The ATO has stipulated the main method by which directors of an SMSF corporate trustee obtain a director identification number (director ID) is via the myGovID app and not the conventional myGov online service most people to date have been familiar with using.
“Just to clarify to everyone listening, myGovID is an app you download from the Apple or Google Play Store to your [mobile] device, whereas MyGov is an online account you log in to,” ATO SMSF industrial liaison, policy and governance senior director Martin Frauenfelder said during an interview with the SMSF Association.
“I just wanted to highlight that because the two are different [so] it is a little confusing.
“Once you’ve downloaded the myGovID app and entered all of your details, you need to provide information to verify your identity. These are things like your driver’s licence, passport or Medicare card.
“Once this is done, you can log on and apply for your director ID number.”
He pointed out individuals will have to choose between three levels of identity strength, being basic, standard and strong.
To this end, SMSF trustees wishing to apply for a director ID will need to have an identity strength of standard as a minimum requirement.
Individuals who are unable to apply for a director ID via the myGovID app will still have the ability to do so on the phone or using paper forms. Details for these alternative application methods can be found on the Australian Business Registry Service website.
Frauenfelder took the opportunity to emphasise individuals in the main have to go through the process themselves and cannot have someone else, such as a financial adviser, accountant or tax agent, do it for them.
“Each person must apply for their own director ID. No one can apply on their behalf unless the registrar is satisfied that the individual is unable to apply themselves,” he noted.
“I must stress that this [course of action] is very limited and will be assessed on a case-by-case basis.”