ASIC Annual Reviews – Be Proactive to Avoid Late Fees

Do you know when your Company Annual Review date is? Or are you, like most people, reliant on a reminder coming from ASIC in the mail or your inbox? Beware. Being proactive and organised is key.

Let us explain. 

Today, an enquiry was received from a new client who had received a late fee for not paying an annual review fee within the necessary timeframe. Upon investigation, we confirmed that the details in the ASIC portal were correct, including registered address and email, although no reminder was received by the client.

When an enquiry was made with ASIC, a representative advised that “sometimes ASIC emails don’t get through to email inboxes”. 

As this problem had never been experienced with previous renewals, when further prompted, the representative counselled that “responsibility falls with the company to know when invoices to ASIC are due and payable, irrespective of whether reminders received or not”.

At CoSec, a register is maintained for all our client companies to ensure that fees are paid on time, to avoid this issue. However, this example is a good reminder to keep abreast of when the company annual review date falls in order to avoid unnecessary late fees. 

Log onto your ASIC portal to check the date an Annual Company Statement is due and set a reminder date in your calendar. It will prove to be a useful tool to remember to pay your company Annual Review fees on time and avoid unnecessary late fees.

Disclaimer: this blog does not represent legal advice.………….. 

Please feel free to contact us via our contact page if you have any questions, comments or insights.