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Modernising Business Registers and Director Identification Numbers legislation

*Updates to draft legislation – 16 October 2018

  • Added Bill 3 – Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2018: Further amendments.
  • Minor changes made to the Explanatory Memorandum to incorporate Bill 3 of the draft legislation. The changes are:
    • updated Consequential amendments tables (see Appendix);
    • addition of two new footnotes (3 and 73); and
    • updated references in the ‘Commencement and application’ section (page 23).

Overview

In the 2018-19 Budget, the Government announced it will modernise the Australian Business Register (ABR) and the 31 Australian Securities and Investments Commission (ASIC) business registers onto a single platform that will be administered by the Australian Business Registrar within the Australian Taxation Office (ATO).

The current legislative framework that covers ASIC’s business registers has not kept up with digital technology and restricts ASIC’s ability to interact with clients in their preferred manner. It also does not allow ASIC registry functions to be administered by another agency.

This draft legislation would allow the appointed Registrar (or Registrars) the ongoing flexibility to adapt and respond to changes in technology to improve the user experience and simplify the way clients interact with government business registers.

The draft legislation to modernise the business registers will be consulted on in two parts. The first part was released on 1 October and included the core provisions that facilitate a modern government registry regime plus the bulk of the referrals of functions and consequential changes from other Acts. The second part was released on 16 October and includes the remainder of the referrals of functions and consequential changes.

The amendments proposed by the Government will allow ASIC’s registry functions to be shifted to the Australian Business Registrar. ASIC will continue to administer all of its regulatory functions under the current ASIC laws.

Also included in the draft legislation released on 1 October is a legal framework for the introduction of Director Identification Numbers (DINs). The draft legislation sets out who will be required to obtain a DIN, the obligations associated with a DIN, the consequences of not meeting those obligations and how DINs will be administered. Details on specific implementation options are currently being considered and will be separately consulted on shortly.

You can request to be involved in future consultation on the implementation of DINs.

Responding

You can submit responses to this consultation up until 26 October 2018.

Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

How to respond

Post

Address written submissions to:

Matthew Sedgwick
Consumer and Corporations Policy Division
The Treasury
Langton Crescent
PARKES ACT 2600