Running a company - Annual statements
Each year we send your company or scheme an annual statement shortly after the annual review date, (which in most cases is the date you registered the company or scheme).
To keep your company registered, you must complete the following steps.
- Step 1: Pay your annual company review fee
- Step 2: Check and update your company details
- Step 3: Pass a solvency resolution
To keep your company or scheme registered, you must pay the total amount on the invoice by the due date.
If you have paid your annual review fees in advance, the amount will be 'Nil'.
Late payment fee
Late fees apply if you don't pay your annual review fee on time:
- Payment up to one month late - $76
- Payment more than one month late - $316
Check the details on your company or scheme statement carefully. If any details are incorrect, you can change your company details online, by lodging a Change to company details (Form 484). This includes changes to your addresses, share structure, officeholders and members.
You will need your corporate key to make changes online. You can find your corporate key on your most recent annual statement.
If you are a Responsible Entity for a registered scheme you must notify us of any changes to the scheme by a Change to scheme details (Form 491).
Late review fee
You must lodge changes with us within 28 days of the annual statement issue date, or a further late fee will apply.
- Changes to annual statement notified up to one month late - $76
- Changes to annual statement notified more than one month late - $316
Late lodgement fee
While you only receive one annual statement each year, changes to your company details must be lodged as they occur, to avoid a late lodgement fee.
- Change of details lodged up to one month after a change occurred - $76
- Change of details lodged more than one month after a change occurred - $316
Company directors must pass and store a solvency resolution within two months of the annual review date, unless you have lodged a financial report with ASIC in the past 12 months.
Your solvency resolution may be a:
- Positive solvency resolution - passed when directors are certain the company can pay its debts when they are due.
- Negative solvency resolution - passed when directors believe the company cannot pay its debts when they are due.
Guide on what directors must do
|Solvency resolution||What you must do||Must be lodged with|
|Directors pass a negative solvency resolution||Lodge a Statement in relation to company solvency (Form 485)||Seven days after the resolution is passed|
|Directors pass a positive resolution*||You don't have to notify us* but the resolution must be stored.|
*Directors are taken to have confirmed the company is solvent if they have:
- paid the review fee
- not lodged a Statement in relation to company solvency (Form 485) within two months and seven days of the review date and
- not lodged financial reports in the previous 12 months.
If you have not received your annual statement with 14 days of your review date, contact us online.
If you no longer need your company, you should deregister it. This will mean you no longer have to meet the legal obligations of a company, which includes paying the annual review fee.
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