Director ID Not Required for Former Company Directors
Former company directors, including those of corporate SMSF trustees, will not be required to obtain a director identification number (director ID) by 30 November if they have ceased all directorships before 1 December under a new draft legislative instrument released by the ATO.
The draft instrument, ABRS 2022/D1, issued on 15 November will exclude individuals who have resigned from all directorship roles during the period 4 April 2021 to 30 November 2022 from needing to apply for a director ID.
A draft explanatory statement (ES) accompanying the draft legislative instrument stated: “The instruments will relieve particular classes of persons from the obligation to obtain a director ID.
“To ensure that affected classes of persons benefit from this relief and do not become liable to any penalties for not applying for a director ID, the instrument for resigned directors and non-individual directors under the Corporations Act must take effect from 1 December 2022.”
The draft ES also noted the timing of the release of the instrument as being close to the deadline to apply for a director ID and said: “As a consequence of the timing of the registration of this instrument, it is necessary to give the instrument made under the Corporations Act retrospective commencement from 1 December 2022.”
If you have questions in relation to the above, or any other matters, please do not hesitate to contact our office on 1300 620 345.