The deadline to obtain a director identification number is looming.
Directors appointed on or before 31 October 2021 must apply for a director identification number by 30 November 2022.
Individuals now seeking to become a director must obtain a director identification number before they can be appointed.
What is a director identification number?
The director identification number (Director ID or DIN) regime in part 9.1A of the Corporations Act 2001 (Cth) commenced on 1 November 2021.
A Director ID is a unique identifier that is used to confirm a director's identity and trace their involvement in the operation of companies.
All directors and alternate directors of Australian companies, registered Australian body corporates, registered foreign companies and Aboriginal and Torres Strait Islander corporations must have a Director ID.
You can read more about how to apply for a Director ID here.
When do you need to apply for a Director ID?
Directors under the Corporations Act who were appointed on or before 31 October 2021 must apply for a Director ID by 30 November 2022. Individuals seeking to become a director must obtain a director identification number before appointment.
Directors of Aboriginal and Torres Strait Islander corporations registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth) who:
- were appointed on or before 31 October 2022, must apply by 30 November 2023
- will be appointed from 1 November 2022, must obtain a Director ID before appointment.
What happens if you do not apply for a Director ID within the required timeframe?
A failure to have a Director ID when required to do so is an offence under section 1272C of the Corporations Act. Civil penalties up to $1.1 million and criminal penalties up to $13,200 apply.
Cooper Grace Ward is a leading Australian law firm based in Brisbane.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.