All Australian company directors are now required to have a Director Identification number. This includes directors of a registered Australian body, a registered foreign company, and an Aboriginal and Torres Strait Islander corporation. If you have been newly appointed as a director, you need to apply now. If you have been a director for some time, and you failed to get your ID by 14 December 2022, you are at risk of penalty. The aim of the Director ID is to help prevent the use of false or fraudulent director identities. It is also expected to make it easier for external administrators and regulators to trace directors’ relationships with companies over time, and to identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity. The fastest way to apply for your Director ID is via the ATO’s onlineExternal Link. You’ll need to have at least a Standard identity strength myGovID in place to make your application. If you have a strong myGovIDExternal Link, you’ll only need to provide your TFN or residential address, as held by the ATO, at the proof of record ownership step. Once you receive your 15-digit Director ID, you’ll need to pass the details to the record-holder in your company or Aboriginal and Torres Strait Islander corporation. Find out more here. Unsure of what to do next? Maintaining compliance is incredibly time-consuming, especially when you’d rather be focussed on looking after your clients and growing your wealth. That’s why, at The Ayers Group, we’ve got experts on hand who can advise you on all the steps you need to take to meet your obligations to government. We can also help you with payroll, contractor management, migration solutions and more. Talk to us today.