New whole-of-government business registry platform announced
The Federal Government has announced that it will establish a whole-of-government registry platform as part of its Modernising Business Registers (MBR) program.
The Australian Business Registry Services (ABRS) once fully established, will bring together ASIC’s 31 business registers and the Australian Business Register onto a new modern system at the ATO.
The ABRS will progressively establish between 2021 and 2024.
The new ABRS will mean for each new registration, business owners will have a single entrypoint through the ATO to establish their business. For registered companies on the Australian Company Register, these reforms will streamline their annual business registry engagement with the Government.
Director identification numbers (director ID) will be the first new function of the ABRS to be delivered later this year and is a new requirement for all company directors. Director ID will be a unique identifier that a director will keep forever and is intended to help improve data integrity and asssist regulators to detect and deal with illegal phoenixing activities. The Registrar will notify company directors of their obligations under the new director ID regime.
View the media release here
Learn more on the ATO website here
NSW Small Business Rebate Scheme now open
Small business in NSW are encouraged to sign up for a new $1500 rebate scheme to help cover the cost of NSW and local government fees and charges, including but not limited to: food authority licences; liquor licences; tradesperson licences; event fees; and council rates.
To be eligible for the scheme, small businesses must have total wages below the new 2020-21 $1.2 million payroll tax threshold, and have a turnover of at least $75,000 per year.
The rebate can only be used for eligible fees and charges due and paid from 1 March 2021 and will be available until 30 June 2022.
View the media release here. Find out more about accessing the scheme at https://www.service.nsw.gov.au/small-business-fees-and-charges-rebate
NSW moves to increase wage theft penalties
The NSW Government is looking to increase penalties for wage theft, with changes expected to be introduced to the State Parliament in May. Under the changes, maximum penalties would be increased from $10,000 to $110,000 per breach for offenders who lie to tax inspectors or make false records to conceal tax evasion. Read the SMH article here.