During the release of the 2020 Budget, the Federal Parliament
unveiled what was referred to as the Digital Business Plan. This
was a suite of changes to be implemented between 2021 and 2024 to
modernise business registers in Australia. One item in this suite
of changes was the Australian Business Registry Services (ABRS)
which would be established to combine the existing Australian
Business Register (ABR) and over 30 other Australian Securities and
Investment Commission (ASIC) registers.
In an attempt to streamline the department's services and
identification of company directors, Director Identification
Numbers (DIN) have now been introduced which will verify the
identity of a person claiming to be a director, attempt to prevent
instances of identity fraud, and further deter illegal phoenixing
activity.
