Get ready for easier ways to lodge and pay ASIC Report

From 1 July 2003, it will be easier for your company to notify ASIC of changes to company details and to pay fees, due to Government reforms to the Corporations Act 2001. 

These reforms aim to reduce your compliance costs and to improve the quality and accuracy of company information available to the public. Here’s an outline of the coming changes.

Get ready for easier ways to lodge and pay

By Mark Drysdale, executive director, Public and Commercial Services Directorate, Australian Securities and Investments Commission

From 1 July 2003, it will be easier for your company to notify ASIC of changes to company details and to pay fees, due to Government reforms to the Corporations Act 2001.

These reforms aim to reduce your compliance costs and to improve the quality and accuracy of company information available to the public. Here's an outline of the coming changes.

New company review date

The existing annual return will be abolished. Companies will no longer be required to lodge an annual return by 31 January each year. Instead, your company will have a review date, which will be based on the anniversary of your company's registration date.

On this date, you (or your registered agent) will receive:

• A company statement with your company details from our records

• An invoice statement that sets out your annual review fee.

You may apply to us to vary your review date, using a Form 488.

Company statement

The company statement will set out the details of your company from our records. You must review these details to ensure they are complete and up to date. If the details are accurate, you don't need to lodge anything with us.

You must lodge with us any changes to your company details on Form 484 within 28 days of your company statement being issued. To avoid the late lodgement fees, ensure you lodge your changes on time.

The easiest way to lodge Form 484 is online at www.asic.gov.au/easylodge (available from 1 July) or have your registered agent do it, if you use one.

Invoice statement

The invoice statement sets out your annual review fee, which you must pay within two months of your review date or face late payment fees. You'll soon be able to pay your annual review fees at any Australia Post office near you. Of course, you can still use Bpay to pay your fees online.

What you must tell us

All companies must tell us of most changes to company details as and when they occur. You must tell us about most changes to your company details within 28 days of the date of change (previously 14 days). See our website www.asic.gov.au for more. Lodge your changes on time to avoid late fees.

Proprietary companies must also tell us of changes to issued shares, top 20 members, and their ultimate holding company, as and when they occur.

As a public company, you must tell us of changes to your member details and to your share structure annually, ie within 28 days of your review date.

Solvency resolution

Company directors must pass a solvency resolution within two months of their review date (unless your company lodged its financial report and directors report with us under Chapter 2M of the Corporations Act in the 12 months before your review date).

If the resolution is positive, you don't need to lodge anything with us. You need only pay your review fee.

If your directors have passed a negative solvency resolution, you must notify us within seven days of the resolution using a Form 485 (statement in relation to company solvency).

If your directors haven't passed a solvency resolution within the two-month statutory period following the annual review date, you must notify us, using a Form 485, within seven days from the end of that two-month period.

Directors over 72

There is no longer a requirement for directors of public companies and their subsidiaries to cease being a director at the age of 72 years.

New forms

You will need to use new forms once these changes start in July. For draft copies of these new forms, visit our website below.

For more about these changes, or for copies of the draft new forms, visit www.asic.gov.au or e-mail info.enquiries@asic.gov.au

Disclaimer

The purpose of this database is to provide a full-text record of all articles that have appeared in the CDJ since February 1997. It is aimed to assist in the research and reference process. The database has a full-text index and will enable articles to be easily retrieved.It should be noted that information contained in this database is in pre-publication format only - IT IS NOT THE FINAL PRINTED VERSION OF THE CDJ - therefore there might be slight discrepancies between the contents of this database and the printed CDJ.