The Government today released the second part of the draft legislation to allow the modernisation of business registers and to provide better support for businesses in an evolving digital economy.
"This consultation is another important step in improving existing business registry services to make it easier for businesses to transact with government," Assistant Treasurer the Hon Stuart Robert MP said.
"We are inviting comment on the second part of the legislation dealing with the remainder of the referrals of functions and consequential changes of our reforms."
"The Government is also pleased to release a revised draft Explanatory Memorandum, which includes the additional amendments," Mr Robert said.
Legal registers administered by the Australian Securities and Investments Commission (ASIC), and the Australian Business Register will be moved to a modern registry platform, and administered by the Australian Business Registrar within the Australian Taxation Office.
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. For example, legislation has not been modernised in relation to what information to collect, how to collect it and then how to notify regulated entities.
On 1 October 2018, the Government released the first part of the draft legislation for consultation. It included the:
- core provisions that facilitate a modern government registry regime;
- majority of the referrals of functions and consequential changes from other Acts; and
- introduction of a legal framework for the Director Identification Numbers regime.
Stakeholders are invited to view the draft legislation and lodge submissions via the Treasury website by 26 October 2018.