The Government is giving businesses more time to register a business name by extending the display of trading names on ABN Lookup.
“Although all businesses have been required to register a business name since 2012, many small businesses have continued to operate with a trading name under transitional arrangements that were set to expire on 1 November 2018,” Assistant Treasurer the Hon Stuart Robert MP said.
These arrangements will be extended a further five years to 31 October 2023 to ensure businesses affected by the display of trading names have more time to inform their customers, suppliers and other stakeholders of any changes to the name that they use to conduct their business.
Following the launch of the national Business Names Register in 2012, all businesses are required to register a business name with the Australian Securities and Investments Commission (ASIC) but existing trading names have continued to be displayed on the Government’s Australian Business Number Lookup website under transitional arrangements.
“Trading names continue to be used by many businesses, especially small businesses, and their creditors, suppliers and customers rely on ABN Lookup to search for and verify details of the business,” Mr Robert said.
“While these businesses need to take the necessary steps to register a business name with ASIC, we recognise that removing the display of trading names now could unfairly impact these businesses.”
The Government’s commitment to modernise business registers will make it easier for businesses to engage with the business registry system and take the necessary steps to replace their trading name with a business name. The Government expects to implement changes to modernise the business registry system gradually over the next few years.