After the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth) (Act) was passed on 12 June 2020, all directors of Australian companies will need to be identified by a permanent unique number known as a director identification number (DIN). The main purpose of the Act is to:
- require that all directors have their identity verified as part of the DIN application process (includes alternate directors and company secretaries);
- require directors only have one DIN and prevent directors hiding behind aliases or variations of their name;
- prevent director identity fraud;
- apply a consistent regime across Australian body corporates, Aboriginal and Torres Strait Islander corporations, and registered foreign companies;
- further aid in the deterrence and penalise illegal phoenix activity; and
- impose criminal and civil penalties for non-compliance.
- impose criminal and civil penalties for applying for multiple DINs or misrepresenting a DIN being up to $22,200 (100 penalty units) and/or 12 months imprisonment.
When do you need to apply?
- Directors appointed on or before 31 October 2021 will be required to apply for a DIN before 30 November 2022;
- New directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment.
- The resignation of a director will then only take effect from the date of notification and a director that fails to notify the ASIC of their resignation within 28 days may be held accountable.
How do you apply?
For Australian residents, the quickest way to apply will be online use the MyGovID app and then apply for the DIN at https://mygovid.gov.au/AuthSpa.UI/index.html#login noting that you will need the following information to complete the application.
- Tax file number
- Residential address as registered with the ATO
- Bank account details (as held by the ATO)
- Superannuation account details – including your member number and the funds ABN
- A dividend statement with the investment reference number
- A PAYG Summary issued in the last two years
If you do not have a MyGov ID, you can also apply by phone or by using a paper form however you will need to supply the following as proof of your identity:
- Certified Primary documents – one of the following:
- Australian full birth certificate (extracts and commemorative certificates are not acceptable)
- Australian passport (including passports that have expired in the past two years)
- Australian citizenship certificate or extract from a Register of Citizenship by Descent
- ImmiCard
- Visa (if you are using a foreign passport but you are still in Australia).
- Certified Secondary Documents – two of the following:
- Medicare card
- Australian driver’s licence or learner’s permit. This must show your photo and signature, and the address on the card must match your details on the form.
For non-Australian residents, the application must be made either over the phone or by using a paper form and you will need to supply the following as proof of your identity:
- Certified Primary documents
- Foreign birth certificate
- Foreign passport
- Australian full birth certificate (extracts and commemorative certificates are not acceptable)
- Australian passport (including passports that have expired in the past two years)
- Certified Secondary documents
- National photo identification card
- Foreign government identification
- Driver’s licence, as long as the licence address matches the address details on your application
- Marriage certificate, but if you use this document to verify your change of name, you can’t use it as a secondary document
- If you have changed your name, you must provide another document showing the change, such as a:
- marriage certificate
- deed poll
- change of name certificate.
It is important to note that documents outside of Australia can only be certified by either:
- a notary public; or
- a staff member at an Australian embassy, high commission or consulate, including consulates headed by Austrade honorary consuls.
So make a note of the date and we recommend getting it done well ahead of time as there will be a rush to register late in the day. If you have any questions please call Tony Crilly or email us at [email protected]