ASIC ANNUAL REVIEW FEES

As part of its annual obligations, every registered company is required to pay ASIC an annual review fee to maintain its registration. The fee varies depending on the type and size of the company. For instance, a small proprietary limited (Pty Ltd) company incurs a different fee compared to a special purpose company classified by ASIC.

Here is a breakdown of the current fees according to company type:

Proprietary company: $310
Special purpose company (proprietary): $63
Special purpose company (public): $59
Public company: $1,440
Corporate Collective Investment Vehicle: $1,440

These fees are subject to annual adjustments based on the Consumer Price Index (CPI). Failure to make payments on time will result in ASIC issuing penalties, which can sometimes exceed the original fee

Lodgement fees

When engaging with the Australian Securities and Investments Commission (ASIC), it’s essential to be mindful of the lodgement fees associated with submitting various forms and documents. These fees are contingent upon factors such as the type of form being lodged and the specifics outlined within it.

For instance, take Form 6010 for Voluntary Deregistration, a prime illustration where upfront payment of the lodgement fee is mandatory before ASIC proceeds with processing the application. This highlights the importance of understanding the payment requirements tied to specific forms.

Moreover, it’s crucial to recognize that each form comes with its unique lodgement fee. These fees exhibit a spectrum, ranging anywhere from $47 to $474, contingent upon the nature and complexity of the form being submitted. Therefore, applicants must carefully assess and prepare for the associated costs to ensure a smooth lodgement process with ASIC.

Late fees

ASIC imposes late fees on individuals who fail to lodge documents or miss payment deadlines.

The fee varies based on the delay duration.

For delays up to one month, a defined late fee applies, while delays exceeding one month incur an additional fee.

Annual review fees must be paid within 2 months of receiving the invoice, with late payments incurring fees. Updating company details outside the expected timeframe also attracts late fees.

The responsibility for timely payments and lodgements lies with company officeholders, not registered agents. Although registered agents should understand lodgement guidelines, ultimate responsibility rests with officeholders.

ASIC adjusts these fees annually, and the latest information is available on their website.

Adhering to deadlines is crucial to avoid penalties and maintain compliance with ASIC regulations

How can Waive help me reduce clients late payment fees?

ASIC late fees can be a significant burden for registered agents and their clients, but by engaging Waive to manage annual reviews and corporate compliance, these late payment fees can be greatly reduced. Our seamless integration with ASIC allows us to receive real-time updates on director debt and due dates, enabling us to automate communication between agents and directors. This ensures that ASIC annual review fees are paid promptly, minimising the risk of late fees while improving efficiencies for registered agents.

Moreover, our user-friendly platform allows directors to conveniently pay their ASIC lodgement and late fees using various payment methods, including credit card or bank transfer, directly from their mobile device or desktop.

This level of accessibility not only simplifies the payment process but also empowers directors to fulfill their obligations in a timely manner.

By facilitating easy payment options and proactive communication, we not only mitigate late payment fees but also enhance the overall service provided by registered agents to their clients.

This streamlined approach not only saves time and money but also fosters stronger relationships between agents and directors, ultimately contributing to better compliance.

Forms which can be lodged online include:

WHAT OUR CLIENTS SAY

INTERESTING FACTS

$335 Million

Late Fees 2022

3.09 Million

Companies Registered

$85.89

Ave Late Fee per company