The Government is seeking comments on the design features for the first phase of a publicly available beneficial ownership register. The Government committed to introducing the register as part of its multinational tax integrity package.
A beneficial owner is a natural person who ultimately owns or controls an entity, legal vehicle, or asset. Beneficial owners are not always the legal owners of the entity, vehicle, or asset.
Stakeholders are invited to submit views on the proposed design of a first phase of the reform, in which specified unlisted entities regulated under the Corporations Act 2001 (Corporations Act) would be required to maintain accurate, up‑to‑date and publicly accessible beneficial ownership registers. The relevant entities include proprietary companies, unlisted public companies, unlisted registered managed investment schemes, and unlisted corporate collective investment vehicles.
The Government also seeks views on proposed amendments to the substantial holding notice and tracing notice regimes in the Corporations Act, which concern beneficial ownership disclosures with respect to listed entities.
You can submit responses to this consultation up until 16 December 2022. 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.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Beneficial Ownership and Transparency Unit
Market Conduct Division
Parkes ACT 2600
Phone: Lachlan Alvey 02 6263 3663