The legislative package to modernise Commonwealth registers and to introduce a director identification number (DIN) requirement has received assent and is now law. The Commonwealth Registers Bill 2019 (Act No 65 of 2020) creates a new Commonwealth business registry regime intended to simplify business interaction with government and compliance with regulations.
The Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019 (Act No 69 of 2020) introduces the DIN requirement into the Corporations legislation to tackle illegal phoenixing and will be administered by ASIC. A DIN will require directors to confirm their identity and will be a unique identifier to enable regulators to investigate involvement in unlawful activity. The amendments are effective two years from assent or an earlier date proclaimed by the Governor-General. Existing directors will also be required to obtain a DIN within a period to be specified via legislative instrument. Penalties will apply to directors who fail to apply for a DIN in time.