Australia to build a public register of who owns unlisted companies
Australia's Government said on 15 October 2025 it would go straight to a public, Commonwealth-operated register of the beneficial owners of unlisted companies, dropping its earlier plan for companies to keep their own registers first. A parallel regime for trusts is planned. Detailed policy work begins in early 2027. Separate laws tightening ownership disclosure for listed entities passed in December 2025 and apply from 4 December 2026.
The Assistant Minister for Competition, Charities and Treasury, Andrew Leigh, announced on 15 October 2025 a change of approach to beneficial ownership transparency for unlisted entities.
What was announced
- The Government will move directly to a public, Commonwealth-operated register of beneficial ownership for unlisted companies. It drops the earlier two-stage plan, under which companies would first have kept their own registers.
- A beneficial ownership regime for trusts will be developed alongside it.
- Stakeholder engagement on detailed policy begins in early 2027, followed by public consultation. The timing is meant to fit with ASIC's new companies register.
Listed entities
Separate laws strengthening disclosure of who owns and controls entities listed on Australian markets (Schedule 1 of the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025) passed in December 2025. From 4 December 2026, a single new substantial holding notice replaces forms 603, 604 and 605, and registers of relevant interests follow a new format. ASIC has updated its guidance.
Who is affected
Australian unlisted companies and trusts (in time), and listed entities and their substantial holders from December 2026.