News location:

Canberra Today 19°/22° | Monday, January 24, 2022 | Digital Edition | Crossword & Sudoku

Sponsored Content

Directors have to apply for ID number

The new regime of Directors Identification Number (DIN), came into existence on November 1. In this sponsored post, accountant GAIL FREEMAN explains how to get one…

Amelia, a new client, organised a Zoom meeting with me. I asked her to provide her driver’s licence before the appointment.

“Why do I have to do that?” she asked. “No accountant has asked me for a driver’s licence before.”

Gail Freeman.

I told her we had requested ID from clients for many years. However, the Tax Practitioners’ Board had recently put out a draft practice note that stated all new clients should produce photo ID before their appointment. In addition, they should provide a secondary form of ID such as a notice from the ATO or Centrelink or a Medicare card.

While this was still in draft form, I thought it prudent that we complied with this. Not only that, but if we don’t, we could be acting outside the Tax Practitioner’s Code of Ethics.

Beyond that, I alerted Amelia to the new regime of Directors Identification Number (DIN), which came into existence on November 1. “As I understand it, you have a company and I will explain the process to you so that you have the necessary DIN,” I said.

“Every company director will have to have a DIN. If you were appointed a director before October 31, 2021, you must apply for your DIN before November 30, 2022.

“If you are appointed between November 1, 2021, and April 4, 2022, you must apply for your DIN within 28 days of your appointment and from April 5, 2022, you will need your DIN before you can be appointed as a director. Your DIN will stay with you forever and is used for all your companies.

“To apply for a DIN you will need to have a MyGovID account. This is not the same as MyGov. To get a MyGovID account you will need any two of a driver’s licence, passport, birth certificate or Medicare card.

“After you have obtained your online MyGovID account you will need other documents to actually apply for the DIN. These include your tax file number, your residential address, which must be the one held by the ATO, and two other forms of ID such as a tax notice of assessment, super account details, bank account details, a dividend statement, a Centrelink payment summary or a PAYG payment summary.

“The next step is to go to the ABRS website (abrs.gov.au) and follow the directions. The DIN should only take about five minutes and it is one of the applications that only you can make. Your accountant or lawyer cannot do it on your behalf. If you do need help, we can certainly assist you with your application.”

Amelia said that was a lot to take in, “but I think I will take you up on your offer to assist me as I often have trouble with this sort of thing.”

I replied: “Happy to help you Amelia as I am sure we’ll be helping quite a few other clients in the next couple of months.”

If you need help with applying for either MyGovID or your DIN contact the friendly team at Gail Freeman & Co Pty Ltd on 6295 2844, email info@gailfreeman.com.au or visit gailfreeman.com.au

Disclaimer: This column contains general advice, please do not rely on it. If you require specific advice on this topic please contact Gail Freeman or your professional adviser.

Authorised Representative of Lifespan Financial Planning Pty Ltd AFS Lic No. 229892.

Who can be trusted?

In a world of spin and confusion, there’s never been a more important time to support independent journalism in Canberra.

If you trust our work online and want to enforce the power of independent voices, I invite you to make a small contribution.

Every dollar of support is invested back into our journalism to help keep citynews.com.au strong and free.

Become a supporter

Thank you,

Ian Meikle, editor

Share this

Leave a Reply

Related Posts

Lifestyle

Agile accountants with a passion for super

LOCAL, chartered accounting firm Greenlight Super Services specialises in self-managed superannuation funds. Owners Vanessa Rae and Danielle Rodda have a combined 40 years of accounting experience and are accredited specialists.

Follow us on Instagram @canberracitynews