The government, has decided that the modernised registers will be administered by the Australian Business Registrar within the Australian Taxation Office (ATO).
Over the next year, a detailed business case with options for streamlining registry functions and upgrading technology systems will be developed for consideration by the government in 2019.
Registers administered by the Australian Securities and Investments Commission (ASIC) and the Australian Business Register (ABR) will be moved to the modern systems. This includes the registers for companies, business names, Australian business numbers (ABN) and others.
A modernised business registry system will provide the backbone for transforming the way businesses interact with government. This will make starting and running a business simpler and faster. It will provide opportunities to foster open data and encourage more innovative uses of business data.
The government will continue to work with the community to further develop future options for modernising business registers including technology, governance and legislation with a focus on the user experience and data accessibility.
Community engagement will also include testing implementation options for a Director Identification Number (DIN). The DIN allows regulators to confirm the identity of company directors. This will improve the integrity of company formation and acquisitions.
The Treasury, ATO, ASIC, Department of Industry, Innovation and Science and the Digital Transformation Agency are working together to modernise the business registers.