Director Identification Number

Legislation has now been passed to give effect to the new Director Identification Number (DIN) requirements.  The DIN will require all existing and new directors to confirm their identity to a unique identifier that will be kept permanently, even if they cease to be a director.

Despite the passage of the bill, ASIC has previously warned that it may take up to two years to set up a new system.

The bill will also put in place a modern government registry regime that will unify the Australian Business Register (ABR) and 31 existing registers administered by ASIC.  The unified Commonwealth business registers will be operated by the Australian Business Register at the ATO.  It aims to make it easier for businesses to meet their registration obligations, make business information more trusted and valuable, and improve the efficiency of registry service transactions.

To view the Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019 in full, click here

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