Are you a director of an Australian entity? Time to get your director ID sorted!
Are you a director of an Australian entity? If you are, or you’re not sure, keep reading.
There are all kinds of directors in Australia. The obvious ones are directors of companies or trusts, but there are others as well. You could be a director if you run a charity, look after your local footy club, or even manage a self-managed super fund.
If you’re a director with responsibilities, one of those responsibilities is to register for an Australian director ID. It’s a unique 15-digit identification number that will remain with you forever, even if you change companies, move house, or change your name.
The director ID is aimed at preventing fraudulent business activity, in particular phoenix activity, where an entity is shut down to avoid paying debts, only to re-surface as a new entity.
If you are a director of an Australian entity you must register for your director ID before 30 November 2022 to avoid being fined. There’s more information available, and you can lodge your registration at ABRS.gov.au.
In other news, if you wanted a lesson in just how volatile share markets can be, take a look at what happened in the US yesterday. It was truly wild – have a listen to my chat on 6PR Breakfast this morning for the breakdown.
And lastly, the weaker than expected inflation numbers in the US announced last Friday gave global share markets a lift, and some stocks were helped (particularly resources) on news that China is starting to ease its zero-Covid policy.
As a result our dollar spiked to 67 US cents and is up 8% in a month. In addition, our stock market has risen 11% in six weeks, both of which are big rises.
China’s zero-Covid policy has put a handbrake on global economic growth though, which is hurting Australia through suppressed export activity with our biggest trading partner. So we need China’s economy to get back to growing!