The Director Identification Number (DIN) regime has been passed by parliament and is now law.

The Director Identification Number (DIN) regime has been passed by parliament and is now law.

Under the new law, all directors of companies registered under the Corporations Act 2001 will need to have one unique identifier.
The DIN is a measure that limits the opportunities for a company and its directors to engage in phoenixing activities. This new measure requires all directors to confirm their identity before receiving a DIN, and there are civil and criminal penalties for system misuse. This includes intentionally applying for more than one DIN.
From 1 November 2021, this register will be open for applications at Australian Business Registry Services (www.abrs.gov.au).

Identification of directors
A key component of the DIN register is to be able to separately identify different directors by giving them a unique identifier.
In order to do this, the registrar will be required to collect information to identify individual directors. The instrument has listed the following pieces of information:
• the individual’s names and former names
• the individual’s addresses and former addresses
• the individual’s contact details, and
• the individual’s date and place of birth.

Therefore, the ATO (as the new registrar) will be utilising myGovID for directors to verify their identity. Directors who do not have a myGovID account will need to create one (mygovid.gov.au).

Leave a Comment

Your email address will not be published.