The AICD lodged a submission with Treasury on Modernising Business Registers. In this submission we expressed support for measures to streamline business interactions with government. We supported a one-stop-shop approach for businesses interacting with government, which will reduce duplication, regulatory burden, improve user experience and address privacy issues.
It was noted that, whilst this consultation is limited to 31 registers, there are many registers that exist that have significant overlap in both what they store and the entities included on them. The AICD recommends the government develop an overarching strategy for modernisation of business registers – for example, consolidating all registers into a single nationally recognised directory for managing business identity.
The submission also highlighted the following areas that we considered required attention as part of this review, as follows:
- The information on the companies register in respect of charities that are on the ACNC register; and
- The need for some personal information of directors to be removed from the public register given the increasing concerns about information confidentiality and security issues.
Our submission also highlighted our support for the introduction of Directors Identification Numbers.
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