The majority of the documents have to be lodged with the Australian Securities & Investment Commission within a specific timeframe. In case documents are lodged outside of this time, you may be charged a late lodgement fee by the ASIC.
Annual statement and late fees
Every year, the ASIC sends companies an annual statement after the annual review date. The annual review date, in the majority of cases, is the date the company registered.
The annual statement will contain the following:
- A statement of the current details of the company
- An invoice for the company’s annual review fee
- The corporate key of a company
Ensuring timely payment of your annual review fee and promptly informing ASIC of any changes to your details is crucial. Failure to do so may result in charges for both the overdue annual review fee and failure to notify the authorities of any changes.
To ensure your company’s continuous registration, it’s vital to settle the total amount specified on the invoice by the due date. If you’ve been proactive in paying your annual review fees in advance, rejoice – the amount on your invoice will proudly display as ‘Nil’.
The fee structure varies based on the company type:
- Proprietary company: $310
- Special purpose company (proprietary): $63
- Special purpose company (public): $59
- Public company: $1,440
- Corporate Collective Investment Vehicle: $1,440
Your annual statement pack, a comprehensive guide, will accompany an invoice detailing the precise amount owed.
Time is of the essence when it comes to paying your annual review fee. Late payments attract fees as follows:
- Up to one month late: $93
- More than one month late: $387
Mastering the art of timely payment ensures not only compliance but also shields your business from unnecessary penalties.
(You can reach out to the official ASIC website to learn more about this.)
Check and Update your company details.
In the ever-changing business world, it’s crucial to stay flexible. Step 2 of your annual company review involves carefully looking at and updating your company details. Let’s break it down:
Review and Improve
Take a close look at your annual statement details. Fix any mistakes by filling out a ‘Change to Company Details’ form (Form 484) online. This form covers changes to addresses, share structures, officeholders, and members.
Use your corporate key, found on your latest annual statement, to make these online updates.
Responsible Entities and Schemes
If you’re steering registered schemes as a Responsible Entity, use the ‘Change to Scheme Details’ form (Form 491) to let ASIC know about any scheme changes.
Late Review Fee Facts
Time is essential. Make changes within 28 days of the annual statement date to avoid late review fees:
- Changes within one month: $93
- Changes after one month: $387
The lateness Challange
Make updates promptly to avoid a late lodgement fee:
- Updates within one month: $93
- Updates after one month: $387
Ensure that you lodge your documents on time.
Ensuring the timely submission of your documents is a key responsibility for company officeholders. Different documents may have varying deadlines.
Even if you’ve delegated document management to a third party, such as a registered agent, it’s important to note that you remain accountable for any potential delays in the submission process. Stay on top of your responsibilities to maintain smooth document lodgements for your company.
When is a document considered lodged?
A document is officially considered lodged once it has been received and accepted by the ASIC system. When opting for paper submissions, it’s crucial to factor in ample time for postage and delivery. To streamline the process, you have the option to lodge documents through the following method:
Online Services: Utilize online services provided by the ASIC for a convenient and efficient submission process. If you’ve already registered for online access, you can not only update your details but also submit documents electronically.
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