For our clients who have companies, it has come to our attention that there have been quite a number of overdue penalties issued by ASIC for failure to pay the annual ASIC review fee by the due date.
Each year on the anniversary of the registration of your company the Australian Securities & Investment Commission (ASIC) require your company to renew it’s registration. Once you receive your annual review statement please ensure that all addresses for the registered office and principal place of business, as well as details of current officeholders and shareholders are correct. It is a requirement that ASIC be notified of any changes within 28 days of these changes occurring. If Chan & Naylor are your ASIC agent, we are able to undertake the changes on your behalf for a fee. Alternatively, you are able to make the changes online at www.asic.gov.au using your corporate key number which is located on the first page of the annual review statement.
ASIC is very strict regarding deadlines for payment. You have two months from the date of registration of your company to pay the ASIC fee which is currently $249.00 ($47 for a superannuation trustee company, only). If you are up to one month late you are automatically fined $76. If you are over a month, you will incur a further fee of $316.00. Unless there are extraordinary circumstances, ASIC will not remit these fees.
Understandably, it is very easy to forget about the payment and put it at the bottom of the pile. To act as a reminder and avoid the possibility of paying such exorbitant fines, please ensure that you schedule the payment in an electronic perpetual calendar or your diary.
The following information regarding late fees is from the ASIC website:
ASIC late payment fees from 1 July 2016
Late payment fee:
A company may pay its annual review fee in advance. If it does not pay in advance it has two months from the annual review date to pay the annual review fee. Payment later than two months after the annual review date means a late payment fee will be charged (as well as the annual review fee):
- Payment up to one month late—$76 late payment fee
- Payment more than one month late—$316 late payment fee
Late lodgement fee
Any changes to company details should normally be notified by lodging a Form 484 within 28 days of the original change occurring. There is no fee for lodging a Form 484 on time, however notifications lodged outside this 28-day period will incur a late lodgement fee:
- Change of details lodged up to one month late—$76 late lodgement fee
- Change of details lodged more than one month late—$316 late lodgement fee
A late lodgement fee may be charged in addition to a late review fee when you notify of a change to company details more than 28 days after the original change occurred.
Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.