The package of legislation to modernise the business registers passed Parliament last week and awaits Royal Assent. As a result of the passage of this legislation, there will be a new Commonwealth business registry regime and registry functions under one Registrar – with the existing 31 ASIC registers and Australian Business Register the first in scope.
Laws will no longer reference individual ‘registers’ – all data will form ‘registry information’ and the Registrar will have regulatory responsibility for Director Identification. The Director Identification will commence 2 years after Royal Assent (or on such earlier date as may be proclaimed by the Governor-General).
The Australian Business Register (ABR) note that the unified Commonwealth business registers will be operated by them and that the process will be making it easier for businesses to meet their registration obligations. This will leave businesses more time to focus on their customers and business operations, make business information more trusted and valuable, and improve the efficiency of registry service transactions.
Until the new Register system is implemented, the ABR and existing ASIC registers will continue to operate as per normal.
The ATO will work in partnership with Treasury, ASIC, Department of Industry, Innovation and Science and the Digital Transformation Agency to deliver the MBR Program.
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