The Minister for Financial Services & Regulation, Joe Hockey, today announced proposals under the Governments Corporate Law Economic Reform Program that will simplify lodgements and compliance for Australias companies.
The proposals are detailed in a consultative paper called CLERP 7 - Simplified Lodgments and Compliance. The Minister was today in Melbourne addressing the Committee for the Economic Development of Australia.
The proposals build on previous reforms and further cut business compliance costs by streamlining the relationship between business and the Australian Securities and Investments Commission.
"The CLERP 7 proposals are about making sure regulation does not impose unnecessary paperwork or other compliance costs on business,"the Minister said.
"The proposals will allow business, especially small business, to get on with the job of building their enterprises free from unnecessary red tape."
Key features include:
- The abolition of company annual returns. However, companies will have to notify ASIC of any changes in company particulars as they occur.
- Streamlining other document lodgment through the introduction of a single multi-purpose form.
- Amending the Corporations Law to further facilitate the electronic lodgment of documents.
The CLERP 7 paper also proposes the set up of a Business Advisory Board to advise ASIC on matters affecting its Public Information Program. This program covers the collection, storage and delivery of information and services to ASIC customers. Board members will be drawn mainly from the business community and professional organisations.
The CLERP 7 paper also proposes simplifying Corporations Law fees and ensuring that the fee arrangements operate efficiently, effectively, and equitably.
The Government invites public comment on the CLERP 7 paper. Copies can be obtained from AusInfo bookshops or from www.joehockey.com. Comments should be sent to the Treasury by 17 March 2000.