On the 1st of November 2021, the Director’s ID has become a legal requirement for all NEW and CURRENT directors. This being so, applications flooded in within the first few hours of opening.
This unique 15-digit identifier is assigned to an individual for life in hopes to protect one’s identity, prevent fraudulent activity, and establish credibility of one’s self as a director and that of their company.
I’m sure, reader, that you might be asking about the Who, When, and Hows of this new requirement, well, I’m more than happy to give you a brief overview.
WHO?
You need a director ID if you’re an eligible officer of:
- a company, a registered Australian body or a registered foreign company under the Corporations Act 2001 (Corporations Act)
- an Aboriginal and Torres Strait Islander corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act).
- Corporate trustee, for example, of a self-managed super fund
- Foreign company registered with ASIC and carrying on business in Australia
- Corporate trustee, for example, of a self-managed super fund
An eligible officer is a person who is appointed as:
- a director
- an alternate director who is acting in that capacity.
HOW?
Step 1 – Ensure you have a myGovID
- You may visit this website for more information on the myGovID application process https://www.mygovid.gov.au/set-up
Step 2 – Gather your documents
- You will need to have some information the ATO knows about you when you apply for your director ID:
- your tax file number (TFN)
- your residential address as held by the ATO
- information from two documents to verify your identity:
- Bank account details
- An ATO Notice of assessment
- Super account details
- A dividend statement
- A Centrelink payment summary
- A PAYG payment summary (this is different to your income statement, and/or your PAYG instalment activity statement).
Step 3 – Complete your application
- Once you have successfully applied for your myGovID (please note that you would need to have a Standard or a Strong identity strength) you may log in and continue your application for the Director’s ID
This application is free and would take no more than 5 minutes to apply. Alternatively, you may apply through the phone and/or by paper if you are unable to obtain a myGovID.
You may refer to this link for more information: https://abrs.gov.au/persons/ui/secure/start/applyForDirectorID?action=applyfordirectorid
WHEN?
The application for a Director’s ID must be obtained depending on when you have become a Director
Here is a video link: https://youtu.be/qrupRNXAiPA
For more information on the matter, please feel free to reach out to us.
Comments are closed.