Who must comply with Beneficial ownership transparency (Tranche 3 — under consultation)?
The applicability test for Beneficial ownership transparency (Tranche 3 — under consultation) (ASIC and ABRS), computed across 35 industries, 9 business structures and 6 size bands.
Short answer: Some businesses
Applies when the business has an unlisted company.
What the obligation is
Proposed beneficial ownership register for unlisted companies and trusts — consultation through 2024-2025; commencement TBD.
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.
The applicability test
Applies when the business has an unlisted company.
How the regulator frames it: Unlisted Australian companies (proposed); trusts in scope TBD.
What triggers it: Being a captured entity once legislation passes.
Jurisdiction: Commonwealth law, so the test is the same in every state and territory.
Which industries are in or out
Outcome across the 35 industries Rules Mate maps (35 of 35: depends on size or structure).
The answer is the same in every industry: depends on size or structure. Industry does not change who must comply.
Business structure and size
| Structure | Answer across all industries, any size | Engine's reason (real estate agents, 6–19 employees) |
|---|---|---|
| Sole trader | No | Requires an unlisted company |
| Partnership | No | Requires an unlisted company |
| Trust | No | Requires an unlisted company |
| Pty Ltd company | Yes | Unlisted company |
| Public company | Yes | Unlisted company |
| Not-for-profit (unregistered) | No | Requires an unlisted company |
| Registered charity | No | Requires an unlisted company |
| Super fund | No | Requires an unlisted company |
| Foreign company | No | Requires an unlisted company |
Size does not change the answer across all industries: at every size band the answer is "depends on size or structure".
Worked examples
Each line is one run of the Rules Mate applicability engine for a single business profile, with the reason the engine gives:
- Pty Ltd company in real estate agents with 6–19 employees, turnover $1M–$3M: applies. Unlisted company.
- Sole trader in real estate agents with 6–19 employees, turnover $1M–$3M: does not apply. Requires an unlisted company.
What you must do, and when
- When due
- TBD — likely 2027-2028 commencement.
- Frequency
- Ongoing
- Evidence to keep
- BO register; lodgement with ASIC/ABRS once required.
- Status
- Upcoming (not yet in force)
- Priority
- Medium
Penalty for not complying
Maximum penalty: TBD — likely civil and criminal penalties for non-disclosure or false statements.
Audit or assurance level
Rules Mate has not yet classified the audit or assurance level for this obligation. Any audit, review or certification requirement is set by the regulator source listed below.
What usually applies alongside it
Across the 1,890 business profiles Rules Mate evaluates, these obligations apply to most of the businesses this one applies to, and are far more common among them than among businesses generally:
- Maintain auditor / financial reporting (Chapter 2M): applies to 58% of the same businesses (4.5× the overall rate)
- Comply with corporate whistleblower protections (Part 9.4AAA Corporations Act): applies to 58% of the same businesses (4.5× the overall rate)
- Lodge the ASIC annual company statement and review fee: applies to 100% of the same businesses (4.5× the overall rate)
- Pay ASIC fees + lodge prescribed forms: applies to 100% of the same businesses (4.5× the overall rate)
- Pay company PAYG/GST/SG or face Director Penalty Notice (DPN): applies to 100% of the same businesses (4.5× the overall rate)
- Discharge of directors' duties — practical evidence: applies to 100% of the same businesses (4.5× the overall rate)
Where it sits in the corpus
Rules Mate tracks 2 published obligations tagged "beneficial ownership", 1 of them rated critical. For a professional services Pty Ltd company with 6–19 employees operating in every state, 1 of those apply outright. This obligation is rated medium priority, and is an ongoing duty.
Regulator, legislation and tools
Regulated by Australian Securities and Investments Commission and Australian Business Registry Services.
ASIC: Corporate regulator administering the Corporations Act, financial services and credit licensing (AFSL/ACL), markets supervision, insolvency, and registries (ASIC and ABRS).
ABRS: Operated by the ATO. Issues Director Identification Numbers and administers the consolidated business registers (ABN, ASIC).
Corporations Act: The foundational federal Act for Australian corporate law.
Free tools that help with this obligation:
Questions
- Who must comply with Beneficial ownership transparency (Tranche 3 — under consultation)?
- Applies when the business has an unlisted company.
- Does Beneficial ownership transparency (Tranche 3 — under consultation) apply to sole traders?
- No. Across every industry and every size band, the engine's answer for a sole trader is: no.
- Does Beneficial ownership transparency (Tranche 3 — under consultation) apply to businesses with 1–5 employees?
- Depends on size or structure (1–5 employees, turnover $100K–$1M).
- When is "Beneficial ownership transparency (Tranche 3 — under consultation)" due?
- TBD — likely 2027-2028 commencement.
Related
Sources
Computed by the Rules Mate applicability engine from the published obligation corpus; facts last checked 3 October 2026. Rules Mate is not a law firm and this is general information, not legal advice. Confirm your position with the regulator source or a qualified adviser before acting.