ASIC annual review fee explained for small business owners
If you run and want to keep your business at the top of yearly obligations, the ASIC annual review is a key aspect. You should meet the regulations compliance as per the Australian Securities and Investments Commission. However, navigating a stringent process can be daunting, especially if you don’t know about it. ASIC Annual Review Accountants in Epping are there to help you and provide information about the fee. Expert ensures that your business remains compliant while you focus on what matters to you the most. They can efficiently handle various aspects of your annual compliance requirements. Let’s delve deeper into relevant information, why this service matters, and how much it costs.
Importance of Completing Annual ASIC Review
Every business registered with ASIC needs to complete an annual review around the date of its registration. Australian Securities and Investments Commission, send your company’s statement and invoice regarding the fee. There are two key aspects and goals of ASIC review, such as:
- Verifying your Business Details are Precise, such as directors, shareholders, etc.
- Ensuring that your Company’s directors record solvency resolution
Epping ASIC Compliance Accountants check the statement, pay the required fee, and lodge any changes if needed. They initiate the process on behalf of your entity and fix it if something goes wrong. Annual review fee for a proprietary company is 321 AUD and is effective from July 2024. The fee for a public company is 1346 AUD, which is higher than for proprietary entities. Whereas the review fee for a super fund trustee company is 65 AUD.
ASIC Annual Review Services offered by Expert Accountants
You can consider professional ASIC Company Annual Review Services Epping by consulting accountants. They play a crucial role in accomplishing and validating the process for your business. Find out below how accounting experts can contribute to completing the process.
- Reviewing Financial Statements
Accountants are well-versed in reviewing yearly financial statements of companies. They review your books and ensure that all financial-related compliances are met efficiently.
- Solvency Resolution Guidance
Accountants provide explicit guidance about solvency resolution by identifying any financial distress. They can provide you with strategic financial analysis to develop turnaround plans.
- Up-to-Date Company Details
Your accountant acts as an ASIC Registered Agent Epping, to review and update the company’s details. This includes the registered office address, company name, directors, secretary, and shareholders’ details.
- Lodgement of Annual Review
Accountants on your behalf lodge the annual review statement confirming that the information ASIC holds is precise. They act as intermediatory and ensure compliance is met efficiently.
- Annual Review Fee Payment
The fee for the ASIC annual review is paid by the company, not the accountant. Though one often manages the payment process and facilitates payments on behalf of your business.
Choose Kirpa Tax Accounting firm for ASIC Annual Review
We are leading ASIC Annual Review Accountants in Epping, specialists in ASIC compliance. We receive and manage all correspondence on your behalf sent by the Australian Securities and Investments Commission. With us, you can ensure timely lodgement and fee payment to help you avoid costly penalties. Kirpa Tax ensures that nothing falls through the cracks.
FAQ’s
Why should I pay the ASIC annual review fee for my businesses?
You need to pay a yearly fee to ASIC for keeping your company registered and compliant as per Australian law. You can pay the fee through the ASIC Annual Review Accountants in Epping.
How much is the fee for an ASIC annual review?
For proprietary companies, it is 321 AUD, public companies need to pay 1346 AUD, and special purpose companies 65 AUD. Get comprehensive guidance from Kirpa Tax regarding the fee structure.
When should I pay the fee for the ASIC annual review?
Epping ASIC Compliance Accountants highly recommend paying the fee within 2 months of the registration date of the business. You should not miss the fee payment to avoid penalties.
Is there any penalty for not paying the ASIC annual fee?
Yes, you have to pay a late fee, which is 100 AUD for one month and 415 AUD for more than one month. Consult Kirpa Tax to get a reminder for fee payment and avoid costly penalties.
Can I pay the ASIC annual review fee in advance?
You can pay the fee in advance for 10 years to avail a discount from ASIC. Call Kirpa Tax for ASIC Company Annual Review Services Epping.
Is the ASIC annual review fee deductible for tax?
This fee is generally considered a tax deduction for businesses. You can get a tax refund with the timely lodgement of your company tax return.
Why should I choose Kirpa Tax Accounting firm?
Kirpa Tax Accounting firm is an ASIC Registered Agent Epping to handle the process of ASIC annual review. We have years of experience in serving companies for ASIC compliance.