If you have a corporate trustee for your SMSF or have a limited recourse borrowing arrangement in place, you will be a director of the company and will need to apply for director ID.
A director identification numbers (director ID) is a new unique identifier for every director in Australia. This is 15-digit identifier will stay with a director for life, offering greater identity security. Directors will keep the same director ID as they move between different roles, businesses and even countries.
Each current company director must register for the Director ID by 30 November 2022. To apply, directors can simply log into ABRS online using the myGovID app. The process is simple and only takes minutes to apply online. You will need to do it only once in your lifetime.
For all the new people becoming a director from 1 November 2021 to the end of 4 April 2022, there is a transitional period where all new directors have 28 days to apply for a DIN after being appointed as a director.
From 5 April 2022, when the transitional period ceases, all directors will be required to apply for a DIN prior to being appointed as a director.
During the transitional period, you have 28 days after becoming a director to apply for Director ID and if you don’t, it would leave you subject to ASIC action, including penalties.
Please let me know if you have any questions regarding to directors ID, if you need to apply and how to do so or book your free 15 min appointment here.