logo
Receive the latest mybusiness news
SUBSCRIBE TO OUR NEWSLETTER
Copyright © 2020 MOMENTUMMEDIA

Director ID time frame revealed as business register enters next phase

Adrian Flores
Adrian Flores
14 April 2021 1 minute readShare
business register

The federal government has announced its time frame on delivering director IDs while also announcing the appointment of the Tax Commissioner as the Registrar of its new business register system.

In addition, the ATO said ASIC registry staff will move to the ATO, in a Machinery of Government (MoG) administrative change to help the Registrar.

“This is a staffing change only. It doesn’t change your registry obligations, how you interact with the ASIC registers or the ABR, at this time,” the ATO said.

“As the program rolls out, we will keep you up to date with any changes that may affect you.”

Once fully established, the new Australian Business Registry Services (ABRS) will unify ASIC’s 31 business registers and the Australian Business Register onto a new modern system at the ATO.

In a statement, Minister for Superannuation, Financial Services and the Digital Economy Jane Hume indicated director identification numbers (director IDs) will be the first new function of the ABRS to be delivered later this year and is a new requirement for all company directors.

“Director ID will be a unique identifier that a director will keep forever. An individual will keep their director ID even if they cease to be a director, change their name, or move interstate or overseas,” Ms Hume said.

“Verifying the identity of directors is important for improving data integrity and helping regulators to detect and deal with illegal phoenixing activities. The Registrar will notify company directors of their obligations under the new director ID regime.”

According to the ATO website, directors don’t currently need to do anything, but the ATO said it will soon begin testing the new application process in a private beta to ensure a seamless user experience.

When it’s time to apply, the ATO said directors will be able to use ABRS online services and will sign in using the myGovID app.

The ABRS is part of the Modifying Business Registers program which will be rolled out progressively between 2021 and 2024.

Director ID time frame revealed as business register enters next phase
mybusiness logo
Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?