ATO assumes registrar role for the new Director ID regime
ASIC staff will begin moving to the ATO as the government prepares for the imminent rollout of the new DIN regime and the Commissioner of Taxation is appointed as the Commonwealth Registrar of the new ABRS.
The DIN will be the first function of the ABRS. Once current testing concludes (31 October), directors will be able to access the ABRS using their myGovID to supply a number of identity documents to acquire the unique identifier. They will keep this number permanently, even if they cease to be a director, change their name or move interstate/overseas.
Provisional deadlines will see all directors required to obtain a DIN by 30 November 2022. Individuals who seek appointment after 30 November 2022 will be required to obtain a DIN prior to being appointed. It's interesting to note that this regime is expected to cover 10% of Australia's 25.7 million population.
The next move will be the companies register, the business names register and the ABN register to the ABRS.
The end goal is to improve the user experience, simplify the way people interact with business registers and provide business owners with a single entry point to establish their business.
As Senator Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy put it: " Modernising business registers with a one-stop shop, replacing the current 31 registers, is part of our government's commitment o Australia becoming a leading digital economy and society by 2030."
