InFocus August 2019 - Volume 28 Issue 7
- Start preparing your financial reports now!
- An update on the Business Registration Service
- Industry funding - submit your industry funding annual return now!
- Unfair contract terms in small business contracts
- 'Small Biz Matters' Podcast
- Upcoming events
Financial reports are due in September and October (depending on your entity type) so now is the best time to get your documents ready.
Public companies, registered schemes, 'large' proprietary companies, Australian Financial Services licensees, and some foreign companies all need to lodge financial reports with us.
Financial reports must be lodged online.
Companies and schemes
Companies and schemes can lodge their financial reports online using the Form 388 Copy of financial statements and reports.
You will also need to include supporting documentation, including:
- an income statement
- a statement of financial position at the end of the year, and
- a statement of cash flow
AFS licensees need to provide their financial reports by lodging copies of:
- Form FS70 Australian financial services licensee profit and loss statement and balance sheet, and
- Form FS71 Auditor’s Report for AFS Licensee
When the report needs to be lodged may depend on who holds the licence.
The Business Registration Service (BRS) makes it easier to start a business by providing a single online service, including payment by credit card, for business name (ASIC), company (ASIC), Australian Business Number (ABR) and tax registrations (ATO).
The BRS was launched in June 2018 through the business.gov.au website, hosted by the Department of Industry Innovation and Science (DIIS).
Since its official launch last year, BRS accounted for 8% of all new company registrations and 30% of new business name registrations.
If you’re not sure how you want to structure your business, the BRS also has a useful ‘Help me decide’ tool. This tool will ask you a few questions and suggest the business structure that will best suit your needs, as well as any other business or tax registrations you should consider applying for.
For more information about the BRS, visit https://register.business.gov.au
A reminder that many entities regulated by ASIC can now submit their industry funding annual return online using the ASIC Regulatory Portal. Industry funding annual returns must be lodged before Thursday 26 September 2019.
ASIC has sent correspondence to each impacted regulated entity with instructions on how to submit their industry funding annual return.
Regulated entities that have not created an ASIC regulatory portal account will receive correspondence to the registered office address, including a unique ‘security key’, which is needed to create an account. If you did not receive your correspondence during July, see our FAQ’s in the ASIC Regulatory Portal for other ways to register and log on.
For more information on industry funding, visit our website.
To get a business loan or credit for your business you will need to sign a contract. Some contracts are often offered on a ‘take it or leave it’ basis and you may have no opportunity to negotiate the terms.
Our website gives guidance on how the law deals with unfair terms in small business contracts for financial products and services. It explains the protections that are available for small businesses and what to do if you think there is an unfair term in your contract.
Discover other ways to protect your business by visiting our small business resources.
Want to find out more about how ASIC works to support the small business community? Warren Day, Executive Director of Assessment & Intelligence talks with radio host Alexi Boyd on the Small Biz Matters podcast about business name and company registration, director’s responsibilities, deregistration and more! Listen to the podcast here.
Live Webcast – ‘A Small Business Journey’ - Tuesday 20 August 2019
Are you in small business? Find out about what you need to be aware of and what your obligations are at the different stages of a business.
Come along to the free, live and interactive webcast hosted by five key federal regulators:
- Australian Competition and Consumer Commission
- Australian Securities and Investment Commission
- Fair Work Ombudsman
- Australian Taxation Office
- Australian Small Business and Family Enterprise Ombudsman (ASBFEO)
This webcast will be held on Tuesday 20 August 2019 from 5.00pm to 6.00pm AEST.
It will be a 30-minute panel discussion followed by a 30-minute live Q&A session giving you the opportunity to ask questions of the panel.
The webcast will explore a case study and discuss:
- Registrations and business structures
- Business name registration
- Whether someone is an employee or contractor
- Unfair dismissal
- Single Touch Payroll
- Unfair contracts
- Dispute resolution - ASBFEO.
Don’t miss out! Register now at: https://publish.viostream.com/app/s-n1b6g3r