Director Identity Number (DIN) Bill Passed
The Bill has now been passed in both houses of parliament and will require all directors to have a Director Identity Number (DIN) - a unique identifier that a director will keep forever. It's expected to be introduced in early 2021.
Under the transition rules it is proposed that for the first 12 months new directors will have 28 days to verify themselves and obtain a DIN. After that period, new directors will need a DIN before they can be registered.
Current directors are to be given 18 months to verify their identity.
This DIN is aimed at reducing phoenixing activity and improving traceability.
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