I guess there are a few company directors here on Ozbargain.
What is your view on this new Director ID requirement? Have you done it already?
I understand there is a end on November 2022 deadline or they will impose fines.
Is it just a new stupid government requirement to get people to install a new MygovID app (wasn't the existing Mygov enough?) and to give the government some personal details that they already have so they can all be stored on a new database ready to be hacked. And once hacked they will just give us the "sorry, we don't know how this could have happened" story as Optus and Medicare?
I think there are too many overpaid bureaucrats needing to justify their huge salaries so they come up with new useless half baked ideas costing a lot of taxpayers money for no real benefit.
Opinions?
New Director ID
Comments
Yes that is also odd, that I have not received any communication from ASIC regarding this new compulsory requirement. Appare tly there are steep fines for not complying!
I just read about it in generic emails from various financial advisors.There are absolutely records in the ASIC data that reek of people trying to evade capture. And those records usually link to pink bats, vet fee help, ndis and other government programs that have been rorted.
So essentially they are saying that the company directors records they have are meaningless because anybody could have registered under any fake name and ASIC did not check anything to validate that in first place. Government at its best!
No, it is not meaningless. It is not as meaningful as it could be. This is not "the glass isn't full, therefore it is empty".
I know that there are duplicate records in this data where for instance a date of birth was 7/8/1950 and 8/7/1950. Or 3/7/1950 (which was probably a scanning issue). For regulators to make sure they do the right thing, they need accurate data. This is a way of fixing problematic data.
In relation to ASIC checking, you have to realise that getting the data in isn't their only job. There are a lot of records in this dataset (think greater than 10 million), and some go back multiple decades. Unless you want to employ hundreds of people to manually check each record, this is a good way forward. Sorry that it inconveniences you a bit, but it is for the greater good.
The view is largely irrelevant because ASIC has its way and that's that.
I've done mine. Stupid IMO as why cant they just use a TFN instead of creating a whole new scheme??
FYI it's important to note that it has been confirmed that if you were a director on or before 31 October 2021 you need an ID. That includes dead people too (yes I know).
With regards to the latter point I think that will be worked out administratively as I can't see them penalising the dead..
TFN has got legal restrictions for what i can be used.
I work with the ASIC data… anything they can do to make their data better, i applaud.
It seems they look for a 100% match on first name, middle name(s), surname, date of birth, address, country of birth, place of birth. If any of them are off, new record. And a lot of their data has been subjected to subpar OCR. Makes it less than ideal to work with.When I was working for a large superannuation company and I had to regularly download member information through the ATO website, I had to use my own personal MyGov account to login for it. I had access to hundreds of thousands of members' information, even from my own personal computer.
I thought that was stupid already,
Jesus that is so dumb
what about other businese owners? sole trader, partners. trustees? is this only for pty companies?
Only Directors.
Sounds like OP needs to google what is actually required for the "new id requirement for directors" as it just sounds like a winger post.
If OP does not want to do it then OP can resign as a director.
Sounds like you are a very good obedient citizen that does everything some bureaucrat and the government asks of him without questioning.
I am not that good…I question everything…
especially when rules are changed or imposed that don't make much sense.You're right to question everything when it doesn't make sense. Be warned though that the answer might not always relate to you.
Another winge… Sounds like it would be a good idea to resign as a director.
If OP does not want to do it then OP can resign as a director.
That won't fix the problem champ - google won't tell you that. I just did on OzB :P
It is the price we all pay to have our privacy so they say.
When John Howard introduced the GST he also threw out a huge amount of lollies (200 cash) trying to capture legal entities that were not properly registered.
Australia had around 20 Million inhabitants then and the lolly heist brought a first reward of around 60 million entities. Hence the long ABN's.
Meanwhile the fiddled around our privacy rights and since there is no fee for unlimited gender changes the system needed a revamp. After all we do have a directors guarantee that sadly is desperately needed.
ASIC had been pretty good in the past but nothing is immune to bot attacks. Unreasonable greenies had an easy task to hunt down important company directors homes.
Anything they put out to 3rd parties had been a total disaster.
They given back clubs to the relevant State govt admins and that is more paperwork, less professionalism!
I’m sure there is some content in that post, somewhere.
Meanwhile the fiddled around our privacy rights and since there is no fee for unlimited gender changes the system needed a revamp.
Yep, I’m sure that is the reason.
Unreasonable greenies had an easy task to hunt down important company directors homes.
I agree it seems a bit anachronistic to publish home addresses for directors, available to racist nazis, unreasonable greens or disgruntled domestic violence perpetrators alike. But it is poorly enforced. You can look up David Teoh at TPG, for example (tho he has moved on) and he just listed the office address as his home. presumably he valued his privacy more than whatever the ASIC fine would be for incorrect data, and he could certainly afford to pay.
I did mine and was the usual hassle of resetting passwords etc. for these government services I registered for in 2004 but haven’t logged into since.
I’m pleased that they are taking steps to address phoenixing, and it is a little amusing that somebody getting $20 from Centrelink had to go through similar hurdles years ago, but now this type of red tape is catching up to the top end of town.FWIW, I logged a helpdesk request with them and they replied next day, so service is better than Centrelink!
I agree, phoenixing costs the tax payers millions each year. Any step that makes it a little bit harder is great for the wider community.
Having worked for said agency I think this is a brilliant idea and should have been implemented long ago.
Phoenixing is a major problem but just too is keeping track of bans, scams, agents etc. It should never be enough to take a name and a scribble on a form as sufficient to start, run or end a company, give financial advice or touch superannuation.
Agree - hoping this does something towards phoenixing. I've family and friends who've been done over by ratbags using phoenixing companies and I hope they get a good serve of just desserts and stuff catches up with them.
Why not use the TFN then. It is already a unique identifier. Why create a new number, new system, new database etc?
TFNs arent foolproof and people who run these scams are just as likely to have multiples.
The ASIC database is large having taken over all the state business registers. Its then interlinked with APRA etc. By implementing this, over the course of years, eventually no current, future or prospective directors will be able to fraudulently create a company.
Generally I am not for big Government but in this instance, directorship is one area people need to appreciate there is a level of seriousness attached.
Question to those that have already done it.
Do you need to install the app on 2 phones to get the director ID for 2 people or can you do both from the one phone/app?
Will have to do it for my wife too as she is also a director.
One mygovid per app. So your wife will have to have her own mygovid app. Source: my wife and I in same position as you.
You could try one of those dual app apps, maybe it could be installed multiple times on the same phone?
I tried with the mygovid app. Very reluctantly…
How did everyone go with installing the app and verifying the documents required?
It does not really work.
Had a look on the reviews on the app and most people give it 1 star!
I already hate this digital identity concept, but if they really want ro force it on us at least they should have an app that works.
If the app is so bad you can imagine what the security is like… Hackers heaven?
I don't have any issue with it fairly easy to use, I don't think the apps is bad at all
it got bad review because people don't want to be forced using this sort of stuff and make up bad reviewif you worry about your data being hacked, the government store of your data is a lot safer than private enterprises
they spent a lot of money on cyber security and have very strict process about access data and data control.I can't recall a last time ATO or Centrelink has a large set of data breach
I find the app super easy to use. Documents verify straight away, no issues at all. Using it to approve logins is a breeze. What part of your app "does not really work"?
Mygovid super easy to set up and use. Link to ATO for DID down over weekend and only came back up today.
I randomly saw this on an ad, so wasn't too sure what it was for either. Haven't heard about it from anywhere else also but it did sound like a random ID to need? I would assume it has to do with phoenixing maybe? So they can tie the ID of a person as the director of a business that has been fined/prosecuted for illegal work?