Company directors set to miss a deadline from the Tax Office and the federal government to apply forDirectors had until November 30 to apply for a new unique 15-digit Director ID identifier, with fines for board members, registered Australian charity organisations and foreign companies that failed to sign up to the anti-fraud system.Assistant Treasurer and Financial Services Minister Stephen Jones
wrote to Taxation Commissioner Chris Jordan on Wednesday asking for extra time for directors set to miss the deadline or who had faced difficulty signing up. Mr Jones said about 1.8 million directors were fully registered, including some 600,000 who signed up in November alone. About 700,000 directors who were set to miss the deadline will instead have until December 14 to comply with the rules.
The Director ID system is designed to help crack down on illegal activity and fraud, including phoenix activity. Business owners who illegally shut down their company and transfer assets into new firms to avoid paying debts will be tracked.Mr Jones welcomed moves by the ATO to hold off applying compliance penalties and fines until mid-December, noting online systems had faced pressure from a large number of applications.
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