The ATO has announced applications for a director identification (ID) number are now open to directors of a corporate SMSF trustee, but warned particular conditions will apply.
In an update on its website, the regulator noted the date an individual was appointed a director of a corporate trustee of an SMSF will impact when they need to apply for a director ID number via the Australian Business Registry Services (ABRS).
Directors registered to the position between 1 November 2021 and 4 April 2022 have been instructed to apply within 28 days of appointment.
Following the transition period, all directors will need to have a director ID number before their appointment to the position, but those appointed before 1 November will have a year to apply.
“If you were appointed on or before 31 October 2021, you have until 30 November 2022 to apply,” the ATO stated.
Heffron head of SMSF technical and education services Lyn Formica said the new time frames that apply from 1 November are likely to add to the time pressures faced by SMSF trustees when setting up a fund.
In order to log into ABRS online, directors will need the myGovID app and details are available on the ABRS website as to how to set up access.
The ATO noted that while directors can seek assistance in understanding the director ID number requirements, the application can only be completed by the director themselves as tax agents and SMSF practitioners were unable to provide assistance or apply on behalf of a director.
