Back in November of last year we advised you of the new requirement for Directors to register for a Director Identification Number (DIN). The deadline for application is now fast approaching, with directors of companies, registered Australian bodies and registered foreign companies who were appointed on or before 31 October 2021, having to apply by 30 November 2022.
Directors of an Aboriginal and Torres Strait Islander corporation under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 who were appointed on or before 31 October 2021 have until 30 November 2023 to apply.
From 5 April 2022, all new Directors were required to apply for a DIN before appointment.
PENALTIES
Substantial penalties are imposed on failure to comply with the DIN requirements.
Contraventions occur when individuals:
- Fail to have a DIN when required to do so – maximum $13,200 criminal penalty and $1,100,000 civil penalty
- Fail to apply for a DIN when directed by the Registrar – maximum $13,200 criminal penalty and $1,100,000 civil penalty
- Apply for multiple DINs – maximum $26,640, 1 year imprisonment or both criminal penalty and $1,100,000 civil penalty
- Misrepresent their DIN – maximum $26,640, 1 year imprisonment or both criminal penalty and $1,100,000 civil penalty
WHEN YOU NEED TO APPLY
When you must apply for your director ID depends on the date you became a director:
| DATE YOU BECAME 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 |
For Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) directors the following dates apply:
| DATE YOU BECAME A DIRECTOR | DATE YOU MUST APPLY |
| On or before 31 October 2022 | By 30 November 2023 |
| From 1 November 2022 | Before appointment |
WHAT NOW?
Riordan & Riordan can assist in navigating the DIN regime.