As a part of the 2020 Budget Digital Business Plan, the Australian 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, and
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.
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, Bentleys will monitor the impending changes and communicate with you. If you have any questions or concerns regarding the upcoming changes, please contact us today.
Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.