Do you have your Director Identification Number yet?
Are you a director of a company in Australia?
Author: Clarissa Sempel
10 March 2022
If so, have you made aware that you are required to verify your identity and obtain a Director Identification Number (DIN).
A requirement for a DIN has been set in place to reduce fraudulent identifications of people when registering as directors of companies through ASIC. This is a unique, 15 digit identifier, which will now need to be provided to ASIC when registering as a director.
Take note of the following Key Dates.
If you have not got your DIN, and you were an existing director on or before 31 October 2021, then you have until 30 November 2022 to apply for your DIN.
If you become a director between 1 November 2021 and 4 April 2022, you must obtain your DIN within 28 days of appointment.
Finally, if you become a director from 5 April 2022, then you must already have a DIN prior to appointment.
If you fail to obtain a DIN then you may receive an infringement notice or a civil prosecution, or criminal prosecution, which may include penalties of up to $13,320.00 (at the current penalty unit rate) and one year imprisonment.
If you are unsure what a DIN means or the steps that you need to take to obtain it, then you should contact your legal and accounting advisors for more information.
The team at ALG would be happy to bridge the gap for you in relation to any requirements that you may have as a current or incoming director of a company.