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As from 1st January 03, the Annual Report to ASIC replaced what was previously called the "annual returns". Previously, all companies had to report no later than 31st January for the year ended 30th June (7 months before) about company addresses (registered office & principal place of business), company officers details (director & secretary; names, date of birth & address) and members details (share holders - addresses and amount of shares held). The report was accompanied by the prescribed fee (which, in 2002, was $200).
The new system removed the unity of the reporting date and was replaced by reporting on the anniversary date of the company (the anniversary date is the date of incorporation of the company eg. if the company was incorporated on 5th February, then every 5th February the company has to file the annual statement). ASIC will send every company a statement based on the data available with ASIC at the date of the printout, together with an invoice. The company officers will then confirm that all details shown are accurate, sign the form & return to ASIC together with the fees as required in the invoice. It will be almost impossible for our firm to monitor these reports, since there are several hundred companies in our client data base, and they all have different dates of incorporation. However, each day, we download the returns directly from ASIC, if any are applicable. Once we see a report is due, we will send this out to the client so that they can check their details and make the payment. HOWEVER, it is imperitive to note, that although we do regular downloads of the reports, sometimes ASIC will not send us a report for a company, due to an error on their side. Despite their own error, there is specific legislation which covers ASIC in this circumstance, which says that all company directors should already be aware that the payment for the annual return is due each year. Therefore, even if we don't receive the form from ASIC, and consequently, neither will you, then it is still your own responsibility to pay the annual fee, or be exposed to penalties. The date of incorporation can be found on your company's Certificate of Incorporation, but if you can't find this certificate, you can search online for your company details here. With all these details in mind, please note the following: 1. The annual fee is currently $212 2. If you find a discrepancy between the details shown in the statement printout from ASIC and the actual current details, please advise us immediately before sending the form to ASIC and we will advise you about the course of action. You may expose yourself to penalty if you will rectify details in this statement before speaking to us first, as ASIC will question why the change hasn't been advised to them before. By us, looking after the discrepancy, hopefully we will prevent any unnecessary penalties or fees. 3. Otherwise, if all details are correct, you are required to pay the annual fee. 4. The timely response to ASIC is essential, as late reporting penalties will be imposed by ASIC. The pentalties which may be imposed for late payment of the annual fee include $65 for lodging up to 1 month late (this applies even if the payment is made ONE DAY LATE), and a further $270 will apply after the payment is a month late. Once you receive a penalty, that penalty MUST be paid ASAP, as late payment of the penalty will also result in fines being imposed! 5. We urge you to take this matter seriously and not over look it. Useful Information: |