Director Identification Numbers – Why you should be prepared now rather than later

Director Identification Numbers (DIN’s) are a newly imposed law that requires directors of all companies to get a DIN.

Here are the key dates:

If you were a director at 31 October 2021, and are still a director of the same company, you need to get a DIN by 30 November 2022.

If you have been appointed as a director between 1 November 2021 and 5 April 2022, you have 28 days from being appointed director to get a DIN.

After 5 April 2022, you must get a DIN before you become a director.

 

Unfortunately we are unable to assist as your tax agent, as DIN’s have to be obtained by the director themselves. For current directors, we recommend getting onto this now so that any issues can be resolved quickly. Otherwise you’re taking the risk of leaving it until November next year.

For those wishing to start a company or a SMSF with a trustee company, you will have to obtain a DIN prior to setting up the company. Keep this in mind before you start getting a company established.

 

To get a DIN, you must undertake the following steps:

 

• Download the myGovID app on your phone and setup a myGovID account (you will need 2 forms of ID)
• Grab your tax file number, your residential address as held by the ATO, and the two documents to verify your identity. Examples include:
  • Bank Account Details
  • ATO Notice of Assessments (if you’ve had your tax return done by us we can access this)
  • Superannuation details
  • Dividend Statements
  • Centrelink Payment Summaries
  • PAYG Summaries
• Complete your application by following this link: https://abrs.gov.au/persons/ui/secure/start/applyForDirectorID?action=applyfordirectorid
• At step three, answer “two shared secrets between you and the ATO”. Creepy, but select 2 of the options below this question and input the relevant information in regards to it.
• That’s it, you’re done!

 

If the link above doesn’t work, try this link here: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number

 

Technology is adapting for the new DIN rules, and will shortly be able to allow you to store DIN’s in accounting softwares.

 

Article for reference: https://www.accountantsdaily.com.au/tax-compliance/16508-ato-provides-further-clarity-on-din-process?utm_source=Accountants%20Daily&utm_campaign=16_12_21&utm_medium=email&utm_content=2&utm_emailID=599d6493b7ef668498648979b6e9d3fb3deb65364422c7407e177bffa77ee6fa