InFocus November 2018 - Volume 27 Issue 10

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Contents

Respond to the ASIC Registered Agent Terms and Conditions by 14 December 2018

We have introduced the ASIC Registered Agent Terms and Conditions (T&Cs) to the registration of ASIC registered agents.

If you are an existing registered agent, you must read and agree to the T&Cs before 14 December 2018. It's a simple process and should only take a few minutes. We encourage you to do this as soon as possible by using the link on our website.

The T&Cs describe your rights and responsibilities around being a registered agent, including eligibility requirements and obligations.

For more information, or to read and agree to the T&Cs, visit our website.

Trading names to be displayed for a further five years

The Government has decided to extend the display of trading names on the ABN Lookup to 31 October 2023.

Prior to the 2012 establishment of the National Business Names Register, the Australian Business Register (ABR) collected names used by entities to carry out their business activities and displayed them as trading names. Updates to trading names ceased in 2012.

These arrangements will be extended by a further five years to 31 October 2023. This will ensure businesses affected by the display of trading names have more time to inform their customers, suppliers and other stakeholders of any changes to the name that they use to conduct their business.

Importantly, trading names do not meet the requirements of a registered business name. To continue trading under a specific name it must be registered as a business name with the Australian Securities and Investments Commission (ASIC).

You don't need to register a business name if you trade under your own name ('John Smith'), but you'll need to have a business name if it's anything else ('John Smith Plumbing').

After a business is successfully registered, it will appear on ASIC's Business Names Register and on the ABN Lookup.

For more information about how to register a business name, visit our website.

How registered agents can save time online

Registered agents can use our online services to help keep companies they represent up to date. Here's a few tips to keep in mind to help you save time:

  • You can get a list of the current account balances for all companies you manage. Just log into your registered agent account and lodge a Company Debt Report (RA67). A '-' sign before your balance number means that the company's account is in credit.

  • When you're reconciling your payments, it can be hard to work out which payment is for which company. To make it simple, just look at the BPAY reference number. The BPAY reference number will always include the company's ACN.

  • If you've lodged a form and made a mistake, it's easy to fix. Lodge a Request for Correction (Form 492) online, enter the details of the form you need to update, and explain what information you need to correct.

These are just a few examples of how agents can manage their companies online. Visit support for registered agents for more information about what you can do.

Data.gov.au - BN Dataset is now being updated weekly

If you use our business names dataset on data.gov.au, you'll be happy to know we're now updating it more frequently, moving from monthly to weekly!

Some of the information available for free includes:

  • Business Name
  • Status
  • Date of Registration
  • Date of Cancellation
  • Renewal Date, and
  • Australian Business Number (ABN)

This change has been made so users have access to up to date information from our register, making it even more useful.

For more information about data.gov.au and the datasets that are available, visit their website.

Modernisation of Business Registers - Publication of draft legislation

In the 2018-19 Budget, the Government announced it will modernise the Australian Business Register (ABR) and the ASIC business registers onto a single platform.

To progress this, draft legislation was released in October 2018 including the core provisions that facilitate a modern government registry regime, plus the referrals of functions and consequential changes from other Acts.

Also included was a legal framework for the introduction of Director Identification Numbers (DINs).

For more information about the consultation and to view the draft legislation, please visit the Department of Treasury website.

Last updated: 07/11/2018 04:23