As part of the 2020 Budget, the government announced the full implementation of the Modernising Business Registers (MBR) program. The MBR program, implemented by the ATO, will establish the new Australian Business Registry Services (ABRS) and streamline how you register, view and maintain your business information with government and will:
- progressively roll out between 2021 and 2024
- introduce the director identification number (director ID) initiative
- bring together more than 30 ASIC registers and the Australian Business Register (ABR) in one place.
Director identification number
From 1 November 2021, directors will need to verify their identity as part of a new director ID requirement. A director ID is a unique identifier that a director will apply for once and keep forever. This applies to directors if their organisation is a:
- Registered foreign company
- Registered Australian body, or
- Aboriginal and Torres Strait Islander corporation.
Directors must apply for their director ID themselves because they will need to verify their identity. No one can apply on their behalf.
To find out how to apply for a Director ID, please click here.
When do I need a Director ID?
As part of our ASIC annual return process over the following 12 months, Prosperity Advisers will be checking with you to ensure you have applied for your Director ID.
If you have any further concerns, please contact us. Further information on this matter can be found here.