The director ID will be attached to a director permanently, even if they cease to be a director, change their name, or move interstate or overseas.
You might think that a year is a long way off, but given those penalties, it’s probably best to jump onto your application sooner rather than later! Please give us a call if we can help with anything.