Do I need a Director Identification Number?
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth
August 2022
Directors of Australian companies are now required to have a Director Identification Number (DIN).
The introduction of DINs is part of the Government’s Digital Business Plan – which is part of its Modernising Business Registers program rollout.
The aim is to prevent the use of false or fraudulent director identities – as well as to improve the efficiency of the system by making it easier to meet registration obligations and trace director activity and relationships. Improving the integrity and security of business data is expected to reduce the risk of unlawful activity.
Accordingly, if you are a director of corporate trustee of a self-managed superannuation fund (SMSF) and/or discretionary (family) trust, then you need to apply for a DIN by the deadline.
An application for a DIN must be made individually and only by the person applying for the number. As you are required to prove your identity as part of the process, only you – not your adviser or anyone else – can apply for a DIN.
What is a DIN?
A DIN is a unique identifier – like a tax file number (TFN).
If you are a director of several companies, you only need one DIN which will be used for all companies.
A DIN is kept forever even if you change companies, resign from your directorship(s), change names, and/or moves overseas.
How do I apply for a DIN?
There are three steps in applying for a DIN.
Step 1: Set up myGovID – If you don’t already have a myGovID, you will need to set this up before applying for a DIN online. Information on how to setup a myGovID can be found by downloading the app HERE.
Step 2: Gather documents – You need information the Australian Taxation Office (ATO) already has to verify your identity. You need your TFN, residential address held by the ATO and information from two of the following documents:
- Bank account details
- ATO notice of assessment
- Super account details
- Dividend statement
- Centrelink payment summary
- PAYG payment summary
Most of this information can be downloaded from your myGov account – so, it may be worthwhile to link to this service before applying for a DIN.
NB. “myGovID” is different to a “myGov” account. A myGov account allows a person to link to and access online services provided by the ATO, Centrelink, Medicare and more, whereas a myGovID is an app that enables them to prove who they are and to log in to a range of government online services, including myGov.
Step 3: Complete the application – Once you have a myGovID and all the relevant information to verify your identity, you can apply for a DIN. Click on the following link to start the application process – which is quick and should take less than 5 minutes.
Further information about the application process and step-by-step instructions can be found HERE.
When do I have to do this by?
The deadline to apply for a DIN depends on when you first became a director of an Australian company – which may not be when their SMSF and/or family trust corporate trustee company was established.
| Revenue Payment Period | Revenue Paid to Advisers |
|---|---|
| 1 - 15 December 2023 | 18 December 2023 |
| 16 - 31 December 2023 | 3 January 2024 |
*The information in this document (information) has been prepared by Fitzpatricks Private Wealth Pty Ltd (ABN 33 093 667 595, AFSL 247 429) (Fitzpatricks). The information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. Before acting on the information, investors should consider its appropriateness having regard to their own objectives, financial situation and needs and obtain professional advice. No liability is accepted for any loss or damage as a result of any reliance on the information.
