The federal government has just released the beautifully named, Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Bill 2025, draft legislation that could cost directors thousands if they don’t lodge certain forms on time.
New Penalties on the Horizon
Under the proposed legislation, companies would face fines of up to:
- $39,600 for failing to provide or update Director Identification Numbers (Director IDs), and
- $19,800 for failing to notify the ASIC of changes to a company’s and officeholders’ email addresses.
The email address requirement is new: at present ASIC’s company register captures postal addresses for official communications, but it doesn’t require companies to maintain a current email contact. The draft laws would change that, treating an up-to-date email as essential for modern regulatory communication.
The draft legislation also proposes Company Officers’ email addresses be provided and updated, all designed to “realise the full benefits of the Director ID regime”.
Linking Director IDs With the Companies Register
A core component of the reforms is linking the Director ID system to the Companies Register administered by ASIC. Director IDs were introduced in 2021 to assign each company director a unique, lifelong identifier. This system makes it easier to track director relationships across companies and combat illegal phoenixing and identity fraud.
Currently, Director IDs are issued and managed by the Australian Business Registry Services (ABRS), which sits within the Australian Taxation Office. However, the numbers aren’t yet recorded on the Companies Register itself. The draft legislation proposes full implementation of this linkage by 1 July 2027, after which companies must regularly submit updated Director IDs to ASIC.
Failing to provide Director IDs within 28 days of a change (or within 14 days of an annual review) would become an offence, attracting a fine of around $40,000.
What Companies Should Do Now
For businesses and directors, the proposed changes underscore the importance of staying on top of registry obligations. That includes:
- Maintaining current contact details with ASIC, especially email addresses,
- Ensuring Director IDs are correctly recorded and updated, and
- Preparing for the systemic changes expected when the draft legislation is approved (and hopefully renamed!).
Public consultation closes on 10 February 2026. Anyone interested in attending consultation meetings and roundtables should contact Treasury by 23 January 2026.
Article by David Stimpson (QLD Executive Director) – Brisbane