Director Identification Numbers (director IDs). The requirement to obtain a director ID also applies to individuals who have an SMSF with a corporate trustee. With over 60% of all SMSFs having a corporate trustee, the directors will need to apply for their own director ID before the prescribed deadlines. The SMSF Association has provided regular, member-only updates and resources to help you communicate this change with your SMSF clients.
You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID also applies to individuals who have an SMSF with a corporate trustee, which is why I wanted to bring this new requirement to your attention. All directors of your corporate trustee will need to apply for their own director ID by the prescribed deadline.
An application for a director ID must be made individually and only by those who are applying for the director ID. As you are required to prove your identity as part of the process, our firm, or any other third party, is not able to apply for a director ID on your behalf.