Directors need director identification numbers from November 2021

11 October 2021

Publications

As part of measures against illegal Phoenix activity, from November 2021, most company directors will need to obtain a director identification number.

Affected directors include any director (or alternative director) of:

  1. an Australian company or registered Australian body;
  2. a foreign company registered with the ASIC; or
  3. an Aboriginal and Torres Strait Islander corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth).

Process

Directors will be able to apply for a director identification number from November 2021.  There are three ways of obtaining the director identification number:

  • with a myGovID;
  • by telephone (if you have an Australian tax file number and other documents to verify your identity); or
  • by lodging a paper form (with certified copies of identity documents) – this will be the principal method for non-Australian directors of registered foreign companies.

Deadlines

The deadline for obtaining a director identification number will depend on when the director was appointed.  The following deadlines apply to Australian companies, registered Australian bodies or foreign companies registered under the Corporations Act 2001 (Cth):

  1. Existing directors – a director appointed on or before 31 October 2021, must obtain a director identification number by 30 November 2022.
  2. New directors – a director appointed:
    • between 1 November 2021 and 4 April 2022, must obtain a director identification number within 28 days of being appointed; and
    • from 5 April 2022, must obtain a director identification number before being appointed.

Contact us

If you would like further advice or assistance please contact a member of our national Corporate & Advisory team.

Authors

Sarah Beattie | Associate | +61 7 3338 7953 | sbeattie@tglaw.com.au

Eugene Fung | Partner | +61 7 3338 7524 | efung@tglaw.com.au