If you operate a company in Australia, you have ongoing obligations to ASIC — the Australian Securities and Investments Commission. For many small business owners, these obligations run quietly in the background until something goes wrong. By then, the penalties and late fees can far exceed the cost of staying on top of them.
Here's a plain-English overview of what ASIC compliance involves and what you need to stay on top of.
"ASIC doesn't distinguish between a small family company and a large corporation when it comes to compliance obligations — the rules apply equally."
The Annual Review
Every company registered with ASIC receives an annual statement around the anniversary of its registration. This statement confirms the company's details — registered address, officeholders, shareholders — and includes an annual review fee. The fee must be paid within two months. If you miss it, ASIC charges a late fee on top, and persistent non-payment can lead to deregistration.
More importantly, the annual review is your opportunity to check that ASIC's records are correct. If your address, directors, or share structure have changed and you haven't notified ASIC, you're already in breach.
Keeping ASIC Details Up to Date
Any changes to your company must be notified to ASIC — usually within 28 days. This includes:
- Change of registered office or principal place of business
- Appointment or resignation of directors and secretaries
- Changes to the share structure (new shares issued, transfers)
- Changes to shareholder details
Failing to notify on time attracts late lodgement fees, which increase the longer the change goes unreported.
Company Registers
Every company is required to maintain internal registers — a register of members (shareholders), a register of officeholders, and a register of charges if the company has secured creditors. These don't need to be filed with ASIC, but they must be accurate and available for inspection. Most accounting software and company secretarial tools can maintain these automatically.
Key Takeaways
- Pay your ASIC annual review fee within two months of the statement date
- Notify ASIC of any company changes within 28 days
- Keep company registers accurate and available for inspection
- Late lodgements attract fees that compound over time
- A registered agent can manage all of this on your behalf
ASIC compliance is one of those areas where staying organised costs very little, but falling behind can become expensive quickly. Our corporate compliance team handles ASIC lodgements and annual reviews for clients across the Gold Coast and Brisbane — get in touch if you'd like us to take it off your plate.