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Directors Identification Numbers - Does it apply to me?

Wednesday November 25 2020

If you are a Director of a company, you may not have noticed that on appointment as a Director you did not need to prove your identity to ASIC.  This is in direct contrast to the proof required to open a bank account or obtain a tax file number or an Australian Business Number (ABN).


Currently you are required to notify ASIC of your name address, birth date and place of birth which is included in the records of the company.  Just a form, no proof.


Recent amendments to company's legislation have addressed this inconsistency.  Directors will now be required to prove their identity and thereafter will be allocated a unique identifier known as a Directors Identification Number (DIN).


The DIN will be unique to each person and each person will only ever be allocated one DIN.  This unique number will allow easier tracing of Directors across multiple entities and be of use in identifying Directors of failed companies and preventing them from undertaking new Directorships.


This regime commenced on 22 June 2020 and applies to all directors.  There is a transitional period that is yet to be finalised for existing and incoming directors.  Once the transitional arrangements are finalised, we will be able to assist you in obtaining your DIN.