ASIC requires these steps to be completed in order to be compliant and remain registered

STEP 1. PAY THE ANNUAL REVIEW FEE

Ensure you download the company invoice from ASIC within the 7 day period from when ASIC issues it.

Delivery of the company invoice to the relevant party needs to allow for ample time to make the payment.

STEP 2. CHECK AND UPDATE YOUR COMPANY DETAILS

ASIC request that the details of the company are checked and updated should any of the details be incorrect.

To avoid late lodgment fees any changes you must lodge the changes within 28 days of the annual statement issues date.

STEP 3. – PASS A SOLVENCY RESOLUTION

Company directors must pass and store a solvency resolution within two months of the annual review date, unless you have lodged a financial report with ASIC in the past 12 months.

A solvency resolution is made by the directors of a company that, in their opinion, the company can or cannot pay back its debts when they are due.

The directors must have a reasonable basis for their opinion and the resolution must be passed by a majority.

Do you experience late fees, struggle with collecting Solvency Resolutions or just simply don’t have enough hours in the week to complete the above obligations?

Find out how to avoid the ASIC burden today! Get in touch with us here.