The Government has introduced new regulatory steps to address illegal phoenix activity, including the need for directors of companies to acquire a Director ID.
What is it?
A Director ID is a unique identification number that a director will carry with them throughout their career. This is to enable a better overall view for the Government of which companies a person has been involved with.
Do I need one?
If you are a director of a registered Australian company with an ACN, a foreign company registered with ASIC or a corporate trustee of a self-managed super fund (SMSF), among other entities, you will need to apply for a Director ID. Conversely, if you are a sole-trader or a partner for example, you will not need this.
How to apply
The Australian Business Registry Services (ABRS) provides the platform to apply for a Director ID. All existing directors have until 30 November 2022 to apply for a Director ID.
If you have any queries in relation to your business or your position with these new changes, feel free to contact Roser Lawyers for a discussion.