New Director ID Reporting Requirements: What Companies Should Do Now

The Federal Government has introduced new reporting requirements that will require companies to provide directors' identification numbers (DIN) to the Australian Securities and Investments Commission (ASIC) from 1 July 2027.

While the commencement date for the new reporting requirements is still some time away, ASIC is encouraging companies and directors to start preparing now to ensure their records are accurate and up to date.

The reforms are part of a broader initiative to strengthen Australia's business registers, improve the accuracy of company records, and help reduce identity fraud.

What needs to be done now?

Although there are no immediate changes to reporting obligations, companies should consider conducting a "health check" of their corporate records to ensure they are ready for the new regime.

1 - Review your ASIC company records

Check that:

• your company's details are current and accurate;

• all current directors are correctly recorded with ASIC;

• directors' names, addresses and contact details are up to date; and

• any historical changes that should have been notified to ASIC have been lodged.

2 - Confirm directors have obtained a DIN

All eligible directors are already required to have a DIN. Companies should ensure that each director has obtained one and that the company retains a record of their DIN.

3 - Reconcile ASIC and ABRS records

ASIC has specifically encouraged directors to compare the information held by ASIC's company register and the Australian Business Registry Services (ABRS), to identify and correct any inconsistencies before the new requirements commence.

4 - Directors should review their DIN details

Directors can access the ABRS "Manage your Director ID" service to:

• verify their details;

• update information that has changed; and

• download a record of their DIN information.

What will change from 1 July 2027?

From 1 July 2027, companies will be required to provide DINs to ASIC as part of their ongoing company reporting obligations. This is expected to include when initially applying for a company’s registration, annual review processes, and notifications of changes to director details.

ASIC has indicated that further guidance on the practical operation of these requirements will be released before commencement.

Why is this happening?

According to ASIC, the reforms are intended to:

• reduce the risk of fraud and identity misuse;

• improve the accuracy and reliability of company records;

• strengthen authentication and verification processes for registry users; and

• make it easier to identify and track individuals acting as company directors.

Key takeaway

While the new reporting requirements do not commence until 1 July 2027, businesses should use the lead-in period to ensure their ASIC and DIN records are accurate and consistent. Taking these steps now will help avoid administrative issues when the new reporting obligations come into effect.

How Evolve Lawyers can help

If you are unsure whether your company records are up to date, or would like assistance reviewing director appointments, ASIC records or DIN compliance, please contact Michael Truelove or Winston Lay from Corporate & Commercial team. We can assist in identifying and rectifying any discrepancies before the new requirements commence.