The Australian government’s Department of the Treasury is proposing to introduce a public register of beneficial ownership information to record who ultimately controls, owns and receives benefits from legal entities operating in the country. The scheme, promoted as part of a crackdown on multinational tax avoidance, will be based on the UK's 'persons with significant control' approach. Law firm Herbert Smith Freehills notes that the register would introduce significant regulatory and compliance burdens on 3 million small entities unconnected with multinationals, including private companies, managed investment schemes, corporate collective investments vehicles and family trusts. The consultation closes tomorrow (16 December 2022).
News Source：【Herbert Smith Freehills 2022/12/12】