Directors you need ID!

With Trove Easton of Easton Lawyers, Maleny

What is a director ID?

A director identification number (director ID) is a unique 15-digit number given to a director (or someone who will become a director), who has verified their identity with the Australian Securities and Investments Commission (ASIC).

It’s free to apply and while directors need to apply for their own director ID, they'll keep it forever even if they: change companies; or stop being a director; or change their name; or move interstate or overseas.

Timing

The Corporations Law requires if you were appointed as a director on or before 31 October 2021 you must apply for a director ID

As of the 5th April 2022 you MUST have a director ID before you are appointed as a Director.

Timing under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) is different.

If you were appointed as a director under the CATSI Act on or before 31 October 2022 you must apply for a director ID by 30 November 2023.

From 1 November 2022 you MUST apply for a director ID before you are appointed.

Who needs a director ID?

You need a director ID if you're a director of a: company aboriginal and Torres Strait Islander corporation registered Australian body, for example, an incorporated association that is registered with the Australian Securities and Investments Commission (ASIC) and trades outside the state or territory in which it is incorporated foreign company registered with ASIC and carrying on business in Australia (regardless of where you live).

If your organisation has an Australian business number (ABN) find out if it is registered with ASIC. company, which will have an Australian company number (ACN) registered Australian body, which will have an Australian Registered Body Number (ARBN) registered foreign company, which will have an ARBN

Aboriginal and Torres Strait Islander corporations have an Indigenous Corporation Number (ICN) and may also have an ABN.

Conclusion

ASIC is responsible for administration of the director ID, under the Corporations Act and it is a criminal offence not to apply on time.

If you need help and support, you can contact your solicitor, or tax agent, to help decide if you need to apply for the director ID.

At Easton Lawyers our Senior Associate, Michelle Kleinig would be happy to assist you, understand your obligations under the Corporations Act, please don’t hesitate to contact us on (07)5494 3511

Take care everyone!

Easton Lawyers 07 5494 3511

Monday to Friday btn 08:30 and 17:00 AEST.

Trove Easton

Easton Lawyers

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