Have you recently registered a company?
Annual fees to keep your company active
Every year, you will receive an annual statement from ASIC. This statement will provide a summary of your company details with an invoice for your company’s annual review fee. These are annual fees that must be paid according to the Corporations (Review Fees) Regulations 2003. Your annual statement is sent to the registered agent’s address, as well as your company’s registered office address, nominated mailing address and online account.
The fees as of July 2023
A proprietary company - $310
A special purpose company (proprietary) - $63
A special purpose company (public) - $59
A public company - $1,440
Late lodgement fees
Once you receive your annual statement, you will have 2 months to pay the annual fee. For example, if the date of the annual review is 1 July, you will have until 1 September to pay. If you miss this deadline, you will have to pay a late lodgement fee as follows:
Payment up to one month late - $93
Payment more than one month late - $387
Late fees may be waived in circumstances beyond the control of the company, such as:
Delays caused by ASIC;
A Court order;
Records damaged by a fire, flood or disaster; or
Natural disasters prevent access to records.
Updating company details
It’s important that you update your company’s details if they are not correct in your annual statement. If you wish to notify ASIC of any changes, this needs to be done within 28 days of receiving the statement. You will have to pay an $80 late fee if you notify ASIC up to a month late, and $333 for more than a month late.
If you need need update/change your company details please check this article:
Solvency resolution
Although there are no fees involved, you must pass a solvency resolution annually. This resolution needs to be passed by a majority of the directors in your company. It will indicate whether the company directors believe that the company is solvent or insolvent. You only have to notify ASIC if the resolution is negative or if the directors do not pass a resolution.
You can find out more about the ASIC annual review and what are late fees in our detailed guide here.
Lawpath can help with your ASIC Annual Compliance to ensure your company remains active, visit our page by clicking the button below: