Directors take note
The Australian Government is rolling out a new requirement for ALL directors – this could impact you.
From 1 November 2021 all directors will be required to apply for a Unique Identity Number (UIN). The purpose of the director ID is part of a wider initiative to curb illegal activity.
What is a director ID number?
Basically, it’s a unique 15-digit identifier you will apply for once and keep forever. This means the number will be unique to you whether you change companies, stop being a director, change your name or move overseas or interstate.
The applications process will be managed by the Australian Business Registry Service (ARBS).
Who needs to apply?
If you are an eligible officer of any of the following, you will need a director ID:
- 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).
When to apply
Directors must apply for the ID themselves because the process involves verifying your identity. It’s free however another person cannot apply on your behalf.
Directors can apply from 1 November 2021.
Those planning to become a director can apply before appointment.
The deadline for applying for a director ID depends on when you become a director:
- Existing directors must apply before 30 November 2022.
- Directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment.
- From 5 April 2022, intending directors must apply before they are appointed.
How to apply for a director ID number?
The fastest way to obtain your director ID is to apply online.
The first step is to set up a myGovID account https://www.mygovid.gov.au/set-up.
You can find out about applying in other ways here.
Your director ID number and CVW Accounting
If CVW Accounting, is you ASIC agent, we will get in touch to obtain your director ID number.
We encourage you to inform all directors of this new requirement and to start your application process as soon as possible. For example, if you haven’t verified your MyGovID we recommend you start this process now.
If you have questions, as always please contact the CVW Accounting team – we’re happy to help.
