Paper Self Assessment Return Deadline
Sales Tax Economic Nexus Check for Online Sellers
Why this matters.
Every director of an Australian company, and every alternate director, must have a director identification number under section 1272C of the Corporations Act 2001 (Cth), and since 5 April 2022 new directors must apply before they are appointed. A Director ID is a unique 15-digit number you keep for life, applied for once through the Australian Business Registry Services using a myID. Directors of Aboriginal and Torres Strait Islander corporations have the same duty under the CATSI Act 2006. Failing to apply on time is a strict liability offence that can attract criminal and civil penalties, and the Registrar can issue infringement notices. The Director ID regime exists to stop phoenix activity and fake directors, so regulators actively check it.
Holding a Director ID is just the start. Your company must keep ASIC’s register up to date, including notifying changes to officeholders and their details within 28 days (section 205B) and changes to its registered office and principal place of business (sections 143 and 146). Each year ASIC issues an annual statement, the review fee must be paid, and directors must pass a solvency resolution within two months of the review date unless a negative solvency statement is lodged (section 347A). A proprietary company must have at least one director who ordinarily lives in Australia (section 201A), keep a register of members (section 169) and keep financial records that explain its transactions for seven years (section 286). Directors also owe statutory duties of care and diligence, good faith and proper use of position (sections 180 to 183), must prevent insolvent trading (section 588G), and can become personally liable for unpaid PAYG withholding, GST and superannuation guarantee through ATO director penalty notices under Division 269 of Schedule 1 to the Taxation Administration Act 1953.
