A new legislative instrument introduced in the last few weeks by the Minister for Superannuation, Financial Services and the Digital Economy required company directors to apply for a ‘director identification number’ by 30 November 2022. However, new directors appointed between 1 November and 4 April 2022 will need to apply for their identification within 28 days of appointment. The aim of the regime is to prevent illegal phoenixing by ensuring directors can be traced across companies, while also preventing the use of false or fictitious identities. 

Applications for the director ID will open via the new ‘Australian Business Registry Services (ABRS)’ which is a single platform administered by the Commissioner of Taxation that brings together ASIC’s 31 business registers and the Australian Business Register. 

To apply, Directors will be required to produce their myGovID, two identity documents, their bank account details, super account details, ATO notice of assessment, dividend statement, Centrelink payment summary and PAYD payment summary. 

The penalty for failing to apply for a director ID within the stipulated time is 5000 penalty units (currently $1.11 million), and penalties also apply for conduct that undermines the new requirements, including providing false identity information to the registrar or intentionally applying for multiple director IDs. 

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