As we pride ourselves on keeping our clients up to date with the most recent news within the financial and business sectors, below is information that is relevant if you are a current company Director or may be in the future.

As part of the 2020 Budget Digital Business Plan, the government announced the full implementation of the Modernising Business Registers Program (MBRP). The aim of the MBRP is to unify the Australian Business Register (ABR) and the 31 registers administered by ASIC onto a contemporary digital registry system. This will be called the Australian Business Registry Services (ABRS).

The MBRP will include the introduction of a director identification number (director ID). A unique identifier that all directors will need to apply for and keep forever, very much like a Tax File Number.

What this means for you?

As this is not proposed to be launched until later in the year, there is nothing you need to do right now.

All existing directors appointed before 31 October 2021 will need to apply before the end of the 12-13 month grace period.

All new directors after the grace period has ended will need to verify and apply for a director ID before they are appointed as a director.

How do you apply?

Once the ABRS have confirmed they are ready, there will be 3 ways to verify your identity and apply for the director ID:-

•  Digital Application
•  Phone Application
•  Paper Application

As more information becomes available we will keep you informed and advise any action that may be required.

We are excited to continue doing what we do best – adding value to your business journey, every step of the way.