Each year, ASIC will send your company an annual statement shortly after the annual review date (which in most cases is the date you registered the company).
Your annual statement will contain:
• a statement of your company's current details,
• an invoice for your company annual review fee, and
• your company's corporate key
To keep your company registered, you must complete the following steps.
• Step 1: Pay your annual company review fee
• Step 2: Check and update your company details
• Step 3: Pass a solvency resolution
Step 1: Pay your annual company review fee:
To keep your company registered, you must pay the total amount on the invoice by the due date. Depending on the company type, the annual review fee will change:
• A proprietary company - $276
• A special purpose company (proprietary) - $56
• A special purpose company (public) - $52
• A public company - $1,281
Late fees apply if you don't pay your annual review fee on time:
Step 2: Check and update your company details:
Check the details on your annual statement carefully. If any details are incorrect, you can change your company details online, by lodging a change to company details (Form 484). This includes changes to your addresses, share structure, officeholders and members. If you have a registered agent you need to advise them of the changes so they can finalise the changes with ASIC for you.
Step 3: Pass a solvency resolution:
Company directors must pass and store a solvency resolution within two months of the annual review date, unless you lodged a financial report with ASIC in the past 12 months.
A solvency resolution is a resolution made by the directors of a company as to whether or not, in their opinion, the company will be able to pay back its debts when they are due.
• Positive solvency resolution - when directors believe that the company will be able to pay its debts when they are due.
• Negative solvency resolution - directors believe that the company will not be able to pay its debts when they are due. The company must notify ASIC if the directors pass a negative resolution.
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