Department of Industry,
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The Government is making it easier to start a business by streamlining business registration. Initiatives announced under the $5.5 billion Growing Jobs and Small Business package include:
The Australian Taxation Office (ATO), Australian Securities and Investments Commission (ASIC) and Department of Industry, Innovation and Science are developing the IT solutions for streamlining business registration. Targeted consultations have occurred throughout the development of the project.
Streamlining business registration will benefit:
The Business Registration Service accepts the following registrations:
The Business Registration Service for business and company registration connects the ATO and ASIC to allow businesses to register without having to contact the agencies separately. The Business Registration Service:
The APIs that allow business registrations to occur in each government agency allows third party providers and software developers to build new business registration services. Businesses will benefit from a wider choice of registration services.
The ATO and ASIC have released documentation for the APIs for the registrations listed above. The ATO APIs are available on the Standard Business Reporting website. The ASIC APIs are available from the ASIC website. The APIs have been developed using simple technical standards which will further reduce costs for third party providers and therefore costs for businesses.
The SBI measure was announced as part of the Growing Jobs and Small Business package to make business administration easier and less confusing. The single business identifier would have replaced the ACNs and BTFNs with the ABN.
The Minister for Revenue and Financial Services commissioned an implementation study to assess the economy-wide impacts of adopting a single business identifier. This study has shown that the SBI measure would have large transition costs to upgrade existing IT systems and processes that rely on the three generic business identifiers (the ABN, ACN and BTFN).
The study concluded the Government could pursue its objectives through its digital transformation agenda. As such the Government will not abolish company numbers and instead progress measures to improve the way it connects with business through digital transformation.
Streamlining business registration also has links with the Government’s Digital Transformation Agenda (DTA). The Government is investing $254.7 million in the DTA to drive innovation and make it easier for individuals and businesses to access government services.
Streamlining business registration will be informed by DTA principles for design and implementation.
Last updated: 30 August 2018
Content ID: 45001