Budget 2022: Company fees to be reduced and removed as part of deregulation agenda

The Morrison government says small business owners can expect to pay less in fees when using its modernised business registry platform, under the proposed continuation of its deregulation agenda.

The new modernised platform is scheduled to replace the existing Australian Business Registers in September 2023 and the government plans to streamline a number of fees incurred by businesses using the current system.

The proposed plan included in tonight’s budget papers includes:

• Removing the companies annual late review fee;
• Reducing the number of fees paid for ad hoc lodgements;
• Removing fees for searches conducted on the new registry website; and
• Providing $300,000 to the Treasury department to redesign wholesale business register search services, which are facilitated by third-party providers.

The changes are part of a much broader deregulation plan, which also includes proposed changes to environmental assessment processes for industry, and previously announced changes the treatment of the fuel and alcohol excises.

The government says it also intends to “reduce the regulatory burden” for businesses in relation to complying with mandatory safety and information standards under Australian Consumer Law. This would cost the budget $11.2 million over five years, starting in 2021-22.

It also wants the Australian Bureau of Statistics to develop a new reporting application that would allow businesses to submit surveys on key business indicators through their reporting software. This would cost $19.9 million over four years, from 2021-22.