Have you organised your Director ID?

MWM Advisory - Have you organised your Director ID

DEADLINE FAST APPROACHING:

30 NOVEMBER 2022 – URGENT ACTION NEEDED 

All Australian company directors MUST obtain a Director Identification Number (or DIN) NO LATER THAN 30 November of this year. A DIN is a unique identifier that is similar to a TFN but only for directors of companies. The aim of a DIN is to increase the director’s accountability and traceability as it will be linked with every Company of which you are a director.

Applying for your Director ID

At MWM we understand that doing business in the current environment isn’t easy, and we’re here to support you on your journey. With lots of information coming at you, it can be hard to work out what needs your attention, and what doesn’t.

It’s important to get this critical new requirement right at the outset because getting it wrong could result in the suspension of your directorship, or a hefty fine of up to $1.1 million!

If you are yet to make an application for your Director ID (DIN), there are a couple of ways of doing so, either online, or by getting in touch with us to do a paper application.

ONLINE APPLICATION

The online application can be completed by going to the Australian Business Registry Services Website (ABRS) at:

www.abrs.gov.au/director-identification-number

To apply for a DIN, you will first need to obtain a MyGovID (not to be confused with a MyGov account).  This can be done on the ABRS website also, by following the link above.

To complete your MyGovID you will need to submit 2 forms of ID, so before you start, have 2 of the following:

  • driver’s licence or learner’s permit
  • passport (not more than 3 years expired)
  • birth certificate
  • citizenship certificate
  • Medicare card
  • visa (using your foreign passport)
  • ImmiCard

To Complete your DIN, you will need some additional documents:

  • your tax file number (TFN)
  • your residential address as held by the ATO
  • information from 2 documents to verify your identity

Examples of the documents you can use include:

  • bank account details
  • an ATO notice of assessment
  • super account details
  • a dividend statement
  • a Centrelink payment summary
  • a PAYG payment summary (this is different to your income statement or your PAYG instalment activity statement)

When you have assembled this information, you are ready to start your online application.

Upon completion we will require you to let us know and provide us with documentation confirming your DIN registration so we can update our records.

PAPER APPLICATION

We understand that life can be busy, so we’ve examined the requirements and put in place a process to ensure you, our client, are DIN compliant with as little pain as possible. This involves MWM:

  • Pre-filling the DIN application form with your individual details;
  • Organising you to sign the original paper form in person;
  • Certifying two (2) personal identification documents as stipulated by the governing bodies;
  • Posting the originally signed paper form together with your two (2) certified identification documents; and
  • After receiving your individual DIN, notifying you and updating all of your company records held with us, with this new identifier.

Our charge for this service, and your peace of mind is a one-off fixed fee of $500 plus GST.

If you would like us to complete this process for you prior to the November deadline, we would encourage you to get in touch with us NOW.

Any questions? Give us a call on 07 5596 9070.

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