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ASIC annual fee for companies

Discussion in 'Small Business' started by SouthBoy, 2nd Sep, 2016.

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  1. SouthBoy

    SouthBoy Well-Known Member

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    My wife works under a company structure (she is the sole director and employee), and has her quarterly BAS and year end tax returns done by an accountant. We pay him $220 for his BAS lodgement each quarter, and about $600 for his end of year accounting (personal tax return & Company tax return). Recently he asked us to transfer $315 to his account, so that he can pay the annual ASIC fee. I checked on the ASIC page, what this fee is for, and could not get any details. Does anyone know what this fee is for, and is this an annual fee we have to fork out?

    Thanks
     
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    This would be an ideal question to ask over at BusinessChat :: Australian Business Forums :D

    ASIC charge an annual fee for companies - a Pty company costs $249 per year. Referred to as the Annual ASIC Company Statement - http://asic.gov.au/for-business/running-a-company/annual-statements/

    In addition to this, my accountant charges an annual fee for operating the registered office for my companies and for reviewing the annual company statement and checking all data, preparing solvency resolutions, statutory record updates and such.

    If that $315 is inclusive of both the ASIC fee and any services they provide relating to managing your company statement, then I think that's fairly reasonable.
     
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  3. Perthguy

    Perthguy Well-Known Member

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    Yes, this is an annual fee called the Annual review fee. You also have to review your annual statement and make sure all is correct.

    Annual review fees
    Every company and managed investment scheme has an annual review date, usually the same date it was registered. Shortly after this date, we issue an annual statement and an invoice. You need to pay the annual review fee to keep your entity registered.

    You can check the review date for a company or scheme from our Organisation and Business Names search. You will need to provide an Australian Company Number (ACN) or Australian Registered Scheme Number (ARSN).

    If you don't pay the annual review fee in time, you may need to pay additional fees. See
    Annual statements for more information.

    http://asic.gov.au/for-business/payments-fees-and-invoices/asic-fees/

    Also read: http://asic.gov.au/for-business/running-a-company/annual-statements/
     
  4. SouthBoy

    SouthBoy Well-Known Member

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    Thanks for the response @Simon Hampel and @Perthguy. So in essence we need to pay this $315 annually. How do we get access to the Annual statement prepared by ASIC? Is that through my accountant? The accountant prepares the individual and company tax returns, group certificate, Profit & Loss statements and provides that to us for our bank loan applications. But this is the first time, we've come across an ASIC statement.
     
  5. Lizzie

    Lizzie Well-Known Member

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    It's basically a bill from ASIC - with a statement attached - for you to check and make any changes.

    ASIC charge a late payment fee higher than the initial bill if you're even a day late, so make sure you pay it early and put it on your calendar for next year in case it goes missing! - they charge a fee if you make any changes, ie move address ... actually they charge like wounded bulls for not much in return
     
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  6. Simon Hampel

    Simon Hampel Founder Staff Member

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    Yes, it is an annual thing.

    My accountant sends the annual statement to me along with an invoice for their services.

    I pay the ASIC fee directly to ASIC and pay my accountants invoice - at which point they submit the annual return for me.

    You'll want to check with your accountant about sending you a copy of the ASIC statement - I think you should be checking the details since it does list the current office holders and shareholders of the company - you'll want to make sure those details are correct and up to date.
     
  7. Perthguy

    Perthguy Well-Known Member

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    I get access to the Annual statement online.

    Company Portal
     
  8. SouthBoy

    SouthBoy Well-Known Member

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    Thanks folks. We will request our accountant to send the statement through. @Perthguy I tried the above URL and put in the company ABN, and it asks for a username/password. It appears for us to create our own username/password we need to know the ASIC number, which we don't have. Hopefully the statement has it.
     
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  9. Perthguy

    Perthguy Well-Known Member

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    Sorry, I forgot about the corporate key. I set all this up in 2000 and have forgotten all about it.

    Here is the info on corporate key. Your accountant will have it.

    http://www.asic.gov.au/online-services/online-keys/corporate-key/
     
  10. Tony3008

    Tony3008 Well-Known Member

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    I paid $246 last November. Contrast with the UK where for a limited company like mine the annual filing fee is £13 (about A$23) if you file online: several decades ago when you submitted a paper return which Companies House had to microfilm, the cost was £30. As they've cut their costs they've passed on the savings - AFAIK they are only required to cover their costs, whilst ASIC is reputedly being fattened up for privatisation.

    And if you want to know about another UK limited company, most of the information you might want is now free! Companies House service
     
  11. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Keep in mind the risks of using an accountant's address for your company:
    Legal Tip 144: The Importance of Keeping the Company Address Up to date Legal Tip: The Importance of Keeping the Company Address Up to date.

    I've seen documents that were not passed on, causing a company to be deregistered.

    And for a company that acts solely as the trustee of a SMSF there is a reduced annual fee which is $47. This is known as a special purpose company. Doesn't apply to Custodian trustees

    A proprietary company that is not a special purpose company has an annual fee of $249 this year (changes each year with the CPI).
     
  12. SouthBoy

    SouthBoy Well-Known Member

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    Thanks @Terry_w , should we ask our accountant to change the company address to our PPOR address, so that all ASIC & ATO communications come directly to our home? Is there any pros and cons to this?
     
  13. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    That is up to the directors of the company to decide.
    At least that way you will know immediately if the company is served papers.
     
  14. Simon Hampel

    Simon Hampel Founder Staff Member

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    Just remember, the company address is a matter of public record, so if you don't want people knowing where you live, you'll want to take that into consideration.
     
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  15. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Good point Simon. But the directors and shareholders and their addresses are public records too.