The New Requirements that all Directors need to be aware of: DINs
The Director Identification Number (DIN) scheme is the latest system introduced by Australian Business Registry Services (ABRS), which aims to prevent the use of false or fraudulent director identities.
The scheme introduces obligations for new and current directors. Directors will only ever need one DIN - it will continue even if the Director is officeholder of more than one company, if they change companies or if they stop being a Director.
Who Needs to Apply
All directors (or alternate directors) need to apply for a DIN if their role is with a company, registered Australian body, or registered foreign company under the Corporations Act 2001. Directors of Aboriginal and Torres Strait Islander corporations registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 need to apply as well.
When you Need to Apply (Corporations Act Directors)
This depends on when the director first became a director.
If the director was appointed on or before 31 October 2021, they must apply by 20 November 2022.
If the director was appointed between 1 November 2021 and 4 April 2022, they must apply within 28 days of their appointment.
If the director was appointed after 5 April 2022, they must apply before their appointment.
When you Need to Apply (CATSI Act Directors)
For directors of a corporation registered under the CATSI Act, if they were appointed on or before 31 October 2022, they must apply by 30 November 2023.
If they were appointed from 1 November 2022, they must apply before their appointment.
How to Apply
The director must apply themselves. An account or solicitor cannot apply on the director’s behalf. Secretaries who are not also directors do not need to apply.
Directors can apply here.
Significant fines may apply if directors do not obtain a DIN by the required date. It is crucial that all directors apply for their DINs and that they are aware of how the new scheme operates.