Yes. You can reserve a company name by lodging a Form 410A – Application for Reservation of a Name – directly with ASIC. You can download it here.
There is a $49 fee attached to this service (from July, 2018).
Once ASIC has approved your application, they will send out written confirmation. Name reservations are valid for 2 months from the date of approval.
It is possible to extend the reservation by lodging a new request and fee. Generally ASIC will only allow two extensions unless there are proven extenuating circumstances.
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Updated — Sep 6, 2018