Company Annual Review Fees
Australian Securities and Investments Commission (ASIC) charges an annual review fee for registered companies in Australia.
The annual review fee helps cover the costs associated with maintaining accurate records of companies operating in Australia.
Currently, the fee for PTY LTD is $321.00 and a SMSF trustee PTY LTD is $65.00.
If a company fails to pay its annual review fee on time, ASIC will impose late payment fees.
These late fees can vary depending on how late the payment is made and the type of company. The longer the delay, the higher the late fee will be.
ASIC usually provides a grace period for companies to pay their annual review fees after the due date. During this grace period, you can pay the fee without incurring late payment fees. However, it's crucial to pay attention to the specific due date and grace period details, as they can change.
If a company consistently fails to pay its annual review fees and late payment fees, ASIC may take further enforcement actions, such as issuing penalty notices or even deregistering the company.
To get the most accurate and current information regarding ASIC annual review fees and late fees, you should visit the ASIC website (https://asic.gov.au) or contact ASIC directly. They can provide you with the latest fee schedule and any recent changes to regulations.
If you would like further information about ASIC fees and process, please get in touch with us here at support@waive.com.au.
How Much Do I Charge For ASIC Compliance?
One of the most common questions accounting firms ask when joining the Waive platform is how much to charge for ASIC (Australian Securities and Investments Commission) compliance services. The answer is not so straight forward and can depend on the following considerations:
Scope of Services: The range of services you offer can greatly affect your pricing. Are you providing a comprehensive compliance which includes changes, ASIC Annual Reviews and acting as the Registered office or is it simply the Annual Review forwarding?
Complexity of the Client's Business: The complexity of the client's business and its regulatory requirements can significantly impact the price. More complex businesses with numerous subsidiaries or operations may require more extensive work.
Size of the Company: Larger companies may require more transactions and therefore more work to keep up with compliance.
Expertise and Reputation: Your level of expertise and reputation in the field can influence your pricing. Established firms with a strong track record may charge higher fees than newer or less well-known providers.
Geographic Location: The cost of living and doing business in different regions of Australia can vary significantly. Prices may be higher in major cities compared to rural areas.
Market Rates: It's essential to research what other ASIC compliance service providers charge in your area and within your niche. This can give you a benchmark for setting your prices.
To determine your specific pricing, you should conduct a thorough assessment of your costs, client demographic and the current economic landscape.
It's also crucial to have clear contracts and pricing agreements with your clients to avoid misunderstandings.
Keep in mind that ASIC compliance services are a critical aspect of corporate governance, and companies are often willing to invest in quality services to ensure they meet their regulatory requirements.
Therefore, it's essential to strike a balance between competitive pricing and providing high-quality services that meet your clients' needs.
If you would like further information about the market range of prices please get in touch support@waive.com.au.