ASIC’s regulatory simplification program aims to give small businesses time back
Small businesses are ASIC’s largest stakeholder group, yet many small business owners don’t realise the regulator is working behind the scenes to make their lives easier through a comprehensive regulatory simplification program.
What ASIC is doing for small businesses
ASIC Commissioner Kate O’Rourke recently outlined how the regulator recognises that small businesses are often time-poor and resource-stretched. Unlike large corporates with teams of support staff, small business owners face a "DIY" situation when dealing with regulatory requirements, which can take valuable time away from running their business.
The regulatory simplification program focuses on four key areas:
Improving access to regulatory information;
Reducing complexity in regulatory instruments;
Making it easier to interact with ASIC; and
Simplification through law reform.
Website improvements already delivered
ASIC has redesigned its website after hearing that finding the right information could be “hit and miss”. The overhaul includes improved navigation, better search functionality, and the removal of more than 9,000 pages of duplicated content.
The website now features a specific regulatory resources search—just one click from the homepage—where users can find all ASIC forms, instruments, and regulatory documents in one place. There’s also a "business basics" area with useful information for small businesses, including registering a business name and business name requirements for different types of businesses.
Registry services getting major upgrade
ASIC is implementing a major multi-year program called RegistryConnect to improve business registry technology and processes. This will enable simpler and more reliable interactions with ASIC while improving the quality and integrity of registry data.
Short-term improvements already implemented include:
Accepting email lodgements for paper forms that can’t be lodged online;
Accepting electronic signatures on all ASIC forms;
Cutting call waiting times through expanded customer service teams;
Upgrading the mainframe supporting online registry services; and
Reducing scheduled downtime for planned maintenance.
Climate reporting impact on small business
While new mandatory climate-related financial disclosure requirements don’t directly apply to small businesses, they may have indirect effects. Small businesses that form part of larger businesses’ value chains may be asked to provide information to help those larger entities meet their reporting obligations. For example, a large business customer might request electricity bills or other records to create a complete picture of their energy usage for reporting purposes.
ASIC is developing educational materials in partnership with the University of Technology Sydney and the Australian Accounting Standards Board. These materials will cover foundational concepts, including:
Climate change basics;
Climate-related risks and opportunities; and
Emissions accounting.
The regulator is also developing a regulatory roadmap specifically for small company directors, guiding users through all stages of starting, running, closing, and reinstating a company.
Getting help
ASIC’s small business team actively engages with government agencies, industry associations, and small business representatives. In the last financial year, they participated in around 100 small business events and meetings across every state and territory.
This is a significant program of work that should make dealing with ASIC much easier for small businesses. If you’re struggling with ASIC requirements or want to understand how these changes might benefit your business, contact our office to discuss your specific circumstances and ensure you’re taking advantage of all available resources.