Director Identification Numbers – Reminder

Director Identification Numbers – Reminder:

Last year, we foreshadowed the upcoming Director ID requirements, with all Company Directors required to have Director IDs ready now before they become a director of a new
company.

If you have a Director ID Number and have provided it to us to apply to your existing companies managed by us, this article will not apply to you.

If you do not have a Director ID Number and do not apply on time, it can be considered a criminal offence.

While new Directors would have to apply for and provide their ID prior to being appointed to new companies, Directors to existing companies appointed prior to 1 November 2021 must apply for their Director ID by 30 November 2022.

The Director ID Number system was set up as a way to avoid the use of false or fraudulent IDs, examine unlawful activity such as Phoenix Activity or monitor directors’ relationships with companies over time to avoid false relationships (e.g. shadow directorships).

You must apply for a director ID yourself. No one can apply for you. The reason for this is you need to prove your identity when you apply.

ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if you do not apply on time.

What you need to do:

  • First, you need to Set up myGovID on this link. Please note that myGovID is different from myGov.
  • Apply for your director ID on this link. Please ensure you have the relevant documents ready and contact our office if you need any further info.
  • Once you have your 15-digit director ID, keep it safe and email it to us (for our records).

If you encounter any difficulty setting up the ID, please feel free to contact your manager at Simaco Partners on (02) 9707 4470 and organise a time to go through the process with
them.

Simaco Partners and associated entities

Accountants, Tax Agents, Financial Planners and Mortgage Brokers

………………………………………….………………………….………………………….………………………….………………………….………………………….………………………………….

Note: the above is current as at the date of this article and is of a general nature only and should not be relied upon. Please consider the above against your personal circumstances and if you have any questions, contact our office.
Simaco Financial Advice is the trading name of Direct Financial Advice Pty Ltd which is the trustee of the Simaco Financial Advice Unit Trust ABN 91 753 408 234. This company and Stephen George Nikolovski are Authorised Representatives of Lifespan Financial Planning Pty Ltd ABN 23 065 921 735 Australian Financial Services Licence 229892. Stephen Nikolovski is an accredited broker and operates through Simaco Finance, the trading name of Direct Finance Solutions Pty Ltd. Stephen George Nikolovski is a MFAA Approved Broker (number 386328) and is a credit representative (number 500383) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit License 391237). Disclaimer: The above is merely general commentary and is not a statement of fact or assertion of expected outcomes. It does not consider your personal circumstances. Please consider whether any proposed credit contract and what structure of loan (e.g. fixed or variable etc.) is appropriate for you and read any relevant disclosure statements and/or speak to an appropriately qualified legal professional / seek financial advice before proceeding with any course of action. If you wish to discuss your personal circumstances further, please again feel free to contact this office.
Other news

Director Identification Numbers – Reminder

July 4, 2022

Director Identification Numbers – Reminder: Last year, we foreshadowed the upcoming Director ID requirements, with all Company Directors required to…

READMORE

Section 100A and discretionary trust reimbursement agreements

May 1, 2022

Section 100A and discretionary trust reimbursement agreements: Family Trusts are discretionary trusts that have the ability to choose to whom…

READMORE

Responsibilities of SMSF trustees

March 1, 2022

Being involved in Self-Managed Super Fund (SMSF) allows the members and the trustee to be take control of their retirement…

READMORE