Are you a Company Director? Then you have a year to register your Director Identity Number with ASIC or face significant fines. To get this number you need first need a MyGov ID. The object is to hold Directors accountable.
Here is an extract of ASIC’s explanation:
” Importantly, the DIN can provide traceability of a director’s relationships across companies enabling better tracking of directors of failed companies and preventing the use of fictitious identities. The DIN will also be able to interface with other government agencies and databases to allow regulators to map the relationships between individuals, entities, and other people. This means the introduction of a DIN will assist ASIC and other regulators in … detecting, deterring and disrupting phoenix activity … more effective tracking of directors and their corporate history … reduce time and cost for administrators and liquidators … “
Please Note: This is not legal advice and is intended as a general overview. You will always need advice tailored to your specific situation.
