From November 2021, new rules will require all directors, including those of Self-Managed Superannuation Fund trustee companies, to verify their identity as part of a new director ID requirement. Transitional rules apply until 31 October 2022 for existing directors (at 1 November 2021).
A director ID is a unique identifier that a director will apply for once and keep forever. It will help prevent the use of false or fraudulent director identities.
This applies to directors if their organisation is a company, registered foreign company, registered Australian body or Aboriginal and Torres Strait Islander corporation.
Preparing your director ID
You will be able to apply for a director ID from November 2021 on the new Australian Business Registry Services online using the myGovID app to log in.
When you must apply for a director ID, depends on the date you became a director. You will need to apply for your director ID yourself to verify your identity. Unfortunately, Vincents cannot set up a director ID on your behalf.
The introduction of director ID will create a fairer business environment by helping prevent the use of false and fraudulent director identities. This will go a long way to better identifying and eliminating director involvement in unlawful activity.
Who needs to apply and when
If you want to become a director or are already one, you’ll need a director ID.
- By 30 November 2022 for existing directors (at 1 November 2021)
- Within 28 days if you become a director between 1 November 2021 and 4 April 2022
- Prior to being appointed if you become a director from 5 April onwards
How to apply for a director ID
- Set up myGovID
- Gather your documents
- Complete your application here
An Important Message
While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.