Let’s get down to the nitty gritty and talk Director ID’s. Beginning from November 1st, 2021, the Australian Business Registry Services gave all existing company directors 12 months’ notice to apply for a 15-digit unique identification number. The purpose of this new requirement was to make it easier for shareholders, employees, and others to know the names and details of the directors of a company. It was also to be used to prevent fraudulent director activities and phoenix schemes. This generous application window is about to run out. You only have until 30/11/22 to get registered so, if you have not already applied, it is time to press the panic button as the penalty for failing to be registered by the due date is a hefty $13,200.
If you are a company director, you will apply using mygovid (not to be confused with mygov). You only need to apply once, and the number will stay with you forever. Below is a link to a short video showing what the program is all about and how you go about registering.
https://www.abrs.gov.au/director-identification-number
Unfortunately, this is not one of those admin tasks your business advisor or administrative assistant can do on your behalf. It explicitly says in the documentation that each individual director must do it. I registered myself last year and it was not a time consuming or complicated process. The hardest part was gathering the required documents of identification.
Here at Appy Books, we have assisted many our clients in preparing for their registrations by collating documents and providing step by step instructions. We have also offered Zoom sessions with screen sharing to provide a little bit of support and hand holding for the clients that are less tech savvy. If you need technical help understanding the requirements, please reach out. We would be happy to assist.
The other big news for Queensland businesses this week is that round four of the Business Basics Grant program opened at 9am on 24/11/22. This round is slightly different to previous rounds as they are asking businesses to register their interest between 24/11/22 and 5/12/22. These registrations will then be placed in a ballot and the lucky businesses selected will be asked to complete the full grant application of $5,000. Of course, eligibility criteria apply, and all the details can be found at the following link.
https://www.business.qld.gov.au/starting-business/advice-support/grants/business-basics-grant
UPDATE: Business owners have been given a short reprieve of an extra 14 days to sign up. The ATO has confirmed that it won’t throw the book at directors if they sign up for the new scheme by December 14.
