Trading name registrations extended by five years
The government has given small businesses extra time to register a business name by extending the display of trading names on its Australian Business Number Lookup website.
While 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 arrangement that were set to expire on 1 November 2018, said Assistant Treasurer Stuart Robert.
Mr Robert said those 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.
“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 said its 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.
It expects to implement changes to modernise the business registry system gradually over the next few years.
Since the launch of the national Business Names Register in 2012, all businesses are required to register a business name with ASIC, but existing trading names have continued to be displayed on the government’s ABN Lookup website under transitional arrangements.