Advance payment of ASIC annual review fees:
Companies and schemes can choose to pay their annual review fees in advance for a period of ten years by a single payment at a discounted rate.
Advance payment will protect a company or scheme from future fee increases for the term of the payment.
If your company is registered as a charity with the Australian Charities and Not-for-Profits Commission (ACNC) some of your reporting obligations to ASIC will no longer apply. For more detail click here.
|Type of company or scheme
|Annual review fee
|Advance payment for 10 years
|A public company, except a special purpose company or a small transferring financial institution
|A proprietary company, except a special purpose company
|A special purpose company
|A registered scheme
Once the fee is paid no refund will be available.
An advance payment of annual review fees will be separately recorded and will not appear as a credit balance on the company’s account. Monies cannot be deducted from an advance payment of review fees to pay other amounts owed. A company or scheme will need to ensure that separate payment is made for these amounts.
Although companies won’t be required to pay their annual review fee each year they will still need to review their annual statement at their review date and notify us of any changes within 28 days. Company directors must also pass a solvency resolution within two months after each review date, unless the company has lodged a financial report within the previous 12 months.
This advance payment is not available through ASIC online services, you will need to send in a cheque.
Click on this link for further information and access to ASIC’s remittance advice form that provides full details of how to pay and highlights the information you should provide.
Janenne Poulter – Client Services Manager & Xero Specialist