New legislative requirements for all Directors

There are new legislative requirements for all directors of companies that come into effect in November 2021. 

It will require directors to apply for and be issued with a Director Identification Number (DIN) which will stay with that director for life.  This includes all directors of a corporate trustee of a self-managed super fund and all directors of a foreign-owned company that operates in Australia.  Directors will only be issued with one DIN, which will be used to identify you across all entities that you hold a directorship for.

This requirement is part of the reform the government is introducing to address illegal phoenix activity.

We will provide you with further information in the coming weeks so please keep a lookout for our emails regarding this matter.  This process is being administered by the ATO, therefore it will require directors to have a myGovID account (which is different from your personal myGov account) and there will be a transitional period for all CURRENT directors to get their affairs in order and apply before the required date, after which there may be penalties applied.
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As mentioned, further information is to come and we will be keeping you up to date with your obligations under this new requirement of the Corporations Act 2001 and advising you when action needs to be taken.  For now, this is preliminary information to make you aware of the upcoming changes.