Government locks in director ID deadline - the DIN just got real
Perrier Ryan • October 19, 2021
We've been advising and updating for a little while now about the new director ID regime proposed – and now enacted – by the Government.
Key dates for the implementation have now been released:
- From 1 November 2021 – existing company directors have to apply for a director ID by 30 November 2022;
- From 1 November 2021 – directors appointed from 1 November 2021 to 4 April 2022 will have just 28 days after appointment to apply for their director ID
- From 5 April 2022 – new directors appointed will be required to apply for their director ID before appointment.
Other points to note:
- Essentially, the director ID confirms a director's identity and will, in future, show which companies a director is linked to
- As it is about identity confirmation, directors must apply for their director ID themselves – no agent can do it on behalf of a client
- The fastest way to get a director ID is to apply online – you will need to make sure you've set up your myGovID
- It is free to apply and open for applications from November 2021
- The director ID will be attached to a director permanently
- The law (currently) does not authorise the ABRS to disclose director IDs to the public without the director's consent. For now, director IDs will not be searchable by the public – this may change in the future.
- Penalties do apply for failing to apply for a director ID within stipulated timeframes.
For more, see our newsletter here.
The rush toward end of financial year is on us - here are a couple of important things to consider at this time: Maximise your Super One key opportunity in your superannuation strategy is to make the most of your Concessional Contributions - but get them in before 23 June 2025 to ensure they're processed in time. Another valuable opportunity is the carry-forward contributions - remembering that unused cap amounts from the 2019-2020 FY will expire after 30 June 2025 - so this is your last chance to use them. Take Advantage of the $20,000 instant asset write-off before 30 June 2025 If you're a small business owner, now is the time to consider investing in new equipment or assets. The $20,000 instant asset write-off has been extended for the 2024–25 financial year — but it expires on 30 June 2025 and there is currently no confirmed extension beyond this date. This applies to assets that are first used or installed ready for use between 1 July 2024 and 30 June 2025. For more, see our attached information , or, call the office - 3391 7566
Calculating WFH Deductions - a summary
Did you know about the Scan function in Notes on your iPhone?
If ever you need to recover your Director ID number, here are some instructions to assist with that
Effective 7 March 2025, Perrier Ryan General Insurance portfolio was sold to Benjamin & Benjamin Insurance Group
TAX UPDATE: Temporary increase to the instant asset write off (IAWO) threshold extended to FY2025
