Director identification numbers have been introduced in Australia following the commencement of long-awaited amendments to the Corporations Act 2001 (Cth).
Director identification numbers, or Director IDs, are a unique number which attaches to an individual company director for their life. They retain the director identification number even if they cease to be a director or move from the jurisdiction. It allows directors to be easily identified across multiple companies. It is intended that this identification will assist with compliance and insolvencies.
The 15 digit numbers will start with 036, which is the three-digit country code for Australia under International Standard ISO 3166.
Directors appointed prior to 31 October 2021 must apply for a director identification number between 1 November 2021 and 30 November 2022.
Directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of appointment.
Directors appointed after 5 April 2022 must apply prior to being recorded on the ASIC register.
An application for a director identification number is made to Australian Business Registry Services. To make the application directors will need to provide:
- tax file number;
- residential address as held by the ATO;
- two documents to verify identity.
Failure to apply as required, or any misrepresentation as to a director’s number or being the holder of a number, can expose current or prospective company directors to civil and criminal penalties.
The By Lawyers Companies and Joint Ventures guides have been updated accordingly. Commentaries discuss the need to obtain a Director ID. Retainer instructions now prompt for the Director ID.