Why You Need To Know Your Director ID
If you’re a company director, are you aware you need a new Director ID as of November 2021? If you haven’t verified your identity and secured your ID number yet, here’s what you need to know.
What is a Director ID?
The new director identification number (director ID) is a 15-digit ID number unique to each individual, intended to combat fraud and false identity issues. The director ID applies for directors of all companies, including registered foreign companies and Aboriginal and Torres Strait Islander corporations. Once your director ID has been assigned, it will never change. This ID number will stay the same, even if you move, change companies, or cease to work as a company director.
The director ID will be implemented and maintained by the ABRS, with all relevant or associated offences investigated and enforced by ASIC.
What is the director ID for?
The director ID has been implemented so that all company shareholders and employees, along with consumers, administrators, and regulatory bodies, know the names of company directors. By verifying your identity and receiving your assigned director ID, you will assist in:
Preventing fraud and enabling false director identity usage
Enabling effective tracing of director relationships by regulators and administrators
Eliminating director involvement in illegal activity
How to secure your Director ID
If you’re a director, you must apply directly for your Director ID through the myGovID portal. No one may apply on your behalf. The application process can be completed online via myGovID.
Once you have either set up or logged in to your myGovID portal – noting that myGovID is separate from the standard myGov account and functions as an ID verification app – you may then submit your application.
You will need a number of documents to verify your identity. Ensure you have:
Your tax file number (TFN)
Your home address as on file with the ATO
Two documents that will assist in verifying your identity
These may include:bank account details
an ATO Notice of assessment
super account details
a dividend statement
a Centrelink payment summary
PAYG payment summary
Once your myGovID is set up and ready, applying for your director ID is a short process.
How can halkinbp help?
If you struggle to stay current with changing regulations, halkinbp can assist you in managing your company obligations, ensuring you stay on the right side of legislation and regulatory bodies. Our financial and tax specialists will work with you to keep your company up-to-date and well organized for financial success, and no surprise regulatory penalties at year-end. Speak to one of our experts today. contact us.
