Mr Burgess, during the SMSF Association National Conference, said that the Director indentification numbers, introduced in 2020, might commence sooner than expected.
This will be a good thing, for the statutory bodies to hopefully pick up phoenix operators who start up companies, incur large debts, then file for insolvency, leaving other business and government bodies like the ATO out of pocket.
This DIN will be required for all company directors, even if it’s a trustee company of a trust or self-managed super fund. Originally envisaged to start in 2022, it has already been passed by Parliament, and has to be enacted within 2 years so it will probably be introduced sooner than that.
In future years, no-one will be able to accept a new Director invitation, unless they have successfully applied for a DIN first.
