Asic Update
In this issue we provide an update on various ASIC matters, including:
ASIC Fee changes from 1 July 2022;
Extended reporting deadlines for certain companies required to lodge financial reports with ASIC;
Prepaying your Annual review fees for a discount; and
Consolidating your ASIC reporting dates for groups with multiple companies.
Read on for full details.
In this issue we provide an update on various ASIC matters, including:
ASIC Fee changes from 1 July 2022;
Extended reporting deadlines for certain companies required to lodge financial reports with ASIC;
Prepaying your Annual review fees for a discount; and
Consolidating your ASIC reporting dates for groups with multiple companies.
Read on for full details.
Fee Changes
ASIC has increased their fees from 1 July 2022. Below we have summarised the fee increases for annual reviews, late payments and company deregistration.
Annual Review Fee
Late Payment Fee
Deregistration Fee
Extended Reporting Deadlines
ASIC has recently announced that it will extend statutory reporting deadlines for unlisted entities that are required to lodge their financial reports to ASIC.
Unlisted entities that are required to report under Chapter 2M and Chapter 7 of the Corporations Act 2001 and with balance dates from 24 June 2022 to 7 July 2022 (inclusive) will have an additional one month to lodge financial reports.
This one month extension means that full year financial reports for unlisted disclosing entities is extended from three months to four months.
All other unlisted entities are extended from four months to five months which is typically from 31 October to 30 November 2022.
A full list of entities that are required to lodge financial reports with ASIC can be found here.
Click here for ASIC's full media announcement.
Did You Know?
Annual Review Fee Prepayment
Companies can choose to pay their annual review fee 10 years in advance at a discounted rate.
Advance payment of ASIC annual review fees provides a discount on overall fees, protects a company from future fee increases and avoids the possibility of late fees. Based on current rates, the effective discount for a standard company is $753 (26%) and $183 (31%) for sole purpose SMSF trustee companies.
We note however ASIC will not provide refunds if a company is wound up within the pre-payment period and will not apply the credit towards any other debts.
To take advantage of the advance payment option a form needs to be completed and emailed to ASIC. The form and details on how to submit can be found here.
Below is a comparison of annual review fees (as at 1 July 2022) vs advance prepayment for 10 years.
Consolidated Reporting Date for Multiple Entities
Where you have multiple companies with different ASIC annual review dates, is it possible to make a request to ASIC to align the review dates across the companies. A request to change a review date will be considered if the company or companies have:
A common ultimate holding company;
A common officeholder;
A common responsible entity; or
Exceptional circumstances.
To change your ASIC annual review date you will need to lodge a Form 488, which the FMA team can assist with. Only one application is required to align multiple companies.
Changing the annual review date will incur a fee and proof of payment must be included when lodging the Form 488. Click here for the applicable fees.
It will take up to 28 days for your application to be processed and to receive a reply from ASIC.
Here to Help
As always, the FMA team are across the detail and ready to answer any questions you may have.
Contact our office on +61 2 9540 6888 or via email at info@fmapartners.com.au