Compulsory Director ID Numbers
Starting November 2021 all company directors will need to apply for director identification number. It is a unique 15-digit number that is applied for once and kept forever.
You will need a director ID if you are a director of a company, a registered foreign company, a registered Australian body or an Aboriginal and Torres Strait Islander corporation.
If you become a director from November 1, 2021, then you must apply within 28 days however if you were appointed as a director on or before 31 October 2021 then you have until 20 November 2022 to apply.
As a director you need to apply for the ID yourself as you will need to verify your identity. The quickest way to apply is online though the Australian Business Registry Services (ABRS) website using the myGOVID app – you will also need your tax file number, residential address as held by the ATO and information from two documents to verify your identity. We encourage you to do this as there are penalties for non-compliance.
According to the ATO the reasoning behind the new ID is that it will create a fairer business environment by improving data integrity and greater confidence in knowing who the directors of a company are. It is aimed at preventing the use of false director identities, including illegal “phoenixing” activities and increase director traceability and accountability.
The content of this article is intended to provide a general guide to the subject matter. Advice should be sought about your specific circumstances.
Changes to REIQ Contracts for Houses and Land coming in January 2022
The Real Estate Institute of Queensland (“REIQ”) and the Queensland Law Society (“QLS”) have announced that the new standard contracts for sales of houses, land and residential units will be released in late January. The changes have been introduced to resolve some issues faced by buyers and sellers when dealing with financial delays to settlement, in addition to updating a number of issues.View All News