18 November 2021

New rules apply to Australian directors from November 2021

The new rules generally require all directors of Australian companies to have a Director Identification Number (DIN), including overseas directors, and to provide that DIN to the company record-holder.

Specifically, a DIN will be required if you are a director, or alternate director, of a Corporations Act entity (i.e., a company, a registered foreign company, or a company responsible for a managed investment scheme).

DINs are intended to prevent the use of false or fraudulent director identities, make it easier for regulators to trace directors’ relationships with companies over time, and identify and eliminate director involvement in unlawful activities.

If you are an existing director on 31 October 2021, you need to apply for your DIN by 30 November 2022. New directors must apply for a DIN with 28 days of their appointment, and from 5 April 2022 you will need to have a DIN before being appointed as a director of an Australian company.

Applications for DINs are made through the Australian Business Registry Services (ABRS).

For more information, please refer to Nexia Australia’s news article.

You can also contact your Nexia advisor for further information, and our general contact details are here: www.nexia.co.nz/contact-us

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