The Australian Government recently introduced the completion of Modernising Business Registers (MBR) Program as a part of its Digital Business Plan. The goal of the program is to:
- Establish Australian Business Registry Services (ABRS)
- Streamline registering, viewing and maintaining business information
The main aim of the MBR is to make it easier for businesses of all sizes to meet their registration requirements and obligations. This, in turn, improves the efficiency of registry transactions and makes business information more trustable, along with giving the business owners enough time to focus on their customers and business operations.
To make the process a lot easier, Government decided to establish a modern registry service, known as the Australian Business Registry Service, that:
- brings the Australian Business Register (ABR) and other Australian Securities & Investments Commission (ASIC) registers together
- introduces the director identification number (director ID) initiative.
In coagulation to the MBR, some high level milestones are planned to be achieved, including:
- Establishing the foundations for ABRS and ABRS online
- Introducing the director ID
- Moving existing registers from ASIC and ABR to ABRS
- Introduce a digital inbox for business
The MBR program is now in the design and implementation stage in consultation with the MBR Business Advisory Group and the MBR Design Working Group.
As this new program rolls out, a few things will remain the same, such as the registry data will continue to be provided to other parties, including ASIC and the ATO. Also, the existing requirements for the collection, storage, integration and management of data will be upheld.
Companies Release- A Major Milestone
One of the major milestones of the program is the company’s release that will provide over 3 million companies with a more streamlined way to register, view and maintain their company details using the online ABRS.
The MBR program is administered by the Registrar of the Australian Business Registry Services, and their role is to:
- lead and implement the MBR program
- perform statutory registry functions
- exercise powers under the relevant laws
ABRS is rolling out the MBR program in partnership with the:
- Australian Securities & Investments Commission
- Department of Industry, Science, Energy and Resources
- Digital Transformation Agency
If you are a business owner and want to benefit from the MBR Program, talk to our tax accountants at KPG Taxation. We’ll provide you with the right information and answer your queries.