The deadline for the new directors ID is looming. To recap, the new requirements are as follows.
From 1 October 2021 – new directors to apply for a directors ID within 28 days of becoming a Director.
From 4 April 2022 – you must have a directors ID before you can be appointed as a director of a new company.
By 30 November 2022 – all directors MUST have a directors ID by this date.
This requirement extends to directors of all companies including corporate trustees of a trust (including SMSF).
Failure to register for your directors ID within the required timeframe may result in significant penalties (civil fine up to $13,320 or criminal fine $1,100,000), so we suggest all directors complete the application as soon as possible.
The steps to apply for a directors ID are included below to assist you.
1. Setup a MyGovID account (if you do not have one already)
The steps are:
- Download the myGovID app onto your smart phone
- Enter your full name, date of birth and email address (they recommend no shared addresses)
- Choose your identity strength, but this is just done by providing additional identity documents, you will need to scan (or enter details manually) of your;
- Drivers Licence or Passport
- Medicare Card
2. Apply for a Director ID
- Login with myGovID
- Complete additional information:
- Tax File Number
- Residential Address
If requested to do so, complete details from two documents that they can cross verify:
- Bank account details
- Notice of assessment issued in last 5 years (Date of Issue and Reference Number)
- Super Fund account number and Super Fund ABN
- Dividend Statement details
- Centrelink statement details
- PAYG payment summary
For any assistance in understanding the director ID requirement, please contact your Hall Chadwick QLD advisor.