There are three main reasons why ASIC annual reviews take place:
- For ASIC to check that it has the correct and up to date details of your company
- For the company’s directors to confirm the company can pay its debts when they’re due and pass a solvency resolution
- For the company to pay the annual fee to ASIC
Each year, ASIC will send your company an annual statement shortly after the annual review date (which in most cases is the date you registered the company).
Your annual statement will contain:
- a statement of your company’s current details,
- an invoice for your company annual review fee, and
- your company’s corporate key
To keep your company registered, you must complete the following steps.
- Step 1: Pay your annual company review fee
- Step 2: Check and update your company details
- Step 3: Pass a solvency resolution
You must pay your annual review fee within 2 months of your annual review date. If you fail to pay this fee, you run the risk of receiving a late fee on top of your annual fee.
- Payment up to one month late – $93
- Payment more than one month late – $387
If you no longer need your company, you should consider closing it. Otherwise you’ll still be charged the annual review fee and you’ll still need to meet your officeholder obligations.
Author
Linda Edwards
