All directors will soon be required to have a director identification number (Director ID).

The Director ID is being introduced to help prevent fictitious director identities and make it easier for government to trace directors’ relationships with companies over time, including identifying involvement in unlawful activity such as phoenixing.

The Australian Government has announced the implementation of the Modernising Business Registers program which will be implemented by the Australian Taxation Office and establish Australian Business Registry Services (ABRS). The ABRS is expected to streamline how you register, view and maintain business information with government.

The ABRS will bring together the 31 registers currently managed by the Australian Securities & Investments Commission (ASIC) and the Australian Business Register (ABR). Director IDs will be introduced as part of this program.

The Director ID will be a unique identifier that a director will keep forever. It is anticipated that each person who is currently a director will need to obtain a Director ID by 30 November 2022. Anyone wishing to become a director after 20 November 2022 will need a Director ID before being appointed.

Directors will be able to access the ABRS using their myGovID and supply identity documents to acquire their Director ID.

We will be in touch to assist you once the ABRS is available to directors, expected late 2021. In preparation, you can check that your personal details held by ASIC match your identity documents.

If you have any questions, please give us a call on 03 5443 0344 or email afs@afsbendigo.com.au