Legislation update

The Director Identification Number is almost here

By Joanne O'Brien and Matthew Cartwright / 20 October 2021
1 min.
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Worthwhile read for: Board members, Company directors, Charities, Not-for-profits

Directors of Australian companies will soon need to obtain a personal identification number as part of reforms to the Corporations Act 2001 which are intended to deter illegal “phoenixing” activities.

All Australian directors must apply for a Director Identification Number (DIN); there are no exceptions for small companies, not-for-profit companies or registered charities.

The timeframe in which company directors must apply for their DIN depends on when they were appointed:

  1. directors who were appointed on or before 31 October 2021 must apply before 30 November 2022;
  2. new directors who are appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment; and
  3. any directors who are appointed on or after 5 April 2022 must apply before they are appointed as a director.

Directors will be able to complete an online application for a DIN from November 2021. Penalties apply if directors fail to obtain a DIN within the above timeframes or after being directed to do so by the regulator.

For more information on the DIN scheme, please contact us.
 

Authors
Joanne O'Brien
Partner
Joanne O'Brien is a Partner in the firm, and a sector specialist in the Health and Aged Care and Not-for-Profit space.

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