Director Identification Numbers…
Do you need one?

You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID also applies to individuals who have an SMSF with a corporate trustee, which is why we wanted to bring this new requirement to your attention. All directors of your corporate trustee will need to apply for their own director ID by the prescribed deadline. An application for a director ID must be made individually and only by those who are applying for the director ID. As you are required to prove your identity as part of the process, our firm, or any other third party, is not able to apply for a director ID on your behalf.

What is a Director Identification Number?

A director ID is a unique identifier that directors need to apply for, like a tax file number. Directors of multiple companies only need one director ID, to be will be used across all companies. A director ID is kept forever even if the director changes companies, resign from the director role(s), changes name, or moves overseas.

Why do directors need a Director Identification Number?

As part of the Government’s Digital Business Plan, it is rolling out a Modernising Business Registers program which includes the introduction of director IDs. The main purpose is to prevent the use of false or fraudulent director identities but it will also improve the efficiency of the system making it easier to meet registration obligations and trace director activity and relationships. By improving the integrity and security of business data it is expected to reduce the risk of unlawful activity.

How to apply for a Director ID

Step 1: Set up myGovID.

Step 2: Gather your documents.

You will need information that the ATO already knows about you to verify your identity. You will need your tax file number, your residential address held by the ATO and information from two of the following documents:

Bank account details
ATO notice of assessment
Super account details
Dividend statement
Centrelink payment summary
PAYG payment summary

Most of this information can be downloaded from your myGov account so it may be worthwhile linking to this service ahead of applying for your director ID. Note: myGovID is different to your myGov account. Your myGov account allows you to link to and access online services provided by the ATO, Centrelink, Medicare and more, while myGovID is an app that enables you to prove who you are and to log in to a range of government online services, including myGov.

Step 3: Complete your application.

Once you have a myGovID and information to verify your identity, you are ready to apply for your director ID. You can click on the following link to start the application process. The application process is quick and should take you less than five minutes. Click here to start.

Further information about the application process, and step-by-step instructions, can be found here.

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PHILLIPSONS
Accounting Services Pty Ltd
ABN 89 103 720 190
Phone: 03 5144 4566
Fax: 03 5144 5403
Email: queries@phillipsons.com.au

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PHILLIPSONS
Financial Planning Pty Ltd
ABN 87 103 720 181
Phone: 03 5144 5207
Fax: 03 5143 3419
Email: fp@phillipsons.com.au

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