Treasury Reveals Director ID Deadline

The new dates come as the government looks to introduce the director ID regime to prevent illegal phoenixing by ensuring directors can be traced across companies, while also preventing the use of fictitious identities.

The new regime will require all directors to provide a number of documents to establish their identity with the Commonwealth Registrar in order to receive a unique director ID, which they will keep permanently, even if they cease to be a director.

The Commonwealth Registrar will now conduct testing of the director ID system by inviting a controlled number of existing directors to ensure the new platform delivers a robust, reliable & consistent user experience.

The testing period is anticipated to end by 31 October.

Once the testing period concludes, existing directors will be required to obtain a director ID by 30 November 2022.

This time frame will apply for both existing directors who were appointed prior to the commencement of the director ID regime and directors appointed during the testing phase.

Individuals who are seeking appointment after 30 November 2022 will be required to obtain a director ID prior to being appointed as a director.

There will be civil and criminal penalties for directors who fail to apply for a director ID within the applicable time frame, and for conduct that undermines the new requirements, including providing false identity information to the Registrar or intentionally applying for multiple director IDs.