Goodbye to trading names from ABN Lookup!


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Goodbye to trading names from ABN Lookup!

Read about the changes when using ABN Lookup and how best to register business names after 1 November 2018.

ABN Lookup is the public view of the Australian Business Register (ABR). It provides access to publicly available information supplied by businesses when they register for an
Australian Business Number (ABN).

Presently, ABN Lookup displays all trading names associated with an ABN. However, work is currently in progress to retire trading names from the ABN Lookup.

From 1 November 2018, ABN Lookup will stop displaying trading names and will only display the registered business names.

If a business wishes to continue operating under a different name to their legal name, they will need to register their business name with the Australian Securities and Investments Commission (ASIC).

What is the impact?

If professional advisors continue to use an enterprise that uses a trading name, the companies that we do business with, or could potentially do business with, will no longer be able to use the ABN Lookup functionality to verify your identity or GST registration status.

They will only see an entity’s legal name or business name registered with ASIC.

What can be done?

  1. You will need to consider registering your trading name as a business name with ASIC.  Once a business name has been successfully registered with ASIC, it will then display on the ABN Lookup;
  2. You should also advise your clients, being companies who use a trading name rather than a legal name, to register for a business name with the ASIC.

This link can be used:   http://asic.gov.au/for-business/registering-a-business-name/

What are the costs?

The costs associated with registering a business name are:

$35 for one year;
$82 for three years.

 

We, dVT Group, believe that it is good practice to register a business name, since it provides evidence of ownership of that business name.

 If you would like help or advice regarding your business, please call dVT Group on 02 9633 3333 for a no-obligation discussion.