InFocus October 2023 - Volume 32 Issue 8

• Modernising Business Registers (MBR) program independent review
• Unlisted Public Company Limited by Guarantee. Have you lodged your 2021 and 2022 financial reports?

• ASIC Annual Forum 2023

• ASIC provides guidance to directors and company secretaries

• ASIC releases Corporate Plan 2023-27

• Indigenous Business Month – ATO webinars

Modernising Business Registers (MBR) program independent review

On 28 August 2023, the Assistant Treasurer released the findings of the independent review into the Modernising Business Registers (MBR) program, and the Government’s response.

Following consideration of the review’s findings, the government announced it will stop the MBR program and consider options to stabilise and uplift the existing business registers.

We will work with Treasury and the ATO to implement the government’s decision and plan the way forward for the modernisation of business registers.

In the interim, the services you consume, how you register, search and get extracts of the registers, and interact with us remain unchanged.

Additionally, the Australian Business Registry Services (ABRS) will continue to administer director ID registration.

Background

In 2020, as part of its Digital Business Plan, the government announced the full implementation of the Modernising Business Registers (MBR) program to:

• Establish ABRS.
• Streamline how you register, view, and maintain your business information with government.

On 9 February 2023, the Australian Government announced an independent review of the MBR program.

Unlisted Public Company Limited by Guarantee. Have you lodged your 2021 and 2022 financial reports?

Unlisted public companies limited by guarantee have a three-tier reporting framework. The reporting obligations outlined below apply to all financial years ending on and after 30 June 2010.

Unless your company is a ‘small company limited by guarantee’, you should take the necessary steps to prepare and lodge your financial reports online. 

We encourage all Tier 2 and Tier 3 companies who failed to lodge their financial reports to act now rather than be a subject of a compliance action.

Tier	Type of company	Obligations
1	Small company limited by guarantee (as defined in section 45B).	Unless directed by a member or ASIC, the company does not have to: prepare a financial report or have it audited prepare a directors’ report, or notify members of annual reports.
2	Company limited by guarantee with annual (or consolidated) revenue of less than $1 million.	The company: must prepare a financial report can elect to have its financial report reviewed (a review does not need to be done by a registered company auditor – see below), rather than audited unless the company is a Commonwealth company or a subsidiary of a Commonwealth company or Commonwealth authority must prepare a directors’ report, although with less detail than that required of other companies must give annual reports to any member who elects to receive them.
3	Company limited by guarantee with annual (or consolidated) revenue of $1 million or more.	The company must: prepare a financial report have the financial report audited prepare a directors’ report, although with less detail than that required of other companies give annual reports to any member who elects to receive them.

Learn more about the obligations of companies limited by guarantee on our website.

ASIC Annual Forum 2023

Join us on 21–22 November 2023 at Sofitel Melbourne on Collins for the ASIC Annual Forum and dinner.

Join thought leaders and experts to explore strategies for navigating disruption and delivering good outcomes.

Register now to take advantage of early bird pricing.

Read more on our website.

ASIC provides guidance to directors and company secretaries

Directors and company secretaries have a number of responsibilities under the Corporations Act 2001. There are many procedural obligations that directors and company secretaries must be aware of.

Our Introductory and procedural guidance webpage gives you access to various information sheets, providing guidance on a range of processes and obligations in relation to running a company.

This is a great source of information for directors and company secretaries - add this page to your 'favourites'.

ASIC releases Corporate Plan 2023-27

ASIC will take further enforcement action to protect Australian consumers and small businesses in an environment where scams, digitally-enabled misconduct and predatory lending practices are increasingly prevalent.

Releasing ASIC’s latest Corporate Plan, ASIC Chair Joe Longo said the plan follows a year of progress against the organisation’s strategic priorities and strong enforcement outcomes in 2022-23.

ASIC’s priorities at a glance include:

• product design and distribution
• sustainable finance
• retirement outcomes, and
• technology risks.

Read more about the Corporate plan.

Indigenous Business Month – ATO webinars

During October the ATO will be hosting free webinars to support Indigenous Business Month.

The webinars are presented by First Nations ATO staff and are for everyone. They will include useful information and resources to help you get your tax and super obligations right, covering everything you need to know from starting to running your small business.

Make sure you register early for the Indigenous Business Month webinars so you don’t miss out.

If you are interested in learning more about the support and programs the ATO offers First Nations small businesses, check out the Reach Out program and ATO Indigenous helpline.

For more information on Indigenous Business Month, visit the Indigenous Business Month website.