On 1st November 2021, the ABRS was launched to implement the applications for DINs. It was a staggered approach to allow time for everyone to apply, however, all Directors must have their DINs by 30th November 2022.
What is a DIN?
A DIN is a 15-digit number that identifies you as a company director. This is to verify your identity and to prevent the use of false or fraudulent director identities.
Similar to a TFN, a DIN does not change and will remain with you if you move companies, cease to be a director, or change your name. You will be required to provide your DIN if you become the director of another company.
Your DIN can take up to 28 days to be processed, so it’s best to apply as soon as possible.
Who has to apply?
All Directors or Alternate Directors who are acting in that capacity for:
- a company, registered Australian body or a registered foreign company under the Corporations Act 2001
- an Aboriginal and Torres Strait Islander corporation under the CATSI Act 2006, you will need to register.
This includes charities, not-for-profit and corporate trustees, click here for the full list.
How to apply?
Step 1: Set up myGovID
If you haven’t already, you will need to set up a myGovID with a Standard identity strength. To do so, you will need the standard 100 points of ID, ie a Driver’s License and Medicare card. Once you have done this you can also link the ABN/s for your company or trust.
Step 2: Gather your documents
In addition to your myGovID account, you will also need several additional documents to verify your identity. This includes your tax file number, your residential address (as held by the ATO) and 2 other documents to verify your identity. These can include:
- Bank account details
- ATO notice of assessment
- APRA fund account details
- A dividend statement
- A Centrelink payment summary
- A PAYG payment summary.
Step 3 – Complete your application
Proceed to the myGovID website and submit your application. If you have gathered all the information listed above, each application should only take about 10-15 minutes.
What fines are involved?
Those who have fail to obtain a DIN by 30th November 2022, can face civil penalties of up to $1.1 million and criminal penalties of up to $13,200. There are also fines for individuals who apply for multiple DINs.
How we can help
We cannot apply for a DIN for you, but we can provide some guidance and ensure your information is accurate with the ATO, ABR & ASIC. By ensuring there are no discrepancies with your data across all registers we can lodge the appropriate forms with ASIC to allow the data-matching process to find your records.
If you have any questions regarding the new ARBS or the director’s ID, please contact us today to speak with our friendly support team.
