As its latest attempt to combat phoenix activity, the Australian Government has introduced a regime requiring directors of Australian companies to hold a unique Director Identification Number (DIN). The purpose of the regime is to reduce fraud and 'phoenixing' and facilitate better accountability for directors.
This article explores who will need a DIN, how to get one, what steps should be taken in preparation for the obligations, and details about how the regime will be implemented. Finally, we touch on the purpose and intentions behind the changes, and how they might benefit businesses going forward. The commencement date has not yet been finalised, but we can expect the regime to kick off sometime in early 2021.
WHO NEEDS A DIN?
"All ‘eligible officers’ must register for, and permanently hold, a DIN once the regime is underway."
