Understanding the new Director Identification Number
Understanding the new Director Identification Number
The Federal Government has introduced a new Australian company Director Identification Number (DIN). All company directors will be required register for a unique DIN which will allow for greater transparency of company records. The new system is intended reduce unscrupulous behaviour such as company Phoenixing, which is estimated to cost the Australian Economy between $2.9 and $5.1 Billion annually.
What exactly is a DIN?
A DIN is a unique identifier given to a director who has verified their identity with the Australian Business Registry Services (ABRS).
Registering for a DIN became mandatory for all Australian company directors from 1 November 2021. All directors need to apply for their own DIN and will keep it forever.
How this will benefit you and the people you know
You need to be able to trust that the businesses you engage with are legitimate and operating within Australian business guidelines.
The new Director Identification Number is an additional process the government has established to allow shareholders, employees, creditors, consumers, external administrators, and regulators to know the names and backgrounds of Australian company directors.
Your individual Director Identification Number is how you contribute to a more secure business operating environment.
Deadlines for DIN application
If you are already a company director, you will need to apply for your DIN by 30 November 2022.
From the 1 November 2021 to the 4 April 2022 new company directors need to apply for a DIN within 28 days of appointment.
From the 5 April 2022 all director that are appointed to new or existing companies will need to have a DIN prior to appointment
Applying for your DIN
The fastest way to apply for your DIN is online here. You will need to validate your identity using the myGovID app (please note that this is a separate login to your myGov).
You need to provide proof of identity documents and proof of record ownership documents to complete your myGovID registration to apply for your DIN online.
For step-by-step instructions on how to set up your myGovID, please visit the ABRS here.
If you cannot set up your DIN online and verify your identity via myGovID, you can apply via phone or paper form.
Additional help
If you have any questions relating to your DIN, or you are considering setting up a new Australian company, please contact our office on (03) 9887 9144 or via enquiries@bizally.com.au to arrange an obligation free discussion.