ASIC imposes strict lodgement criteria and imposes heavy fines to ensure the integrity of its database. The penalty for failure to lodge documents with the Commission can be upwards of $1,000 and/or 3 months imprisonment.

Company secretarial compliance has become a very time consuming and tedious administration workload for practicing accountants, larger organisations and ASIC agents.

This is not a cost effective task for accountants and outsourcing of this onerous task ensures higher returns.

In line with ASIC’s concept of computerisation and added security, a corporate key was introduced by ASIC on 1st March 2004 for display on paper forms. A record will need to be kept for the storage of the key, as it is required on the most commonly lodged form 484. It is also required on additional forms e.g. 486 and 362. This is another sound reason to outsource company registry functions as the corporate key adds more administrative burden to the practice. Click here to find out more about an ASIC corporate key.

Corporations Law requires registered companies to keep and maintain appropriate statutory records in relation to directors, shareholders and other matters.

In addition to the ongoing maintenance requirements each company has an obligation to review the company statement issued by ASIC each year to ensure that the database of ASIC matches the office holder and shareholder ownership of the company. There is also an annual review fee to be paid.

Our system is linked directly to ASIC for online changes and ensures there is a tracking date for lodgements.

Why not phone us now on 1300 ABN ABN for more details.