ASIC business search fees will be scrapped

The government has not yet disclosed the commercial terms for “wholesale searches” from companies such as credit bureaus and data providers that provide business information as a core service. Treasury has received $300,000 to redesign its wholesale business search process.

Eliminating corporate search fees is part of the Commonwealth’s deregulation agenda, under which ASIC will waive $64.9 million over three years from 2023-24.

The budget documents also indicated that companies would no longer be subject to an annual late assessment fee and that the fees paid by companies for “ad hoc filings” will be reduced.

Separately, $11.2 million has been pledged over five years from 2021-22 to “reduce the regulatory burden” for businesses that meet consumer safety and information standards, and the Attorney General’s Department will provide $1 .4 million to develop a national approach to modernization common legal documents.

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