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ARTICLE · 11 OCTOBER 2018

Director Identification Numbers – draft legislation now open for comment

Holding Redlich
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The legislation is released in two parts – this release discusses a new registry system and the requirements for a DIN.

AustraliaCorporate/Commercial Law
Darren Pereira
Darren Pereira
Georgia Milne
Georgia Milne
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The Commonwealth Treasury has now released draft legislation to modernise and consolidate Australian business registers and to adopt a new system to create Director Identification Numbers (DIN) for company directors.

What are the key changes?

Announced as part of the 2018-19 Budget, the changes are two-fold – the registry changes are designed to consolidate over 35 business registers into a single streamlined, flexible and technology neutral platform, overseen by a single entity. Initially, the regime will apply to registers maintained by Australian Securities and Investments Commission (ASIC) and the Australian Business Register (which is under the purview of the ATO) but with a view to other government registers gradually being brought on board.

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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