What is the ASIC Annual Statement – For Empire Clients
Posted 26 Jul '18
Posted 26 Jul '18
For you to run your business through a company in Australia, that company has to be registered with ASIC by law. ASIC then charges a fee every year, basically to hold this company.
It is an obligation as a director of a company to ensure that your details are up to date on ASIC’s records. We will send you the company statement to check that all details are correct.
It is also an obligation of the company directors to ensure that they are trading solvently i.e. you can pay all your bills when they fall due. There is a statement in the annual documents that we send you that asks you to sign a declaration saying that you are solvent.
As we mentioned earlier, ASIC charges a fee every year. If you don’t pay the fee by the due date, ASIC charges substantial late fees. The first late fee up to one month late is $79, if the fee still isn’t paid after the first month you will incur a $329 late fee.
If you continue to ignore the fees for a number of months ASIC can deregister your company, meaning you would not be trading through a registered entity.
If your business or personal addresses change, please notify us within 28 days of moving so that we can lodge the change with ASIC. If your details are not up to date ASIC can also fine you for not notifying within the 28-day period.
If you have any questions about your annual statement or wish to update your details please contact us on 07 3124 0244
Many business owners think tax planning means meeting with their accountant in June and finding a few last-minute deductions before the end
of the financial year.The reality is that true tax planning starts much earlier in the year.
For established businesses, proactive tax planning isn’t about scrambling to reduce tax at the last minute. It’s about creating a strategy
throughout the year that supports business growth, improves cash flow, and helps owners make better financial decisions.
For many small business owners, the end of the financial year (EOFY) feels like the finish line. Once tax planning is complete, financial statements are prepared, and compliance obligations are lodged, it is tempting to return to business as usual.
Looking for the best accountant in Brisbane? Learn what to look for in an accountant, from proactive advice and communication to tailored support for growing businesses.