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.