The Australian Government is seeking comments on the design features for the first phase of a publicly available beneficial ownership register. The Government has committed to introducing the register as part of its multinational tax integrity package.
A ‘beneficial owner’ is a natural person who ultimately owns or controls an entity, legal vehicle, or asset.
Access to beneficial ownership information can make it easier for companies to conduct due diligence on potential business partners and suppliers, and to tailor their anti-bribery programs accordingly.
You can submit responses to this consultation until 16 December 2022.
The consultation paper and further information about how to submit a response can be found here: https://treasury.gov.au/consultation/c2022-322265