All current and new company directors will need to verify their identity and get a director’s number for life under new anti-phoenixing laws passed by federal Parliament.
The new identity system is expected to begin in the first half of 2021, once the application system has been developed and deployed.
The new business registration law also enables the creation of a mega-business registry to be formed from 32 different registries, as part of a $60 million program to simplify and streamline business reporting and licensing.
The program will consolidate 31 ASIC business registers including the Companies Register, with approximately 2.6 million registered companies, and the Australian Business Register, with approximately 7.9 million active ABNs.
The Australian Taxation Office will be the operator of the new super registry which will provide a powerful foundation to both manage fraud and to build regulatory functions.
Source: extract from the Australian Financial Review 17.6.2020