AFA News 30 June 2022. Many advisers are company directors, either through their own corporate businesses or as a director of a corporate trustee of their SMSF. Last year a new requirement was introduced for all directors to have a Director ID. This obligation has applied to new directors before being registered as a director of a company since 5 April 2022. There was a transition arrangement for directors appointed before 1 November 2021, with a deadline of 30 November 2022 for the completion of this obligation.
For any AFA members who are required to get a Director ID and have not already done this, then we recommend that you go to the Australian Business Registry Services website (abrs.gov.au).
Whilst we do not expect the Registrar or ASIC to take a heavy-handed approach, it is important to note that it is a criminal offence if directors do not apply on time, and penalties could apply.
Going forward, the Australian Business Registry Services (ABRS) will be the hub of all business registers, including as the register for all companies. The Financial Adviser Register is also scheduled to be transferred to the ABRS over the course of the next few years.
Issued 30.06.2022. AFA Policy & Education Update