Administrators have gotten till the tip of the month to get a Director Identification Quantity. Accountant GAIL FREEMAN explains why.
COMPANY director Jing had heard there was a brand new factor round referred to as a Director Identification Quantity (DIN).
“I can’t see the purpose in making use of for this so I feel it finest to shut my firm down,” he mentioned when he got here to see me wanting assist with that call.
I instructed him that not too long ago the ATO clarified that anybody who was an organization director at any time after October 31, 2021, was required to have a DIN, even when the corporate had been closed down.
“So closing the corporate is not going to relieve you of that obligation, Jing. You’ll nonetheless must get a DIN,” I mentioned.
“It’s really fairly a simple on-line course of or you are able to do it by cellphone.
“From my expertise you possibly can await a while on the cellphone so doing it on-line might be faster.
“If you happen to can’t use both of those strategies to use, there’s a type on the ATO web site that you should use to use.
“Each firm director will want a DIN. As you have been appointed a director earlier than October 31, 2021, you have to apply to your DIN earlier than November 30, 2022.
“If you happen to have been appointed between November 1, 2021, and April 4, 2022, you have to apply to your DIN inside 28 days of your appointment and from April, 5, 2022, you will have your DIN earlier than you will be appointed as a director. “Your DIN will stick with you eternally and might be used for a number of corporations”
Candidates for a DIN might want to have a MyGovID account. This isn’t the identical as MyGov. To get a MyGovID account candidates want any two types of ID from a driver’s licence, passport, start certificates or Medicare card. “After you could have obtained your on-line MyGovID account you will have different paperwork to really apply for the DIN,” I instructed Jing.
“These embrace your tax file quantity, your residential deal with which should be the one held by the ATO and two different types of ID equivalent to a tax discover of evaluation, tremendous account particulars, checking account particulars, a dividend assertion, a Centrelink cost abstract or a PAYG cost abstract.
“The subsequent step is to go to the ABRS web site abrs.gov.au and comply with the instructions.
“The DIN itself ought to solely take about 5 minutes to use for. “Solely you possibly can apply for a DIN, I can’t do it for you. If you happen to do need assistance, we are able to definitely help you however we can’t do it for you. You will need to act now. There are large penalties for not getting a DIN.”
Jing mentioned he would take me up on the supply of assist, “I typically have bother with this form of factor”.
“Based mostly in your recommendation there appears little level in closing the corporate down as I’ll want a DIN anyway,” he mentioned.
I replied that I used to be pleased to assist.
“I’ve had to assist fairly a couple of others,” I mentioned.
“Upon getting your DIN you will have to advise the one that takes care of your organization in order that it may be included with the corporate data.”
If you happen to need assistance with making use of for both MyGovID or your DIN contact the pleasant workforce at Gail Freeman & Co Pty Ltd on 6295 2844 or go to gailfreeman.com.au
This column incorporates normal recommendation, please don’t depend on it. If you happen to require particular recommendation on this subject please contact Gail Freeman or your skilled adviser.
Authorised Consultant of Lifespan Monetary Planning Pty Ltd AFS Lic No. 229892.
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