Don’t Spend Another Dollar on ASIC Late Fees!

By December 11, 2019Blog
Don't Spend Another Dollar on ASIC Late Fees

As your ASIC registered agent, Advivo monitors your compliance requirements and informs you when fees are due, we even follow you up if you fail to respond in a timely manner. We do this as we do not want to see your money wasted on ASIC late fees.

Every year your company will receive an annual statement from Australian Securities Investment Commission (ASIC) with an annual review fee that needs to be paid within two months. For example, if the date of the annual review is 1 July you have until 1 September to pay.

Late Penalty Fees

If you miss a payment or lodgement due date? You are required to pay a late penalty fee of:

  • $80 for up to a month late*
  • $333 for more than 1 month late*
    *Fees are as at 1 July 2019

Why Do Many SMB’s Incur Late Fees?

What most people don’t know is between 2018-19 ASIC generated a staggering $137 million in late fees! Why do so many small to medium business owners let this happen?

The first reason is business owners forget to pay the annual review fee. ASIC does not send reminders for the invoice and some ASIC agents will not either. Don’t let this be you! As your registered agent, Advivo will ensure you’re contacted closer to the due date so as you can make better use of your money rather than having to pay ASIC late fees.

The second can be penalties resulting from poor compliance this includes changes made to company details such as addresses, new directors and adjusting shareholdings. If ASIC is not notified of these changes within 28 days, late fees will apply.

Advivo Corporate Registry Services

At Advivo, our goal is to help you thrive. We achieve this by taking an active role in managing your business and creating wealth. As part of our accounting and tax services, we offer corporate registry services and advice including:

  • ASIC Management
  • ASIC Registered Agent (including ASIC fee reminders)
  • ASIC Registered Office
  • Management and Maintenance of Company Records
  • Lodgement of Annual Return

We have a talented team of accountants, business advisors, and accounting consultants who will listen to you and take a hands-on approach to manage your business and individual financial needs. If you’re looking for a new accountant, especially one based in Brisbane, look no further. Call us on 07 3226 1800 or message us on our Contact page.

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