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Business registration to be updated

The government has moved forward with the Modernising Business Registers (MBR) program with a singular registry platform, eliminating seven registry interactions.

Minister for superannuation, financial services and the digital economy, minister for women's economic security Jane Hume announced the appointment of commissioner of taxation as the commonwealth registrar of the Australian Business Registry Services (ABRS) which marks the next phase of the MBR.

The MBR will allow businesses to quickly view, update and maintain registry data in one location, bringing together ASIC's 31 business registers and the Australian Business Register onto a new system at the ATO.

Under MBR, the ABRS will allow business owners to register through the Australian Taxation Office rather then the current system which requires up to seven entry points to establish a business.

"For the 2.7 million registered companies on the Australian Company Register, these reforms will streamline their annual business registry engagement with the government, helping SMEs to save time and money," Hume said.

"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."

The commissioner of taxation as registrar will have the flexibility to change the technology to improve user experience.

The first function of the ABRS will be director identification numbers which are a requirement for all company directors. The director ID will be a unique identifier that a director can keep forever regardless of whether they cease to be a director or move interstate.

"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," Hume said.

Read more: MBRABRSATOJane HumeASICAustralian Business Register