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FACT SHEET
Business Names Registration (Transitional & Consequential
Provisions) Bill 2011
The Business Names Registration (Transitional & Consequential Provisions) Bill 2011
enacts the necessary transitional provisions to allow the registration of business names to
be effectively transferred to the Commonwealth.
The Office of Consumer Affairs and Fair Trading is responsible for administration of the
Business Names Act 1962 and currently registers business names in Tasmania. The Act
establishes a public register from which to identify the persons who conduct business
under specific business names.
On 3 July 2008, the Council of Australian Governments (COAG) agreed to transfer
responsibility for the registration of business names to the Commonwealth.
The Business Names (Commonwealth Powers) Act 2011 which refers the power to
register business names to the Commonwealth achieved Royal Assent on 4 October
2011, but has not yet commenced.
The national business names regime will reduce the cost of applying for business names
and will allow businesses to apply for business names at the same time as applying for a
range of other business related approvals and licenses. The new service will also
provide for a single national business name and will remove the need for multiple
registrations for businesses operating nationally. The new business names process will
be an on-line service provided by the Australian Securities and Investments Commission.
The Business Names Registration (Transitional & Consequential Provisions) Bill makes
the necessary transitional and saving arrangements and consequential amendments to
allow an effective transfer of business names registration to the Commonwealth.
The new national system will reduce red tape, save time, and cut costs for businesses.
The national business names registration system is expected to commence operation on
28 May 2012.
The transfer will fulfill the Tasmanian Government's commitment to COAG to participate
in the development of a national seamless economy.