Finance News
New Director Identification Number Scheme Commences
12 Nov 2021

From 1 November 2021, there is a new director identification number scheme in place for individuals who act as directors of companies, whether these are publicly listed or private. This unique 15 digit identifier that all directors must have will allow for better confirmation of their identities and ensure directors can be tracked across their various directorships. It is hoped that this will help reduce phoenix like activities where companies are liquidated and directors move to a new company to avoid paying debts owed.

Any new company set up from 5 April 2022 will be unable to do so unless the directors have applied and received their director identification number as this will need to be provided with the company set up information. For those set up between 1 November 2021 to 4 April 2022, the directors will need to apply and provide their director identification number within 28 days of the company’s incorporation. For those companies in existence before 1 November 2021, directors have until 30 November 2022 to apply for their numbers.

Applications need to be made using myGovID credentials and more information on this process can be found at https://www.abrs.gov.au. If you have any queries or need any assistance, please do not hesitate to contact us.

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