Company directors are now required to verify their identity by applying for a new director identification number (DIN).
This includes directors of an SMSF corporate trustee, family trust and directors acting in the capacity of an alternate director, even if they are appointed for a specified period or a temporary basis.
What is a DIN?
A DIN is a unique 15-digit identifier that a director will apply for once and will keep forever. A director can only have one DIN that they must use for all companies.
The purpose of introducing DINs is to prevent the use of fictitious director identities, assist regulators trace directors’ relationships with companies and better identify directors involved in unlawful activity.
When do I need to apply for a DIN?
When you must apply for a DIN depends on the date you became a director.
The table below summarises the key dates of when you need to apply for a DIN.
|Date you were appointed a director||Date you must apply for a DIN|
|On or before 31 October 2021||By 30 November 2022|
|Between 1 November 2021 and 4 April 2022||Within 28 days of appointment|
|From 5 April 2022||Before appointment|
How do I apply for a DIN? Unfortunately, we are unable to apply for a DIN on your behalf. You must apply for your own DIN to verify your identity. We can however assist you by advising you of the steps and timelines involved.
Click here to follow our handy guide: https://www.4you.net.au/accounting/director-identification-number-how-to/