What is an ASIC Annual Review?

Each year, ASIC will issue your company with an annual statement. This statement contains the information ASIC currently has in relation to your company at the date that the statement is issued.

Generally ASIC will issue your company’s annual statement shortly after your company Annual Review Date (this is usually the anniversary on which the company was registered).

Your annual statement will contain:

• A statement of your company’s current details,
• An invoice for your company annual review fee, and
• Your company’s corporate key

In order to ensure your company compliant, you will need to complete the Annual Review process each year.

This involves:

• Paying the fee contained on the ASIC invoice – To ensure your company remains registered, you must pay the total amount contained on the invoice by the due date. Failure to do this will result in ASIC imposing late fees, and eventually taking steps to deregister the company.
• Checking the details contained on your ASIC Annual Statement are correct – If any details contained on the ASIC Annual Statement are incorrect, you can change these details by lodging an ASIC Form 484. This can be completed easily online through your ASIC connect account.
• Passing a solvency resolution – The directors of the company must pass a solvency resolution within two months of the annual review date. In the event of a positive solvency resolution, the resolution must be stored by the company and presented to ASIC upon their request.

If you no longer wish for the company to be operational, you may consider deregistering it. Until such time that the company is deregistered, the company will continue to incur any applicable annual review fees and late fees. The officeholders of the company will also be required to continue upholding their duties.

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Updated — Sep 30, 2019