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)

Visit: https://www.mygovid.gov.au/set-up

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

Visit: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number

• 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.