ASIC has today launched a refreshed Small Business Strategy, setting out how it will better support and protect small businesses through practical education, simpler interactions, stronger engagement, and targeted enforcement.
The strategy provides the framework for ASIC's work to help small businesses and directors understand and meet their obligations, engage more easily with ASIC and address misconduct that harms small businesses.
ASIC Chair Sarah Court said, 'There are more than 2.7 million small businesses nationally and their success is vital to communities and the broader economy.
'ASIC is committed to helping small businesses by providing clear, practical guidance, making it easier for them to interact with us, and taking targeted action against misconduct that harms small businesses.'
The strategy sets out how ASIC is supporting small business and their directors through four key areas: educate, simplify, engage and collaborate, and protect and enforce.
'We have developed practical new resources to help small business directors understand and meet their obligations throughout the life of their company, from becoming a director and running a company through to the end of a company, and moments in between such as responding to financial difficulty.
'We are also improving the clarity, usability and accessibility of our registers, portals and digital services making it easier for small businesses to interact with ASIC and meet their regulatory requirements.
'Our improvements to guidance and enhancements to digital touch points will be informed by ongoing engagement and collaboration with small business stakeholders and government agencies to share insights, strengthen regulatory coordination and reduce unnecessary burden for small businesses.'
Ms Court said ASIC will use its regulatory and enforcement tools, where appropriate, to address misconduct that harms small businesses, creditors and consumers.
'We will take action against companies and directors involved in illegal phoenix activity and other practices that undermine those doing the right thing.'
