Beneficial ownership transparency (Tranche 3 — under consultation)
Proposed beneficial ownership register for unlisted companies and trusts — consultation through 2024-2025; commencement TBD.
Who must comply
Unlisted Australian companies (proposed); trusts in scope TBD.
What triggers it
Being a captured entity once legislation passes.
When due
TBD — likely 2027-2028 commencement.
Evidence required
BO register; lodgement with ASIC/ABRS once required.
Max penalty
TBD — likely civil and criminal penalties for non-disclosure or false statements
Summary
Treasury consultation on a public beneficial ownership register for unlisted Australian companies. Expected to require disclosure of natural persons with ≥25% ownership/control. Aligns with FATF Recommendation 24 + Tranche 3 AML reforms. Commencement and final scope still being settled.
Enforced by
Source legislation
Entity types
Topics
Related obligations
- CWLTHCustomer due diligence (KYC) on every customerIdentify and verify every customer (and beneficial owner) before providing a designated service.
- CWLTHApply for a Director Identification Number (Director ID)Every director needs a Director ID before appointment — apply via ABRS.
- CWLTHComply with directors' general law and statutory dutiesDirectors owe duties of care and diligence (s 180), good faith (s 181), no improper use of position (s 182) or information (s 183).
- CWLTHPrevent insolvent trading (s 588G)Directors must prevent the company incurring debts while insolvent — or face personal liability.
- CWLTHPay company PAYG/GST/SG or face Director Penalty Notice (DPN)Directors personally liable for unpaid company PAYG, GST + SG via DPN regime.
- CWLTHAppoint voluntary administrator under Part 5.3A Corporations ActDirectors can place company in voluntary administration when insolvent — pause creditor claims for restructuring window.
Frequently asked questions
- Who must comply with Beneficial ownership transparency (Tranche 3 — under consultation)?
- Unlisted Australian companies (proposed); trusts in scope TBD.
- What triggers Beneficial ownership transparency (Tranche 3 — under consultation)?
- Being a captured entity once legislation passes.
- When is Beneficial ownership transparency (Tranche 3 — under consultation) due?
- TBD — likely 2027-2028 commencement.
- What is the maximum penalty for Beneficial ownership transparency (Tranche 3 — under consultation)?
- TBD — likely civil and criminal penalties for non-disclosure or false statements
- What evidence is required for Beneficial ownership transparency (Tranche 3 — under consultation)?
- BO register; lodgement with ASIC/ABRS once required.
Source: https://treasury.gov.au/consultation/c2022-340667. Rules Mate is not a law firm. Always verify against the live regulator source before acting.