Legislation was recently passed requiring all directors to have a director identification number (DIN). The DIN is a unique number that relates to the director (not the entity). Some points to note about a Directors number:
- This legislation applies to all existing and future directors
- It is required when a director has dealings with any government department.
- The Directors number will be retained permanently even if you cease to be a director, change your name or move overseas.
- Existing directors are required to obtain a DIN before 30 November 2022. We suggest that directors start the process now so that it is in place well before the required start date.
- ASIC will need to be notified of the DIN for each director. We suggest that all directors of an entity apply for their DIN at the same time so that ASIC documentation only needs to be prepared and submitted once.
- People appointed as directors between 1 November and 5 April 2022 will have 28 days to apply for a DIN and notify ASIC of same.
- People appointed as directors after 5 April 2022 will be required to apply for their DIN before appointment as a director.
- Penalties could be imposed for failing to obtain a DIN within the prescribed period.
The steps to apply for a Director Identification Number are:
1. Set up myGovID
You must do this yourself as it requires proof of identity.
Please note this is not the same as the MyGov app. The myGovID app looks like this in the App Store or the Google Play Store.
To set it up:
- Download the myGovID app on your smart phone.
- To set up your myGovID you will need to enter in your full name, date of birth and email address (use an email address that only belongs to you and is not shared e.g. your personal email address).
- You will also need two of the following identity documents:
- Drivers Licence
- Birth Certificate
- Medicare Card
2. Gather the information you require
Have the following information with you when applying:
- your tax file number (TFN)
- your residential address as held by the ATO
- information from two documents to verify your identity.
Examples of the documents you can use to verify your identity include:
- bank account details
- an ATO notice of assessment
- super account details
- a dividend statemen
- a Centrelink payment summar
- PAYG payment summary.
3. Complete the application.
There are three ways in which you can complete the Director Identification Number application process:
a. Online through the following website:
The application process will open on the website on 1 November 2021.
b. From 1 November 2021, you can apply by phone if you have a tax file number and documents to verify your identity. The phone number will be available on 1 November 2021.
c. Apply by paper. You will need to provide certified copies of your identity documents to be sent with the application form. The form will be available for download on 1 November 2021.
If you require any further information, don’t hesitate to contact your MGI Consultant.