Following the Government’s Digital Business Plan, the full implementation of the Modernising Business Registers Program has been announced.
When you are in business, you are required to register with multiple agencies such as the ATO, ASIC, Fair Trading, etc. The government is trying to streamline how you register, view and maintain your information with them.
As part of this program, the Government has established the Australian Business Registry Service (‘ABRS’), which will progressively roll out until 2024 and bring together the Australian Business Register and more than 30 of ASIC’s business registers.
As part of the establishment of the ABRS, the Government has introduced a single identification number for directors of Australian companies. This number is known as your Director Identification Number or DIN for short.
Every Australian company director must have a DIN by 30th November 2022 except for directors of Indigenous Corporations (who have until 30th November 2023).
The DINs will also help stamp out phoenixing activities whereby unscrupulous people set up companies using fake directors, rack up substantial debts and leave creditors with incredible financial losses.
The requirement to get a DIN extends to directors of companies that act solely as trustees of Self Managed Superannuation Funds. Even though these companies do not operate a business, their directors must still comply and obtain their DIN before the cut-off date of 30th November next year (where it applies to them).
How Do You Get Your Director Identification Number?
The fastest way to obtain a DIN is by applying online but you will need a MyGov ID account. The first step is to ensure that you have a MyGovID account. If you do not already have a MyGovID account, you will need to allow for time to have your identity confirmed.
You will require your tax file number and will need more evidence (such as the reference number on your last Notice of Assessment for you personally – not your SMSF). You should have the bank account details that your tax refund is deposited into. Another option to have is to have the details of your last PAYG payment summary. You should get this information together before applying for your DIN to make the process easier.
Once you have the supporting evidence, just go to the ABRS website (www.ABRS.gov.au) and click on the “Apply for your Director ID” box. The site will then take you through setting up your DIN, and you will receive it immediately.
If you don’t have a MyGovID account, you can still apply for a DIN by filling out a paper form and posting it to the ABRS. You will need to find someone to certify your identification documents for you. You can also apply over the phone (13 62 50) between 8 am and 6 pm.
You will need to have the same documents as listed before to verify your identity.
If you need any help or have any questions, consult with us.