Pay In Advance and Save

You may not be aware that ASIC will allow you to pay 10 years annual company review fees in advance. However there are advantages & disadvantages to paying in advance, consider the following first:

• You pay a discounted rate and avoid future fee increases
• You do not have to worry about paying the review fee for another 10 years
• There are no refunds on this fee, even if your company closes
• The credit on the account cannot be used for any other amounts owed to ASIC, eg late lodgement of forms to update any company or personal details.

The fee you pay will depend on the type of company. For example, a proprietary company currently pays $329 annually, for ten years the discounted fee is $2,438 & for a special purpose company, currently paying $67, the discounted 10 year fee is $463.

Your annual obligations still apply, to check all details are correct on the company annual review & to notify ASIC of any changes within 28 days. You must also keep a signed solvency resolution with your permanent records for each year.

ASIC require a ten year advance payment of annual review fee remittance advice form to accompany the full payment. This form can be found on the ASIC website asic.gov.au

If you would like any more information regarding this, please contact our office.

 

Author

Bonnie Lineburg