Need to Know

Introduction of Single Business Identifier for Companies


Introduction of Single Business Identifier for Companies

In the 2015-16 Budget, the Australian Government announced measures to make it easier to register a new business as part of the Growing Jobs and Small Business package. As part of the package, the Government is planning to reduce the number of business identifiers.

As part of the new measures, from 1 July 2016, the process for applying for registration as a company under the Corporations Act and applying to be registered in the ABR under the ABN Act will be linked.

New companies will be issued with a single numerical identifier, an ABN, as part of their company registration process. A company will be registered for ABN purposes at the same time it is registered as a company under the Corporations Act.

ASIC will no longer give an ACN to a company on registration from this date. Accordingly, new companies will no longer be able to use the ACN as their name. However, a company registered on or after 1 July 2016 will be able to use the ABN in its name.

An existing company will retain all its current numerical identifiers. A company registered before 1 July 2016 will be able to continue to use its ACN under the Corporations Act and will not be required to apply for an ABN if it does not have one.

As always, Smartcorp will be up to date with the latest changes as they come through from ASIC, and will ensure the transition to the new system runs smoothly.

UPDATE: On December 15 2015 the Minister for Small Business made an announcement indicating that issues have arisen and that an Implementation Study will be conducted - due for completion mid-2016. We expect the output of this study to include a plan for implementation sometime after this date. Smartcorp are working closely with ASIC and the ATO on this issue and expect to deliver a seamless registration process once the single business identifier is implemented.

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