ATT: Warrnambool business owners – Farewell Trading Names, Hello Registered Business

Posted on 16/10/2018 by Sinclair Wilson in General News, News, Tax & Business Advice

From the end of October this year, trading names will be no more.

The Australian Securities and Investments Commission (ASIC) and the Australian Business Register are retiring what we know as trading names, replacing them with business names.

Don’t worry – it’s effectively old news

This isn’t exactly breaking news, though.

It’s been happening, bit by bit, since 2012, when the National Business Names Register was created; the rationale being that a federal catalogue of registered business names would be easier and more efficient to use and deal with than each state and territory having their own systems (and requirements.)

So, ideally, given it’s been in the pipeline for six years, your business name should already be on ASIC’s business names register, in preparation for when the state-based trading name list closed down.

How do you know if it’s already happened?

A registered business name will appear on ASIC’s business names register and the ABN Lookup. 

That said, if it hasn’t already happened, there’s still time; you’ll have until 31 October 2018 to sort it out.

How do I know if my business name is on the ASIC Register?

The easiest place to start is with a quick search of your ABN via the ABN Lookup website.

A heading titled, ‘Business Name’ should appear, along with a hyperlink back to the website – as per the picture below.

If your Warrnambool business doesn’t appear, or you ONLY see the heading, ‘Trading Name’, get in touch with us to ensure the process is completed well before the 31 October deadline.

What does all this mean for me?

Ideally, it’s business as usual.

If you have a business in Warrnambool, or you’re trading under a specific name, that name should have already been re-registered with ASIC via the renewal process that would have occurred over the past six years, and come up under a ‘Business Name’ heading when you search the ABN Lookup.

If it’s not appearing, or you’re unsure if it’s correct, contact a member of our business services team for advice on what to do next.

Once again, it’s important this is done before 31 October 2018. Otherwise, you’ll risk your business name being available to anyone else.

Again, get in touch with us if you’d like to know more.