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New ID requirements for directors from November

By October 15, 2021Business Law

Are you a director of a company or planning on becoming one?  From November 2021, you will need to apply for a director ID from the Australian Business Registry Services (ABRS).

What is a director ID?

A director ID is a unique 15-digit identifier issued by the ABRS to a director or someone who intends to become one.  You are required to verify your identity before the ABRS will issue you with a director ID.

A director ID confirms a director’s identity and ensures that directors’ relationships to the companies are traceable.  It helps to prevent the use of false or fraudulent director identities, and director involvement in unlawful activity.

Once you have a director ID, you will keep it forever.  This applies even if you:

  • Stop being a director
  • Become a director of another company
  • Change your name
  • Move overseas or interstate

When do I need to apply?

If you are already a director of a company or become one before 31 October 2021, you will need to apply to the ABRS by 30 November 2021.  You need to make this application yourself and cannot have someone apply on your behalf.

If you become a director between 1 November 2021 and 4 April 2022, you must apply for a director ID within 28 days of being appointed a director.

If you become a director anytime from 5 April 2022 onwards, you will need to apply for a director ID before you are appointed a director.

How do I apply?

The quickest way to apply is online.  There is no fee for applying.  You will need to:

  1. Set up a myGovID account (if you don’t already have one). This is different to your myGOV account.
  2. Have your identification documents ready. You will need your TFN, residential address (as held by the ATO) and two documents that verify your identify, e.g. bank account / super account details, ATO notice of assessment, dividend statement or PAYG payment summary.
  3. Submit your application here – How to apply for your director ID | Australian Business Registry Services (ABRS).

For more information please contact a member of our commercial team at Fox and Thomas.