How to Avoid Late Fees

 

© Australian Securities & Investments Commission.

Reproduced with permission. ASIC Information sheet 37 (INFO 37).

 

  

 

Most documents must be lodged with us within a specified period. If a document is received late, we charge a late fee. Your company’s annual review fee must be paid within 2 months of its annual review date. If the review fee is not paid within that time, we also charge late fees.

This information sheet will help you comply with your obligations to lodge documents on time as set out in the Corporations Act 2001 (Corporations Act) and Corporations Regulations 2001.

Documents must be lodged on time

Company officers and other entities that lodge with us are legally responsible to lodge documents on time, (s188 of the Corporations Act).

If you have appointed a third party (such as an accountant, lodging agent, solicitor or ASIC registered agent) to lodge documents on your behalf, you are still legally responsible for any delay in lodging them.

When a document is considered lodged

A document is only considered lodged when it is received and accepted by us. We do not take into account mail or other delivery delays.

Proof of lodgement

Proof of lodgement is an ASIC receipt, a stamped Form 104 Record of lodgement of documents, EDGE validation report, courier receipt, or express post barcode.

Lodgement methods

Online with ASIC
See www.asic.gov.au/onlinelodgement for how to lodge forms online.
Online with a third party
Ask your accountant, lodging agent or solicitor about their online services.
Mail
Send completed and signed forms with the fee to:
ASIC PO Box 4000 Gippsland Mail Centre Vic 3841
In person
Lodge at an ASIC Service Centre or with an ASIC local representative. 

Outstanding debt

If you do not pay outstanding debts we can take legal action. If you do not pay a review fee, we may deregister your company. Annual review fees must be paid in full within 2 months of the review date or we will charge you a late fee.

You can review the total amount of money your company owes ASIC at any time through our online lodgement service: select ‘View company details’ from the left navigation bar and then choose ‘Debtor details’. Or check out the invoice statements we’ve sent you.

Online lodging

When lodging online with us, you must make sure that we receive your online transaction.

You can do this by checking the validation reports and receipts that we issue when you lodge online. These reports alert you to problems with your transaction and or tell you that we have received what you lodged. You may wish to keep a copy of these reports for your records.

If a problem occurs that you cannot fix, telephone us on 1300 300 630.

Matters beyond your control

Sometimes matters beyond the control of company officers can delay the lodging of company forms. If this happens, give us detailed proof that the delay was beyond the control of ALL officers and entities that were responsible for lodging forms.

What if you make an error on a document?

If you discover an error in a date or other information on a previously lodged document you must give us enough proof confirming the correct details. This proof should be either a letter or minutes of a meeting. You also need to lodge one of the following forms:

  • for online lodgement, Form 902 Notification of supplementary information
  • for paper lodgement, Form 492 Request for correction.

 

What if you are represented by a third party?

We distribute all correspondence including invoices to the address nominated by the company. Just because company officers do not get invoices, annual statements or other correspondence from a third party does not remove their obligations to lodge and pay on time.

This is Information Sheet 37 (INFO 37). Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.

This information is for guidance only and is not intended as specific advice to any reader. Professional advice should be obtained before acting on any information contained herein. The publisher accepts no responsibility for loss occasioned to any person or organisation as a result of action or the refrain of action as a consequence of the contents of this publication.