InFocus April 2024 - Volume 33 Issue 3
- Coming soon – new ASIC Professional Registers Search
- Removal of TIFF and RTF file uploads
- ASIC is seeking feedback about our website…have your say!
- Climate reporting and greenwashing: What small businesses need to know
Coming soon - new ASIC Professional Registers Search
A new and improved ASIC Professional Registers Search is coming soon.
In coming months, the following professional register searches will be available in the new ASIC Professional Register Search:
- Australian Financial Services (AFS) licensees,
- AFS authorised representatives,
- credit licensees,
- credit representatives,
- official liquidators,
- registered auditors (registered company auditors and authorised audit companies),
- registered liquidators,
- registered managed investment schemes, and
- approved self-managed super funds (SMSF) auditors.
Once the new ASIC Professional Registers Search is available, the existing professional register searches will be removed from ASIC Connect Search.
Removal of TIFF and RTF file uploads
From 10 May 2024, you will no longer be able to upload Tag image file format (TIFF) and Rich text format (RTF) files in the following online portals:
- company officeholder
- registered agent
- AFS licensees
- credit licensees
- auditors, and
- liquidators.
This also impacts the following online services:
- online enquiry form, and
- fee waiver applications.
Removing the ability to upload TIFF and RTF attachments reduces system issues and security risks. We will be removing references to these files in our online services, website and forms.
What this means for you
From 10 May 2024, where an attachment is required to be lodged in one of the above online services please ensure portable document formats (PDFs) are used.
ASIC is seeking feedback about our website…have your say!
We’re undertaking work to improve our registry website, and have developed concepts and ideas to improve the user experience.
We are seeking feedback from business name holders and company officeholders who have recently used our digital registry services, including:
- our website to find information on running a business name or company,
- the ASIC Connect portal for business name updates, and
- the Officeholder portal to lodge company transactions.
We are conducting online interviews to review proposed concepts to improve the experience in using these services. The feedback will help direct our efforts in improving these registry digital services.
These sessions are expected to take place in May 2024 via a one hour online interview. Email us by 21 April to have your say.
Unlisted public companies: Financial reports due
Unlisted public companies, with financial year ending 31 December 2023 that are not disclosing entities or limited by guarantee, are required to prepare and submit audited financial reports (Form 388).
Financial reports are required to be submitted online within four months from the end of their financial year. Submitting reports before 30 April avoids late fees.
For more details on reporting obligations for public companies, visit our website.
Foreign companies: ASIC initiated deregistration
A foreign company registered in Australia has obligations to lodge financial statements with us once every calendar year.
New Zealand companies registered as foreign entities in Australia can utilise the NZCO-AUST data transfers for a Form 405 through NZCO, otherwise, lodge directly with us.
Deregistration of foreign companies may commence for any foreign company failing to submit the required financial statements (Form 405) or annual returns (Form 406) for a specific year.
Non-compliance by registered foreign companies may trigger regulatory action. To avoid compliance action, take urgent steps to prepare and lodge the necessary financial reports as soon as possible.
For further details on foreign company obligations, refer to our website.
ATO’s new online learning platform for small business
Essentials to strengthen your small business is a flexible and free online learning resource for small businesses, educators and tax professionals to share and use with their staff, students and clients.
It’s designed to help people get their tax and super basics right and improve their business knowledge. Learn more and start your learning journey now by visiting Essentials to strengthen your small business. 
Climate reporting and greenwashing: What small businesses need to know
The government is proposing to introduce mandatory climate-related disclosure laws for large businesses and financial institutions.
ASIC’s Climate reporting and greenwashing: What small businesses need to know, provides guidance on current developments and outlines what small businesses need to know regarding greenwashing and mandatory climate related disclosures.