The Treasury Laws Amendment (2022 Measures No 1) Act 2022 has been passed by Parliament and received assent on 9 August 2022.
Amongst other things, the Act delays the commencement of the Modernising Business Registers program to 1 July 2026, or an earlier date specified by proclamation.
UPDATE 9 February 2023: The Assistant Treasurer has announced an independent review of the MBR program.
UPDATE 28 November 2024: The Treasury Laws Amendment (Fairer for Families and Farmers and Other Measures) Bill 2024 has been passed to cancel and unwind the MBR program and return of responsibility and resources for administering Commonwealth business registers from the ATO to ASIC.
The Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 provided for the transfer of the Australian Business Register (ABR) and the 31 Australian Securities and Investments Commission (ASIC) business registers onto a single platform that will be administered by the Australian Business Registrar within the Australian Taxation Office (ATO).
The amendments delay the automatic commencement of the new registers until the IT systems supporting the Modernising Business Registers Program are ready.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
