In a legal development dated 19th March 2024, a director was brought before the Downing Centre Local Court and formally accused of breaching Section 1272C(1) of the Corporations Act 2001 for not having a director ID. The Court granted an interim non-publication order (NPO) to safeguard the defendant's identity. The case is scheduled for further discussion on 16th April 2024.

Contextually, it's mandated by law for all directors to verify their identity with ABRS (Australian Business Registry Services) before obtaining a director ID.

The timeframes for application are as follows:

Directors who don't apply on time

The maximum penalty for contravening section 1272C(1) of the Act is 60 penalty units, amounting to a potential fine of $13,320 for the defendant in this particular case.

The ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time, for more information about the penalties that may be applied, visit asic.gov.au/director-id

Supporting your clients

You cannot apply for a director ID on your client’s behalf. A director must apply for a director ID themselves. You can help your clients to apply for a director ID online by:

• telling them when they need to apply
• helping them set up their myGovID to a standard or strong identity strength
• helping them with the documents they need to prove their identity when they apply online.
• You can find more information about applying for a director ID on ABRS Website

Streamline your Company Registration with Director ID

Once you have your director ID, keep it safe until you need to use it. It can be shared with your Accountant, Company Secretary, ASIC Registered Agent or Tax Professional. 

Accountants and Tax professionals can add Director IDs to your Company Registration Order on our form on www.trustdeed.com.au. This will help you to update and store Director IDs for existing or newly appointed Directors while you register a new company. 

Any Director ID updated by you on our application form will be stored in our database and will help you save time by auto populating the Director information on the form during your next company registration for the same Director ID. Below is the snapshot of our order form where you can simply input the Director ID:

On-Demand Webinar - Director ID - Q&A with ABRS

Click here to attend our free On-Demand webinar presented by the ABRS representatives Robin Hayes and Kayla Caruso on Director ID compliance on 15 Jun 2022 on our CPD online learning portal www.smsfschool.com.au 

Topic: "Director ID - Q&A with ABRS (Australian Business Registry Services"

• Presentation and Q&A with ATO representatives about Director ID
• Director ID - a legal requirement
• Learn what you must do for your clients moving forward as per ABRS guidelines

Available: On-Demand

How to Book: Click here to Register

Cost: Free - with our compliments

CPD: 1 Hour CPD Certificate will be issued.

This event will provide 1.0 Hours CPD hour under self assessment covered under RG 243.88 - 90 requirements.

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Call us on 02 9684 4199 for any assistance.