You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once and keep forever.
The following provides some useful further information.
If, after reading this document, there is anything that you are unsure about, we encourage you to contact an SMSF Specialist to discuss your specific circumstances in more detail.
As a director of my SMSF’s corporate trustee do I need a director ID?
The only exclusion applies to a director who has resigned from all director roles during the period 04 April 2021 to 30 November 2022 and has no intention to ever be appointed as a director or alternate director of an Australian or foreign company.
How long do I have before I need to get my director ID?
Individuals that were a director of any company prior to 1 November 2021 have until 30 November 2022 to get a director ID. This transitional period also applies to newly appointed directors of corporate trustees of an SMSF, provided they were an existing director, of a company, before 1 November 2021.
Otherwise, first time directors are now required to have a director ID before they are appointed as director of any company.
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