As a part of the 2020 Budget
Digital Business Plan, the government announced funding to implement the
Modernising Business Register (MBR). The MBR will unify the Australian Business
Register (ABR) and 31 registers administered by the Australian Securities Investment
Commission (ASIC) onto a digital registry system for:
- business names
- Australian business numbers,
What is a DIN?
A DIN is a unique identifier that each director will keep
forever. Even if a director ceases to be a director, the same identifier will
not be re-issued to any other person.
Who will need a DIN?
Once the program takes effect, all directors, acting alternate
directors and management committee members of ‘registered bodies’ will require
a DIN. Under the new system it will be an offence if a Director does not have a DIN.
When will DINs be required?
Preparations are underway to commence the rollout of the program
and it is envisaged that changes will be implemented during the first half
of 2021. During the first 12 months after the DIN requirements take
effect, newly appointed directors will have 28 days to apply for a DIN. After
the first anniversary of the DIN requirement taking effect, a DIN must be
applied for before a director can be appointed.
While there is no
action to be taken just yet, Butlers Accountants will monitor the impending changes
and communicate with you. Staying on top of your duties as a Director is crucial for your business and your own personal liability.
If you have any questions or concerns regarding the
upcoming changes, please contact our office on 07 5536 2288 or firstname.lastname@example.org.