New Director ID regime is around the corner.

Aimed at combating fraud and protecting the privacy and security of Australian company directors, the Director ID scheme will come into effect very shortly.

From 1 November, if you’ve set up a myGovID, you’ll be able to obtain a unique 15-digit identifier as proof of identity. That identifying number cannot be searched by the public but will stay with you permanently, avoiding the need for further applications to establish your identity after changes of directorships, names or jurisdictions.

The scheme will be administered by a newly-created Australian Business Registry Services (ABRS), which will function as an extension of the ATO. Alternate directors are also brought into the scheme, and it will apply to ACN companies, Aboriginal and Torres Strait Islander Corporations, corporate trustees, charities and not-for-profits, registered Australian bodies, and foreign companies registered with ASIC and trading in Australia.

Company secretaries who aren’t directors, external administrators, sole traders, and partners will not need a Director ID.

Existing directors under the Corporations Act have until 30 November 2022 to apply, and a range of other deadlines apply to new directors and in other circumstances. You can find those deadlines, and more detail, here.

Source of information: Australian Institute of Company Directors (AICD).

Disclaimer: Acclime’s insight is only intended to provide a general overview on matters of interest. It is not intended to be comprehensive and is not legal advice. We attempt to ensure that content is current but we do not guarantee its currency. You should seek legal and/or professional advice before acting or relying on any content.