Have you recently registered a company? If so, it’s important to also understand that this is not the only fee you’ll need to pay. In order to keep your company active, you need to pay an annual review fee (normally a year after you first register, and every year after that). In this article, we’ll discuss how these fees work and what you’ll have to pay to keep your company active.
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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 October 2019 are as follows:
- $267 for proprietary companies
- $54 for special purpose companies (proprietary)
- $50 for special purpose companies (public)
- $1,240 for public companies
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:
- $80 for payment up to a month late
- $333 for payment more than 1 month late
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 disaster preventing access to records.
Upfront Annual Fees
You can pay your annual fee to keep your company active in advance upfront and receive a discount. Advance payment fees are as follows:
- Public companies: $9499
- Proprietary companies: $1977
You can also pay your annual fee early each year, however this does not attract a discount.
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.
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.
