The First Impact From the MBR Program
Media is reporting its commencement, hence we bring you the facts.
ICB is involved in Treasury and the Australian Business Register (ABR) consultations.
As part of the Modernising Business Registers (MBR) program, eventually all company Directors will need to obtain a Director Identification Number (DIR).
The system is law. The details are subject to the current consultation process around the legislative instruments on implementation timelines and exactly what data is to be collected.
Now: nobody needs to do anything.
Recommend: individuals to obtain myGovID which may require email addresses in preparation.
Soon: selected people will assist the testing of the live system.
As of 31st October 2021, ask the following: Were you a Director as of 4th April 2021?
- Yes: Existing Directors as at 4th April 2021 will have until 30th November 2022 to obtain a DIR.
- No: New Directors:
- Appointed between 4th April and 31st October 2021 have until 30th November 2022 to obtain a DIR.
- After 31st October 2021, all new Directors will need to obtain a DIR within 28 days of being appointed.
- After November 2022 New Directors will need to have a DIR before they are appointed.
For a full explanation on Director Identification Numbers see ICB Resource: ICB – Director Identification Number (member only)