As the 30th November 2022 deadline quickly approaches for all directors to obtain their director identification number (DIN), we look at the issue of deceased and resigned directors and the obligations that must be met.
Individuals who were listed as directors of either a company or a SMSF with a corporate trustee on or before 31st October 2021 will be required to obtain a DIN, even if they have since passed away or have resigned as a director. Although this was likely an unintended consequence, it is important to ensure that the obligations set out by the regulator have been met to ensure compliance and that no penalties are forthcoming.
This is particularly important for those directors who have resigned as a director after the 31st October 2021 and have no intention of being appointed as a director in any future roles. It may mean that some individuals are unaware of their obligations of obtaining a director ID.
As a general reminder to all directors, the relevant dates for the application of director ID’s are as follows:
More information & how to apply can be found at: www.abrs.gov.au/director-identification-number/about-director-id.
Contributed by Jordan Williams.
