New requirements regarding Director Identification Numbers effective 1 November 2021.
What is a Director Identification Number (director ID)
A director ID is a unique identifier that identifies a Director of a company.
Who will need a director ID
All Directors (or an alternate Director who is acting in that capacity) of:
- a company
- Aboriginal and Torres Strait Islander corporation
- corporate trustee, for example, of a self-managed super fund
- charity or not-for-profit organisation that is a company or Aboriginal and Torres Strait Islander corporation
- registered Australian body, for example, an incorporated association that is registered with the Australian Securities and Investments Commission (ASIC) and trades outside the state or territory in which it is incorporated
- foreign company registered with ASIC and carrying on business in Australia (regardless of where you live).
must apply for a director ID online from the Australian Business Registry Services (ABRS) website and will be required to log in using the myGovID app.
When to apply for a Director ID & How to Apply
The fastest way to do this is online – Click here.
A Director must complete the application themselves and cannot instruct an authorised agent such as an accountant or financial advisor to apply for a director ID on their behalf.
Step 1 – Set up myGovID (this is different to myGov)
You will need a myGovID with a Standard or Strong identity strength to apply for your director ID online. If you live outside Australia and can’t get a myGovID with a Standard or Strong identity strength, you will need to apply with a paper form and provide certified copies of your identity documents. If you live in Australia and:
- don’t have a myGovID, you can find information on how to download the app at https://www.mygovid.gov.au/set-up
- already have a myGovID, you can apply for your director ID now.
- myGovID is an app. You download the myGovID app to your smart device. It lets you prove who you are and log in to a range of government online services, including myGov.
- myGov is an account. Your myGov account lets you link to and access online services provided by the Australian Taxation Office (ATO), Centrelink, Medicare and more.
Step 2 – Gather your documents
You will need to have some information the ATO knows about you when you apply for your director ID:
- your tax file number (TFN)
- your residential address as held by the ATO
- information from two documents to verify your identity.
Examples of the documents you can use to verify your identity include:
- bank account details
- an ATO notice of assessment
- super account details
- a dividend statement
- a Centrelink payment summary
- a PAYG payment summary (this is different to your income statement, and/or your PAYG instalment activity statement).
Step 3 – Complete your application
Once you have a myGovID with a Standard or Strong identity strength, and information to verify your identity, you can log in and apply for your director ID. The application process should take less than 5 minutes.
THAT’S IT!
Please send us a copy and store your directors ID in a safe location. ASIC will commence a data matching process in 2022 to match your directors ID with your existing companies. You do not need to do this yourself.
If you have any questions regarding any of the above or need assistance please contact our office and we will forward your call to our specialists.
Let’s build a future you can look forward to. Call us at (07) 3875 9888 or visit www.4front.net.au to get started today.