As contemplated in our article New
Identification Process for all Australian Company Directors
published in July 2020, the time for directors to obtain a Director
Identification Number has arrived.
From 1 November 2021 company directors must
obtain a Director Identification Number (DIN) from
Australian Business Registry Services (ABRS).
A person will hold one DIN for all of their directorships and
that same DIN will remain in place if the person ceases to be a
director, changes their name or moves abroad.
The purpose of the DIN regime is to verify the identity of
directors allowing for better traceability of a director's
relationships across companies and making it harder for directors
to disassociate themselves with failed companies and to undertake
illegal phoenix activity (when the assets of a failing company are
transferred to third parties without consideration to avoid paying
existing liabilities).
