There has been a recent change in policy by the Federal Government which requires company directors to apply for a Director ID. Starting from November 1st, the Australian Business Registry Services requires all directors to apply for a 15-digit unique identification number. The purpose of this new requirement is to make it easier for shareholders, employees and others to know the names and details of the directors of a company. It will also be used to prevent fraudulent director activities and phoenix schemes.
If you are a company director and need to register for the Director ID, 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://tv.ato.gov.au/ato-tv/media?v=bi9or7odjorhp6
Unfortunately, this is not one of those admin tasks your business advisor can do on your behalf. It explicitly says in the documentation that it must be done by each individual director. I have already registered for myself and did not find it a particularly time consuming or difficult process. Here at JOG, we have been assisting our clients in preparing for their registrations by collating documents and providing step by step instructions. We’ve 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.
For existing directors, you have until 30/11/22 to get registered so there is no need to panic. But it’s probably one of those admin tasks that you should get done and dusted. If you are currently a director and a bit frantic on how to go about registering, give us a shout. We’d be happy to help.
