A website promising a dramatically streamlined business registrations process was launched by the Australian Taxation Office on 6 October.
The website for the newly established Australian Business Registry Services (ABRS) will consolidate the 31 business registers administered by the Australian Securities and Investments Commission (ASIC) – including ABNs and ACNs – and the Australian Business Register (ABR).
There are 2.7 million companies on the Australian Company Register, and an average of 224,000 new companies are registered each year in Australia.
Local governments control or own entities established for a variety of purposes, including waste collection, health services, public transport, road maintenance, leisure services, water and wastewater management, housing services, pest control, libraries and cemeteries, tourism, arts, culture, and events management.
The ATO says that well as providing a single point of entry for entities to register and establish their business, the ABRS will also minimise the business registry engagement required of all registered companies annually, helping save SMEs time and money.
The ABR website will remain operational until the ATO has been able to transition the ABR across to the new registry system in the coming years.
The Australian Securities and Investments Commission (ASIC) website will also continue to support registry activities.