Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC business registers to roll under the ATO

14 April 2021
| By Chris Dastoor |
image
image image
expand image

The Federal Government has announced, as part of the Modernising Business Registers (MBR) program, that the Australian Securities and Investments Commission (ASIC) business registers are rolling under the Australian Tax Office (ATO). 

The appointment of the Commissioner of Taxation as the Commonwealth Registrar of the Australian Business Registry Services (ABRS) signified the next stage and, once fully established, would bring all 31 of ASIC’s business registers and the Australian Business Register into a new modern system at the ATO. 

The Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume, said for the 2.7 million registered companies on the Australian Company Register, these reforms would streamline their annual business registry engagement with the Government. 

“There are on average 224,000 new company registrations in Australia each year,” Hume said. 

“The new ABRS will mean for each new registration, business owners will have a single entry point through the ATO to establish their business, rather than the current system that has up to seven entry points for various business registry interactions needed to establish a business. 

“The new system will improve transparency of publicly held company data by creating a single source of trusted and accessible business data that will provide efficient registry service delivery. 

“It will also provide businesses with real time access to their data and allow them to have more visibility and confidence in their transaction partners.” 

The Registrar would have ongoing flexibility to adapt and respond to changes in technology to improve the user experience and simplify the way people interacted with business registers. 

“Director identification numbers (director ID) will be the first new function of the ABRS to be delivered later this year and is a new requirement for all company directors,” Hume said. 

“Director ID will be a unique identifier that a director will keep forever. An individual will keep their director ID even if they cease to be a director, change their name, or move interstate or overseas. 

“Verifying the identity of directors is important for improving data integrity and helping regulators to detect and deal with illegal phoenixing activities.  

“The Registrar will notify company directors of their obligations under the new director ID regime.” 

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

3 days 17 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

6 days 12 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 1 day ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND