The Director Identification Number is almost here
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:
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.