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Don’t think it can’t happen to you!

  • TurkAlert
  • Published 13.05.2024

WA directors fined $5,000 each for failing to obtain a Director’s Identification Number.

As these things do, this decision turns on its own facts however the salient lesson for all directors of all companies, big and small, is that since 30 November 2023 you MUST HAVE a Director Identification Number.

Australian Securities and Investments Commission is responsible for enforcing the Director Identification Number requirements and it says that it will take a reasonable approach to directors who are trying to do the right thing: however, in the case of Messrs Mason and Henry, ASIC had plainly determined those two were not trying to do the right thing.

Mr Henry, a director of 4 companies and Mr Mason, a director of two companies were both convicted in their absence in the Perth Magistrates Court of contravening section 1272C(2) of the Corporations Act 2001 for failing to have a Director Identification Number. In convicting the pair, Magistrate Crawford SM observed that considerable efforts had been made by the relevant government agencies to bring the accused’s’ attention to the scheme and obtain compliance.

Both Mr Henry and Mr Mason were fined $5,000 plus costs.

The maximum penalty for an offence against section 1272C(1) of the Act is 60 penalty units which currently equates to $18,780.

Fill out the form! Obtain a myGovID and go to Australian Business Registry Services here.