If you're a company director, this is another reminder to apply for your director ID number. Keep reading to find out how.
What is a director ID?
A director ID is a unique number the Australian Government gives to a company director who has verified their identity.
The aim is to prevent fraudulent behaviour and stop activities such as 'phoenixing' that sees one business entity replaced by another so the owners can avoid paying their debts.
When the system was introduced, anyone who was already a director on 31 October 2021 was given until 30 November 2022 to get their director ID.
There are penalties of up to $1,100,000 or one year’s imprisonment for having no director ID, having multiple director IDs or using one that is false or belongs to someone else.
How to apply for your director ID
Unfortunately, the application process is complex and can take a while. There is some helpful information on the Australian Business Registry Services (ABRS) website's information about director ID.
First, you need a myGovID. This is different to a myGov account that gives you access to Australian Government services.
To get a myGovID you need to download the myGovID app to your smartphone. Then, use the app to scan your identification and confirm your details.
For more about myGovID, see the myGovID website.
Once you have your myGovID, go to the ABRS website to apply for your director ID.
(This news item is a shortened version of our blog post If you are a director, you need your ID).