What you need to know
 
ASIC has recently advised that from 1 July 2027, new laws will require companies to provide director IDs to ASIC when updating company details.
 
These changes will apply to companies and company directors, including where an individual is a director of a registered Australian body or a registered foreign company.
 
If a company has multiple directors, the director ID of each of the current directors needs to be provided to ASIC.
 
How it will work
 
Companies will need to provide director IDs to ASIC through company reporting processes, including the annual review or when notifying changes to directors' details.

What you need to do now
 
Keeping your details up to date is important.
 
The annual review is the time to ensure:

• your company details are up to date
• all current directors are listed
• all names are correct and correctly presented - mismatching names are causing issues in several instances and scenarios these days with increased AML checks and diligence now imposed on an increasing number of industries



Want to know more?
 
It is worth noting that Australian Business Registry Services (ABRS) - part of the ATO - is responsible for verifying director identities and administering director IDs.
 
ASIC is responsible for registering companies, for adding director ID information into the companies register and for enforcing director ID obligations.
 
ASIC has advised that further information and guidance will be provided before 1 July 2027 and we will keep you updated.