DINs: What are they and do you need one?
We’re bringing you a truly boring accounting article today – but for good reason, we promise. Director Identification Numbers have come into play and if you’re a business owner, you have to know about it. We’ve summarised the bits worth remembering.
What is a DIN?
It’s a 15-digit identifier that is assigned to every director of a company. Once you’re assigned a DIN, it’s yours for life. The main reason ATO deemed this necessary is to stop dodgy behaviour – like someone making you a director of another company without your knowledge, or illegal phoenix activity (ending one company that’s in financial trouble just to start up another company without any of the liability).
If you’re a sole trader or are in a partnership, this doesn’t apply to you.
How can we help?
Noone can apply for a DIN on your behalf – it must be done by the director themselves. So our job is to pass this information on to you, nag you a bit, and make sure you’ve done it by the due date.
When do you need a DIN?
|Date you become a director||Date you must apply|
|On or before 31 October 2021||By 30 November 2022|
|Between 1 November 2021 and 4 April 2022||Within 28 days of appointment|
|From 5 April 2022||Before appointment|
What happens if you miss the cut off date for a DIN application?
You could be fined. Stick a reminder in your calendar and just get it done.
How do you apply for a DIN?
Through MyGov. You’ll need your TFN and two pieces of identification like a BAS and a bank statement.
Questions? Concerns? You know where to find us.