There’s a change involving many self-managed super funds that has slipped under the radar for many people – director identification numbers (IDs).
A director ID is a unique 15-digit number that everyone who is a director of a company must apply for before November 30. Given that many SMSF trustees are not captains of industry or small business owners, they’re often not directors of companies running businesses. So why do they need a director ID just because they have an SMSF?
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Meg Heffron is managing director at SMSF specialist firm Heffron.
