Annual Statement fees are payable annually with the fee becoming due and payable within two months of the anniversary of the company’s establishment date.

It is important that you pay your fees as required for a number of reasons.

Firstly, to avoid incurring late payment penalties, which are payable in addition to the original fee payable.

Penalties are payable in two stages with the first penalty becoming due from day one after the due date. Should your payment be more than one month late then the second penalty will apply. As from the 1st July, 2017 these penalties will be $78 and $323 respectively. It is important to note that unlike other government departments ASIC does not waive penalty fees except in extreme extenuating circumstances.

Secondly, companies that fail to pay their required fees may be deregistered by ASIC. An unforeseen consequence of this is that technically all assets owned by the company vest with ASIC upon deregistration of the company. For example, a company which owns property that is deregistered by ASIC for non payment of their fees could have ASIC implement proceedings to take possession of that property.

Finally, should you be a Director of a company(ies) that fail to pay their ASIC fees or other debts (trading whilst insolvent) the ASIC may seek to have you disqualified from managing corporations for a period of time considered appropriate together with the imposition of compensation orders and/or pecuniary penalty orders which are payable by the Directors personally. (RG 217.12)

To ensure that you are fully compliant with your ASIC requirements CS Consulting group have specialised staff in this area with nearly 30 years experience. If you are unsure if you are compliant or require assistance in this area please contact Jennifer Tadic of our office.