CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Australia To Study Single Australian Business Number Plan

Australia To Study Single Australian Business Number Plan

by Mary Swire, Tax-News.com, Hong Kong

17 December 2015


The Australian Government is to undertake an implementation study on proposals for a "single business identifier" that will replace Business Tax File Numbers and Australian Company Numbers.

Plans for a single Australian Business Number were announced in the 2015-16 Budget's Growing Jobs and Small Business Package. According to Assistant Treasurer Kelly O'Dwyer, the reform would "deliver benefits to newly registered businesses, particularly incorporated small businesses, by reducing the need to use multiple identifiers with government."

O'Dwyer explained that government consultations on the proposal had highlighted that many subsidiary systems (outside of the Australian Taxation Office and the Australian Securities and Investments Commission, which will implement the measure) are reliant on current identifiers. As a result, additional time will be needed to adjust systems, business processes, and forms.

An implementation study will therefore examine the government and private sector impacts of the measure. It will be finalized in mid-2016. O'Dwyer said that a single online portal for business and company registration, and computer code to enable developers to build new registration software, is on track to be implemented by mid-2016.

TAGS: compliance | tax | small business | business | tax compliance | Australia | tax authority | financial reporting

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »