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AUSTRALIAN PARLIAMENT PASSES BUSINESS NAMES LEGISLATION
Legislation passed by the Australian Parliament on 13 October 2011 means that soon, Australian businesses will be able to pay just one fee and have only one process to register their business name nationally.
“This is a commonsense and practical reform that will cut red tape and save time and money for businesses across Australia,” said Minister for Small Business, Senator Nick Sherry, in welcoming the passage of the Bill in the Senate.
“A business operating and registering in every State and Territory currently faces a cost of more than $1,000 to register for three years. Under the new system, businesses will only face one fee of around $70 to register for the same period.”
All States and the Commonwealth need to pass legislation before the national business names register can commence. Tasmania and NSW have already passed their referral legislation. A referral bill is currently before the Queensland Parliament.
Depending on the passage of legislation through other State parliaments, the national business names register is expected to be operational by mid-2012. To view the full media release, visit Senator Nick Sherry’s website 
.
