First things, first... who is ASIC?

ASIC stands for the Australian Securities and Investments Commission. It is the government body responsible for regulating companies.

ASIC oversees registration, compliance, and enforcement of corporate laws under the Corporations Act 2001.

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What is an annual company statement?

Each year on your company's annual review date (usually the date it was registered), ASIC issues an Annual Company Statement. It includes:

· Company details: registered office, principal place of business, company officers, and shareholders.

· ASIC annual review fee: the standard government fee to keep your company registered.

· Solvency resolution requirement: confirmation that the company can pay its debts when they are due.

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Your Obligations

By law, you must:

· Check the details on the Annual Company Statement: Ensure all company information in the statement is correct.

· Pay the ASIC annual review fee: This is due within 2 months of the statement's date. Late payment attracts ASIC penalties.

· Pass a solvency resolution: The directors must formally confirm the company is solvent within 2 months of the statement date.

· Update ASIC if details change: Any changes to directors, shareholders, addresses or share structure must be lodged within strict timeframes.

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How We Help

As your registered ASIC agent, we will:

· Receive the statement directly from ASIC.

· Forward it to you with instructions, highlighting any action needed.

· Prepare and lodge any required changes on your behalf.

· Remind you of payment due dates to help avoid penalties.

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Are there penalties for non-compliance?

Yep. ASIC imposes fines for late lodgements and payments. It is important that all documents are lodged and payments are made on time.

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Questions or updates?

If anything in your statement is incorrect, or you are unsure about your obligations, contact us promptly so we can help keep your company compliant.

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– The team at PAL (making accounting slightly less boring since way back when)

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Disclaimer: This article is here to give you general info only, not professional advice specific to your unique situation. While efforts are made to ensure accuracy, the content may change over time. We can’t take responsibility for any decisions based on the contents of this article, so be sure to chat with your accountant or advisor first!

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