SILENCE ON THE DIN
Director identification numbers are the most important reform required to crack down on illegal phoenix activity. Yet the Turnbull Government is still no closer to implementing them.
Minister Kelly O’Dwyer yesterday released draft phoenix legislation that did not include director identification numbers.
Labor have been calling for the introduction of director identification numbers for 15 months, with support from:
- Australian Institute of Company Directors
- Australian Small Business and Family Enterprise Ombudsman
- Productivity Commission
- Tax Justice Network
- Australian Chamber of Commerce and Industry
- Master Builders Australia
- Australian Council of Trade Unions
- Australian Restructuring Insolvency and Turnaround Association
- Phoenix Project, comprising experts from Melbourne University Law School and Monash University Business School
- Australian Institute of Credit Management
Director identification numbers have been cited as the single most effective measure to crack down on illegal phoenix activity. But the Turnbull Government hasn’t clarified when and how they would implement them. While Labor’s policy requires the same 100-point identity check that new bank account holders must go through, the Minister wouldn’t rule out biometrics when asked about the proposal last year.
If we needed any proof that a director identification number was needed, it should have come with the news that a Liberal backbencher had multiple birthdays listed with the corporate watchdog.
For the sake of Australia’s taxpayers, workers and honest businesses, the Turnbull Government must implement a director identification number sooner rather than later.
Authorised by Noah Carroll, ALP, Canberra.