Glossary of terms

Glossary of Terms

Disclaimer: Terms in this glossary are provided for general information only and should not be taken as constituting professional advice from the website owner – the Australian Securities and Investments Commission (ASIC).


The words in brackets do not form part of the term. Where 'Business names' and/or 'SMSF auditors' appears in brackets alongside a term, this denotes the definition is only to be used in reference to the relevant register. These terms do not apply to any other ASIC services.

Viewing entries beginning with 'U'

Undesirable names (Business names)

A business name that is unavailable for registration as it contains a word or expression that is considered undesirable for the purposes of the Business Names Registration Act 2011.

Unincorporated body

Any organisational or financial structure that is not an incorporated body, individual or partnership (e.g. a trust, a fund or a club).

Unknown word to ASIC (Business names)

A word in a proposed business name that is not known to ASIC. An application containing an unknown word will be manually considered to ensure it does not contain a potentially undesirable word, expression or restricted words. ASIC considers unknown words as those not included in the Macquarie Dictionary and words made up of a combination of letters, characters, symbols and numbers.

Update business name details

A transaction to update, change or maintain business name details on the Business Names Register. For example, changes to business name holders, changes to business addresses and business name cancellations.

User account (ASIC Connect)

An account is created when an individual signs up to ASIC Connect before starting a transaction. To create a user account, a person provides ASIC with their email address (username), a password, security question and contract details.