Crystal Wealth Newsroom
Do you need a Director Identification Number?
This requires current and future directors to apply for director identification numbers that will be permanently linked to the individual, even if they are no longer a director. A director ID is a unique 15 digit number used to identify a company director, including an SMSF trustee.
A director ID is a unique number for an individual, no matter how many companies they are involved in. It works similarly to a Tax File Number – there is only one TFN no matter how many employers you have.
It is hoped the regime will make it easier to trace relationships across companies and reduce instances of phoenixing and other illegal activity.
Existing directors will have until 30 November 2022 to apply for the director ID through the Australian Business Registry Services (ABRS).
Any new first time directors appointed from 1 November 2021 to 4 April 2022 will have 28 days from the appointment to apply. From 5 April 2022 onwards, the director ID needs to be obtained before becoming a director for the first time.
Anyone who is or is going to become a director of a company can apply via the following methods:
- Online via MyGovID
- Phone by calling ABRS
- Using a paper form
Where Crystal Wealth is your ASIC agent, we will liaise with you at the time of your annual company review and assist you with obtaining the director ID. We may need to ask for additional information or documents to verify your identity to Australian Business Registry Services to complete the application process.
Once you have received your director ID, you will need to provide it to any other companies of which you are a director. We expect the company will need to use your director ID when dealing with ASIC in the future.
For now, there is no action required by you if Crystal Wealth is acting as your ASIC agent. If you are using a different ASIC agent, they may liaise with you on this directly.
In any case, please feel free to contact our administration team at help@crystalwealth.com.au or your adviser if you have any questions about this. We are happy to help.