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Company directors must register - all you need to know

 

A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.

 



 


About director ID


  • Registrations begin form November 2021 and all company directors must be registered by the 30th November 2022.
  • A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.

How director ID works

A director ID is a 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity with us.


A director ID:


  • starts with 036, which is the 3-digit country code for Australia under International Standard ISO 3166
  • ends with an 11-digit number and one ‘check’ digit for error detection.

Directors need to apply for their own director ID. It’s free to apply.


Directors will only ever have one director ID. They'll keep it forever even if they:


  • change companies
  • stop being a director
  • change their name
  • move interstate or overseas.

Why you need a director ID


Shareholders, employees, creditors, consumers, external administrators and regulators are entitled to know the names and certain details of the directors of a company.


All directors are required by law to verify their identity with us before receiving a director ID. This is important because it will help to:


  • prevent the use of false or fraudulent director identities
  • make it easier for external administrators and regulators to trace directors’ relationships with companies over time
  • identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.

Illegal phoenix activity is when a company is liquidated, wound up or abandoned to avoid paying its debts. A new company is then started to continue the same business activities without the debt. When this happens:


  • employees miss out on wages, superannuation and entitlements
  • suppliers or sub-contractors are left unpaid
  • other businesses are put at a competitive disadvantage
  • the community misses out on revenue that could have contributed to community services.

 


Who needs to apply and when


Apply for your director ID


Manage your director ID


 


 




27th-November-2021
 
SMSF Advisers Network logo CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411 |Fax: (07) 3376 8904 | Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
Liability limited by a scheme approved under Professional Standards Legislation and other than for the acts or omissions of financial services licenses.