One of the more astonishing revelations unearthed by recent testimony in front of a Parliamentary Joint Committee was the admission by A.S.I.C. Commissioner, John Price, that it would be possible…under the present system…for Elvis Presley or Bob Marley to be registered as a Company Director.
Using the examples of long-dead popstars and entertainment personalities to illustrate what is presently possible is part of the argument our Corporate Regulator is presenting towards improving the accountability of Company Directors.
Mr. Price was emphasising that this present Australian system for Registration of Company Directors is purely for registration and does not include any “Checking” of identity.
The new “Registries” Bill, already passed by the lower house, proposes to introduce Director Identification Numbers (D.I.N.) which will require all Directors to confirm their identity and be issued with a unique permanent identifier that will remain with them, even if they cease to be a Director.
This unique identifier is designed to enable tracing of any Director’s relationships across companies and prevent the use of fictitious identities. It will be a marked contrast to our existing system where application to become a Director simply needs name, address and date of birth, without any requirement for proof of identity.
Identity will not be a problem, once the new Director Identification Number (D.I.N.) requirement is in place and exerting its influence. The Corporate Regulator is also convinced that the D.I.N. measure will tie in well with the other recently passed measures which extend the Director penalty regime to include Goods and Services Tax, Luxury Car Tax and Wine Equalisation Tax liabilities.
The Tax Commissioner can now hold Directors personally responsible for unpaid G.S.T. and P.A.Y.G. withholding and also Superannuation Guarantee liabilities. The advent of the new Director Identification Number means that it won’t be Bob Marley or Elvis Presley that they come looking for because…even in the case of “Passive” Directors…they will know who you are and where you live…even if you have left the building.
We can help you stay out of the spotlight…
Take the first step today…call or email Alan and his INVISION Team and ask them to show you the steps to take to ensure you are not involved in any unintended or unwelcome support act action!