Federal Register of Legislation - Australian Government

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Other as made
This instrument provides additional time for new directors to apply for a director ID during the testing period. It also extends the application period for new directors appointed during this testing period to ensure that they are not disadvantaged or exposed to the offence provision.
Administered by: Treasury
Registered 29 Apr 2021
Tabling HistoryDate
Tabled HR11-May-2021
Tabled Senate11-May-2021

Legislative Instrument

 

 

 

Corporations (Transitional) Director Identification Number

Extended Application Period 2021

 

 

I, Melinda Smith, acting Commissioner of Taxation and Chief Service Delivery Officer in my capacity as the Registrar, make this instrument under subsection 1272E(2) of the Corporations Act 2001.

 

 

Melinda Smith

Registrar

Dated: 22 April 2021

 

 

1.                  Name of instrument

This instrument is the Corporations (Transitional) Director Identification Number Extended Application Period 2021.

2.                  Commencement

This instrument commences on the later of:

a.       the day after it is registered on the Federal Register of Legislation; and

b.      the day on which Part 9.1A of the Corporations Act 2001 commences.

3.                  Application

This instrument applies from the day the Registrar is appointed for the purposes of Part 9.1A of the Corporations Act 2001.

4.                  What this instrument is about

The commencement of the director ID legislation will trigger the requirement for eligible officers to have a director identification number (director ID). Individuals who were not an eligible officer prior to the commencement of the director ID legislation (new eligible officers) are required in the transitional period (first 12 months after the legislation commences) to apply for a director ID within 28 days of becoming an eligible officer.

This instrument extends the application period in which new eligible officers are required to apply for a director ID if the individual becomes an eligible officer in the period;

·         starting when the director ID legislation commences, and

·         ending 31 October 2021.

 

5.                  Definitions

In this instrument:

Act means the Corporations Act 2001

director ID means director identification number

director ID legislation means Schedule 2 of the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020

transitional application period means the period the Minister specifies by legislative instrument for the purposes of subsection 1653(2) of the Corporations Act 2001

Note: A number of expressions used in this instrument are defined in the Act, including the following:

(a)      application day;

(b)      eligible officer;

(c)      Registrar.

6.                  Class of person to whom this instrument applies

For the purposes of subsection 1272E(2) of the Act the following class of person is defined for the purposes of allowing an extended period to apply for a director ID.

 

A person falls within the class if the person:

a.       was not an eligible officer immediately before the application day; and

b.      becomes an eligible officer within the period:

                                            i.            starting on the application day, and

                                           ii.            ending 31 October 2021.

 

7.            Extended application period

 

For the purposes of paragraph 1272C(2)(a)(iii) of the Act a person within the class defined by section 6 has until 30 November 2022 to apply for a director ID.