Director ID for SMSFs

The government introduced a director ID as a means to prevent false and fraudulent use of a director’s identity and to support regulators and external administrators to track directors across various companies to identify and prevent illegal activities. This applies to all ASIC registered companies.

From the 5^th April 2022 all directors of a company need a director identification number. Importantly, individual trustees are not required to have an ID.

Every SMSF corporate trustee director must have a director ID. You only need to apply for it once. If you donot obtain a Director ID, there will be severe penalties.

Going forward, you will not be able to renew your SMSF Trustee or Bare Trustee without providing your Director ID under new laws to be enacted from 1 July 2027.

 

 

Disclaimer – The content has been prepared by Redwood Advisory Pty Ltd without taking account of the objectives, financial situation or needs of a particular individual and does not constitute financial product advice. This article should not be considered personal financial advice as it is intended to provide factual information only.