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Director's ID : As required by ASIC from Nov 30 2022
Believe it or not, there is a potential $1,100,000 maximum penalty for not applying for a Digital Director’s ID by November 30th.
This has been on my mind now for some time and I’m surprised that the topic hasn’t yet been raised in the forum. Perhaps it’s buried in the Q & A videos somewhere? If you’ve come across Mark’s suggestions on this anywhere, please reply with links.
I’ve never sent a Conditional Acceptance in the shadow of such a massive fine before and am wondering if anyone has suggestions/results or moral support to offer.
My thinking is to conditionally accept on the guarantee of personal data/privacy security, with a liability fee of say, $50m for a breach…or a “sum to be determined” at my discretion based on damage to livelihood, freedom, health, restrictions on travel and/or any other existing or future personal value that is lost or imposed. (something along these lines?) If I neglect to mention a deleterious outcome, does that mean I cannot claim on it?
Looking forward to your responses!
cheers Paul
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19 Replies
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I also have been looking for an answer to this, so thank you for posting the question.
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Yes thanks Paul – I am extremely interested in this topic too!
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I intend to draft a conditional acceptance, My Will Notice & Mandate etc in response to the Digital ID. I am also looking at how I can change the structure of my SMSF. For those who are business owners you may want to research Private Members Associations.
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what is your current SMSF structure? I have 1 set up with company and 2 trustees. Accountant said the DIN won’t apply to said SMSF
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My SMSF is a corporate trustee & I am the only director which different to you as you have 2 trustees.
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i am looking to do this as well, would anyone have more of a template for wording ideas?
Time is running out! Thanks!
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My husband and I are also in this situation and would like to have as much information as possible. I would love to have an idea on what to do and write to protect ourselves. Thank you.
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Yes I too am very keen to find remedy to the Director ID mandate. Did Mark cover the subject in last zoom?
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If you go to the Q and A tonight you can ask him there. Here’s a link to RSVP http://solutionsempowerment.org/event/general-qa-october-19/
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Unfortunately I couldn’t make the Q&A again. I’ll definitely be on the next one.
In the meantime, did this $1m question get answered please?
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Question was asked but it’s a current issue that Mark hasn’t had the time to look at options for remedies yet.
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Great thanks Yort.
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Hi, I’m a new starter on the site and also interested in this topic. I’m curious, have any of you received a letter in the mail addressed to you as the director asking you to register for the DIN? I believe this would have some bearing on how you respond? This would be a good question for the Q&A with Mark tomorrow night.
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When you ask him your question don’t use initials eg DIN write out the full name of what you are talking about or he might not be able to work out what you are referring to. Also put the letter Q.. before your question so he can easily find it.
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FYI – Mark will be doing a special webinar on this topic of Director ID, on November 2 at 7pm (AEDT).
We will be updating the webinar information today/tomorrow, and rescheduling the “Successes Webinar” over to December instead.
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Thank you – He’s a busy man!
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Thank you Mark – Appreciated.
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Do we have a zoom on tonight for the Director IDs?
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