New Director ID Requirement -Update for ASIC

We would like to make you aware that there is now a new requirement that individuals must apply for a director ID under the Corporations Act.

When individuals must apply for a director ID depends on the date they became a director:

• Became a director on or before 31 October 2021, they must apply for a director ID by 30 November 2022;

• Become a director between 1 November 2021 and 4 April 2022, they must apply for a director ID within 28 days of appointment; and

• Become a director from 5 April 2022, must apply for a director ID before their appointment.

• Individuals will need to apply for their director ID themselves to verify their identity (i.e., no one can apply for it on their behalf, including agents).

Individuals will be able to apply for a director ID from 1 November 2021 on the new Australian Business Registry Services (‘ABRS’) website (at abrs.gov.au) and will need to log in using the myGovID app (set to a ‘Standard’ or ‘Strong’ identity strength).

This is a requirement for all directors including directors of corporate trustees of self-managed superfunds (‘SMSFs’) and of family trusts