The proposal has two components which would be undertaken by the Australian Securities and Investments Commission (ASIC) to target phoenix activity.

• Component 1: Directors would be charged a one‐off fee of $20 to obtain a Director Identification Number.
• Component 2: Increase the level of detail to be provided by directors when registering a company with ASIC.  The company registration process would be improved through an online application that pre‐fills details about previous and current directorships and asks additional questions.

The proposal would commence on 1 July 2019.