• Accounting Alert March 2022

Directors under the Australian Corporations Act 2021 – Reminder to apply for your director ID

Directors of entities registered under the Australian Corporations Act 2001 are now required to verify their identity and apply for a Director Identification Number (director ID) in an effort to deal with illegal phoenix activities and improve the traceability of company directors over time.

Included as part of the Treasury Laws Amendment Act 2020 by the Australian Government, the measure is also intended to cut down on the use of false or fraudulent director identities by assigning a unique ID to directors that lasts forever.

The key dates for directors of entities registered under the Corporations Act 2001 to apply for their director identification number (director ID) are as follows:

  • Appointed between 1 November 2021 and 4 April 2022 – within 28 days of your appointment
  • Appointed from 5 April 2022 – before you are appointment
  • Appointed on or before 31 October 2021 – by 20 November 2022.

If you would like to learn more about director IDs, who is required to hold these, and how to apply for a director ID, please refer to BDO Australia’s article on the issue, available here.

For more on the above, please contact your local BDO representative.

This publication has been carefully prepared, but is general commentary only. This publication is not legal or financial advice and should not be relied upon as such. The information in this publication is subject to change at any time and therefore we give no assurance or warranty that the information is current when read. The publication cannot be relied upon to cover any specific situation and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact the BDO member firms in New Zealand to discuss these matters in the context of your particular circumstances.
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