In a move to make business name registration more streamlined, ASIC will begin overseeing a national business name database and handle all new applications and renewals from 28 May 2012.
What do you need to know?
The key points to understand are:
- Existing registered business names will not be affected – they will automatically be transferred to the new register and retain their existing expiry date
- If your business name is due for renewal before 28 May, you will receive a renewal notice from the responsible agency in your state and you should renew as usual. The registration will be transferred to ASIC
- After 28 May 2012, ASIC will send renewal notices and payment will be due to ASIC
- Once the transition has occurred, business name registration will apply nationally.
The administrative and legal impacts should be understood and considered for your business registrations. ASIC will be running a national road show from 17 April to 16 May, and details can be found on the ASIC website.
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Last updated April 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.