On 22 June 2020, the Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019 (Cth) received assent. Schedule 2 of the Bill has introduced the requirement for directors to apply for and hold a Director Identification Number (‘DIN’) from ASIC. As a result of this measure to counter phoenix activities and improve transparency, amendments have been made to the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth), Corporations Act 2001 (Cth), Income Tax Assessment Act 1936 (Cth) and Taxation Administration Act 1953 (Cth).

The requirement for a DIN is expected to be implemented in early-to-mid 2021.

Bill:  https://parlinfo.aph.gov.au/parlInfo/download/legislation/bills/r6471_aspassed/toc_pdf/19242b01.pdf;fileType=application%2Fpdf