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Definitions

Last updated

These definitions are provided for general information only and are not professional advice.

Term Description

Association

A body corporate registered as an association under relevant Australian state or territory legislation.
Australian business number (ABN) A unique 11-digit number that incorporates a business’s Australian company number and identifies their business to the government and community.

Australian Business Register (ABR)

A repository that stores business and organisation details, including Australian business numbers, and verifies business information for the community and government.
Australian Business Registry Services (ABRS) A new registry service that brings together the Australian Business Register (ABR) and more than 30 Australian Securities & Investments Commission registers in one place.

Australian company number (ACN)

A unique 9-digit number given to a company when it is registered with the Australian Securities & Investments Commission.

Australian Registered Body Number (ARBN)

A unique 9-digit number given to an association or other organisation approved to be a registered Australian body.
Australian Securities & Investments Commission (ASIC) Australia’s integrated corporate, markets, financial services and consumer credit regulator.
Australian Taxation Office (ATO) The Australian Government’s principal revenue collection agency which administers the tax, superannuation and registry systems that support and fund services for Australians.
Authorised agent A tax, BAS or ASIC registered agent.

Banned/disqualified person

A person who has been disqualified from managing a corporation or banned from practising in the financial services or credit industry.
Business An entity that intends to make a profit and performs activity that is planned, organised and carried out in a businesslike manner.
Business activity statement (BAS) A form used by businesses registered for GST to report their business tax entitlements and obligations. Also known as activity statement.
Commonwealth Ombudsman The office that safeguards the community in its dealings with the Australian Government by handling complaints and conducting investigations, audits and inspections.

Company

A body corporate registered in Australia under the Corporations Act 2001.
Corporation An organisation which, under the Corporations Act 2001, can be a company, body corporate, or a certain kind of unincorporated body.
Director A person responsible for overseeing the affairs of a company, who must comply with their legal obligations as a director under the Corporations Act 2001.
Director ID A director ID is a 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity with us.

Disqualified person (business names)

A person who is disqualified from holding a business name because they either:

  • are disqualified from managing a corporation under section 206B(1) of the Corporations Act 2001, or
  • have, within the last 5 years, been either
    • convicted of, or
    • released from prison after serving a term of imprisonment for any of the criminal offences referred to in section 32(1)(c) or (d) of the Business Names Registration Act 2011.

Disqualified SMSF auditor

An SMSF auditor who has been disqualified from conducting audits on self-managed superannuation funds.

Eligible officer

A person appointed as a director, or a person appointed to the position of alternate director and acting in that capacity (regardless of the name that is given to that position).

Foreign company

An incorporated or unincorporated body that is formed in an external territory or outside Australia and registered under the Corporations Act 2001.
Freedom of information (FOI) The Freedom of Information Act 1982 gives you the right to request access to government-held information. This includes information held about you or about government policies and decisions.
Illegal phoenix activity An activity that occurs when a company is liquidated, wound up or abandoned to avoid paying its debts, and a new company is then started to continue the same business activities without the debt.

Individual

A natural person.
Modernising Business Registers (MBR) A national program that will consolidate data from more than 30 registers to streamline how businesses register, view and maintain their information with the Australian Government.

myGov

An account that provides access to many government services online in one place.

myGovID

A unique digital identity accessed via an app, enabling businesses to verify their identity and securely sign in to participating government online services, such as myGov.
Office of the Australian Information Commissioner (OAIC) An independent agency within the Attorney-General’s portfolio with responsibility for privacy, freedom of information and government information policy.
Office of the Registrar of Indigenous Corporations (ORIC) The office that supports and regulates Indigenous corporations with advice, training and compliance activities.

Other name

Former names that are verified with appropriate proof of identity.

Other name (unverified)

Names provided to the registrar that have not been verified with supporting documents for proof of identity.

Proof of identity (POI)

A significant document like a passport or birth certificate which proves that verifies you are who you say you are.

Proof of record ownership (PORO)

The process of proving that you are the person on our ATO records.

Privacy Act

Privacy Act 1988 – an Act of Parliament which, among other things, protects tax file numbers against misuse.
Registered Australian body Includes bodies corporate that are not companies, recognised companies (except public authorities), corporations sole, foreign companies or financial institutions.
Registered foreign company An incorporated or unincorporated company that is formed in an external territory or outside Australia and registered under the Corporations Act 2001.
Registrar

The Registrar of Australian Business Registry Services, whose role is to:

  • lead and implement the Modernising Business Registers program
  • perform statutory registry functions
  • exercise powers under the relevant laws.
Tax file number (TFN) A unique number issued by the Australian Taxation Office that identifies individuals for tax and super purposes.

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