Directors & governance
Director Identification Numbers, statutory directors' duties under the Corporations Act, insolvent trading safe harbour, continuous disclosure, and the Financial Accountability Regime.
18
Obligations
20
Regulators
0
Recent enforcement
Regulators
Obligations (18)
- criticalCWLTHcurrentApply for a Director Identification Number (Director ID)
Every director needs a Director ID before appointment — apply via ABRS.
- criticalCWLTHcurrentAppoint voluntary administrator under Part 5.3A Corporations Act
Directors can place company in voluntary administration when insolvent — pause creditor claims for restructuring window.
- criticalCWLTHcurrentComply with ASX continuous disclosure (Listing Rule 3.1)
Listed entities must immediately disclose price-sensitive information to the market.
- criticalCWLTHcurrentComply with directors' general law and statutory duties
Directors owe duties of care and diligence (s 180), good faith (s 181), no improper use of position (s 182) or information (s 183).
- criticalCWLTHcurrentComply with Financial Accountability Regime (FAR) accountability obligations
Banking entities from 15 March 2024; insurers and super trustees from 15 March 2025.
- criticalCWLTHcurrentFAR deferred remuneration arrangements (40% deferral 4 years)
FAR accountable persons must have 40% of variable remuneration deferred 4 years.
- criticalCWLTHcurrentPay company PAYG/GST/SG or face Director Penalty Notice (DPN)
Directors personally liable for unpaid company PAYG, GST + SG via DPN regime.
- criticalCWLTHcurrentPrevent insolvent trading (s 588G)
Directors must prevent the company incurring debts while insolvent — or face personal liability.
- criticalCWLTHcurrentRegister security interests on the PPSR
Secured creditors must register on the Personal Property Securities Register to preserve priority.
- highCWLTHcurrentComply with corporate whistleblower protections (Part 9.4AAA Corporations Act)
Public companies and large proprietary companies must have a whistleblower policy and protect disclosers.
- highCWLTHcurrentDischarge of directors' duties — practical evidence
Directors must contemporaneously document discharge of duties for defence in s 180-183 cases.
- highNSWcurrentPay NSW transfer duty on residential property acquisitions
Variable transfer duty rates; foreign purchaser additional duty 9%.
- highQLDcurrentPay QLD transfer duty on residential property
QLD transfer duty progressive; foreign acquirer additional duty 7%.
- highVICcurrentPay Victorian stamp duty on residential property
Variable rates by purchase price; foreign purchaser surcharge 8%. PPR concession available.
- highCWLTHcurrentPersonal bankruptcy declaration or debt agreement
Individuals with unmanageable personal debt can voluntarily petition for bankruptcy via AFSA.
- highCWLTHcurrentSimplified Debt Restructuring (small business)
Small companies (<$1M liabilities) can use SDR to restructure without full external admin.
- mediumCWLTHcurrentAdopt the Voluntary AI Safety Standard (DISR 2024)
10 voluntary guardrails for safe + responsible AI deployment; mandatory regime in development.
- mediumCWLTHupcomingBeneficial ownership transparency (Tranche 3 — under consultation)
Proposed beneficial ownership register for unlisted companies and trusts — consultation through 2024-2025; commencement TBD.