SMSF’s and Director Identification numbers ( DINs)

By April 6, 2022 Blogs

Director Identification Numbers ( D.I.N’s)

are a necessary requirement from the 5th of April for all company directors, setting up a new company, including

SMSF members, who act as the trustee of an SMSF Trustee company.

According to Asic, a director ID is required prior to setting up a company and director may apply for their DIN via the Australian Business Registry Services (ABRS) website at any time.

Director’s legal obligations

ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if you do not apply on time.

Do director IDs need to be provided to ASIC?

There is no need to provide the director ID to ASIC unless requested. There are no changes to ASIC online services (or forms) to make provision for the notification of the director ID.

Date you become a director Date you must apply by
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

Din’s will ensure greater compliance with director duties and better tracking of directors who set up and wind up companies.  SMSF member, directors, must be mindful, that they must apply for a DIN to comply with these new requirements.

 

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