New ID requirements for directors from November 2021
If you want to become a director or are already one, you’ll need a director ID. You can apply for a director ID from November 2021.
Who needs a director ID?
- company
- Aboriginal and Torres Strait Islander corporation
- corporate trustee, for example, of a self-managed super fund
- charity or not-for-profit organisation that is a company or Aboriginal and Torres Strait Islander corporation
- registered Australian body, for example, an incorporated association that is registered with the Australian Securities and Investments Commission (ASIC) and trades outside the state or territory in which it is incorporated
- foreign company registered with ASIC and carrying on business in Australia (regardless of where you live).
If your organisation has an Australian business number (ABN), you can use ABN LookupExternal link to find out if it is registered with ASIC as a:
- company, which will have an Australian company number (ACN)
- registered Australian body, which will have an Australian Registered Body Number (ARBN)
- registered foreign company, which will have an ARBN.
The Office of the Registrar of Indigenous Corporations (ORIC) maintains a register of Aboriginal and Torres Strait Islander corporations. These corporations have an Indigenous Corporation Number (ICN) and may also have an ABN.
Who doesn’t need a director ID?
You don’t need a director ID if you’re:
- a company secretary but not a director
- acting as an external administrator of a company
- running a business as a sole trader or partnership
- referred to as a ‘director’ in your job title but have not been appointed as a director under the Corporations Act or the CATSI Act
- a director of a registered charity with an organisation type that is not registered with ASIC to operate throughout Australia
- an officer of an unincorporated association, cooperative or incorporated association established under state or territory legislation, unless the organisation is also a registered Australian body.
When you need to apply
You can apply for a director ID from November 2021.
If you are planning on becoming a director, you can apply before you’re appointed.
Corporations Act directors
When you must apply for your director ID depends on the date you become a director.
| Date you become a director | Date you must apply |
|---|---|
| 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 |
To be a director under the Corporations Act, you must:
- be an individual who is at least 18 years old
- not be disqualified from managing corporations, unless the appointment is made with the permission of ASIC or the Court.
For more information on the Corporations Act, visit the ASIC website.
CATSI Act directors
When you must apply for your director ID depends on the date you become a director.
| Date you become a director | Date you must apply |
|---|---|
| On or before 31 October 2022 | By 30 November 2023 |
| From 1 November 2022 | Before appointment |
To be a director under the CATSI Act, you must:
- be an individual who is at least 18 years old
- be a member of the Aboriginal and Torres Strait Islander corporation and an Aboriginal and Torres Strait Islander person (unless the corporation’s constitution or rule book says otherwise)
- not be disqualified from managing an Aboriginal and Torres Strait Islander corporation, unless the appointment is made with the permission of the Registrar of Aboriginal and Torres Strait Islander Corporations or the Court.
For more information on the CATSI Act, visit the Office of the Registrar of Indigenous Corporations (ORIC) website.
Meeting your obligations
Your director ID obligations include:
- applying for a director ID within the relevant timeframe for your situation
- applying for a director ID when directed by the Registrar to do so
- not applying for more than one director ID (unless directed by the Registrar to do so)
- not misrepresenting your director ID to a Commonwealth body, company, registered Australian body or Aboriginal and Torres Strait Islander corporation
- not being involved in a breach of the above director ID obligations.
If you can’t apply by the date you need to, you can apply for an extension. Information on how you can do this will be available here in November.
If you don’t meet your obligations:
- there may be civil or criminal penalties
- you may be issued with an infringement notice.
Help and support
If you use an authorised tax, BAS or ASIC agent they can help you decide if you need to apply. However, they can’t apply for a director ID on your behalf.
Disclaimer
This is general information only and not legal advice. Should you require legal advice, please contact our office on 07 4931 1888.