Anti-phoenixing scheme bolstered.
In the 2018-19 Budget, the Government announced it will
modernise the Australian Business Register and the Australian
Securities and Investments Commission (ASIC) registers onto a
single platform that will be administered by the Australian
Business Registrar within the Australian Taxation Office (ATO).
As part of those changes Schedule 2 of the Treasury Laws
Amendment (Registries Modernisation and Other Measures) Bill 2018
amends the Corporations Act 2001 and the Corporations
(Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act)
to introduce a director identification number (DIN)
requirement.
Under the new law, directors must apply to the registrar for a
DIN within 28 days, unless the registrar provides an exemption or
extension. Once satisfied that the director's identity is
verified, the registrar must provide the director with a DIN.
Transitional provisions say that current directors will have 15
months to apply for a
