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Significant penalties for directors without a Director Identification Number
What is a Director Identification Number?
A Director Identification Number (director ID) is a unique 15-digit identifier issued by the Australian Business Registry Services (ABRS) to individuals who are company directors. It helps prevent fraudulent activity, supports external administrators in managing director relationships, and promotes accountability.
Individuals must apply for a director ID before they are appointed as a company director.
What penalties may apply if a director does not have an ID?
Failing to obtain a director ID is a serious offence, and directors may be held liable regardless of intent, with penalties ranging from $13,200 to $1.1 million.
In a recent decision, ASIC prosecuted two company directors for failing to obtain a director ID. They were convicted and each fined $10,000. This case highlights that non-compliance can result in significant penalties and enforcement action.
What are your obligations as a company director?
Taking on the role of a company director is a serious one and comes with many obligations.
As a company director you need to:
- Ensure you have a director ID.
- Always act honestly and in the best interests of your company.
- Maintain proper records and prepare financial reports per ASIC due dates.
- Understand and follow all laws that apply to your company.
- Understand your company’s business and financial dealings.
Find the latest expert advice, guides and much more!
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The above is intended to provide general information in summary form. The content does not constitute specific advice and should not be relied upon as such. Formal advice should be sought by members and customers with respect to particular matters before taking action.
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