Australia is preparing for a DIN regime where each director of a company will be provided with a unique Director Identification Number (DIN) which the director will keep forever, even if they change companies.
The unique DIN is designed to improve transparency as it will help prevent director identity fraud and identify directors involved in companies that have engaged in phoenix activities. That is, companies that have been deliberately liquidated to avoid paying their taxes, creditors and employee entitlements.
Directors can apply for DINs from November 2021 on the new Australian Business Registry Services (ABRS). The directors must apply themselves because they need to verify their own identity.
The dates that directors will need to apply for DINs vary depending on when they become a director.
To apply for a DIN, directors need to:
We suggest setting up your myGovID and gathering the relevant documents now, ahead of any required dates to ensure you’re in a position to meet the relevant deadlines.
It is hoped the new unified digital single register system will make it easier for businesses to meet their registration obligations and improve the efficiency of registry service transactions.
Although Crowe cannot apply for your DIN on your behalf, we can help you decide if you need to apply for a DIN. Please speak to your Crowe adviser or get in touch with the Tax Advisory Team if you have any questions about the new DIN regime.