Din Din Din! Your days as a director are about to be ‘numbered.’
Din Din Din! Your days as a director are about to be ‘numbered.’ The Federal Government is working on implementing a Director ID number system, which will allow for the tracing of directors across companies. This system is to be implemented from November 30, 2022, and Directors will be required to apply for a new Directors ID Number (or DIN) by that date. This system will be managed separately to the Tax File Number (TFN) and Australian Business Number (ABN) system now in operation and will be managed by the Commonwealth Registrar, operating as a separate statutory function of the ATO as part of the Governments “Modernising Business Registers (MBR) program. In the 2020 federal budget, additional funding was announced to integrate the system with the government’s Modernising Business Registers (MBR) program.This integration will create a super registry by bringing together the Australian Business Register and 31 other registers currently administered by the Australian Secu