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You are here: Home » Business Academy » Tax Updates » First ASIC prosecution for failing to have a director ID (May 2024 Tax Update)

First ASIC prosecution for failing to have a director ID (May 2024 Tax Update)

Relevant For:

Directors who need to understand compliance requirements related to Director IDs.

Key Points:

  • Director IDs introduced to prevent fake identities and link directors with companies.
  • Aims to curb illegal phoenix activities.
  • ASIC initiated its first prosecution for non-compliance with Director ID requirements.
  • The case was heard on 19 March 2024 in the Downing Centre Local Court.
  • Offenders could face up to 60 penalty units, totalling $13,320.
  • Urges directors without IDs to apply promptly to reduce risk of legal action.

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