InFocus December 2022 - Volume 31 Issue 9

• Missed the director ID deadline?
• We're still online this festive season

• Registered agent obligation reminder

• Is your organisation using the correct reference number when making a payment?

• Avoid late fees this new year!
• Has your business been impacted by floods?
• Free Business Wellbeing online training for small business

Missed the director ID deadline?

While the 30 November deadline for directors of companies in Australia to apply for their director ID has now passed, Australian Business Registry Services (ABRS) is continuing to encourage non-compliant directors to apply now. As confirmed in a statement by the ABRS Registrar ABRS will apply a pragmatic compliance approach to directors who are required to apply, if they apply by 14 December 2022.  

All directors of companies, registered Australian bodies and registered foreign companies must apply for a director ID – it is not optional. It’s free to apply and available to directors within Australia and overseas.

The fastest way to apply is online at abrs.gov.au, which will issue a director ID instantly once the application is complete. 

ABRS will take a reasonable compliance approach focusing on educating, creating awareness and helping directors do the right thing.

Directors who do not meet their obligation after being contacted may be referred to ASIC, who are responsible for enforcing director ID offences, which can span criminal and civil penalties.  

We're still online this festive season

ASIC offices will be closed from Monday 26 December 2022 to Monday 2 January 2023 (inclusive), re-opening on Tuesday 3 January 2023.

During the break, if you have an existing Australian Business Number (ABN), you can apply to register a business name via the Business Registration Services (BRS) or ASIC Connect.

You can also lodge documents with us online - use our online services and use ASIC Connect (via asic.gov.au) to search our registers and purchase any documents you need.

A reminder for registered agents to have arrangements in place to ensure your customers won’t incur late fees during the closedown period.

Find out more information about our Christmas closedown and the BRS.

Registered agent obligation reminder

Do you know your obligations as an ASIC registered agent? The ASIC Registered Agent Terms and Conditions (T&Cs) outline your responsibilities as an ASIC registered agent.

Here are some tips to common issues we hear about, which may help you to ensure that you are complying with the T&Cs. 

Common Issue	What you need to do
Annual statement not provided to companies	If you are authorised to act as a company’s ASIC registered agent, you must retrieve the company’s electronic annual company statement within 14 days of the company’s annual review date, and ensure the company officeholders receive the statement within enough time to pay the annual review fee by the due date. (Clause 4.10)
Agent details not up to date	If you change your agent details, including the contact person or contact number, you must notify us by lodging a Form RA01 Notification to register, change details of, or cease as an agent. (Clause 4.1)
Written authority not obtained	If you submit a document for lodgement, you must store in your records the written authority to submit the document for lodgement. (Clause 4.7)
A lodgement in error without authority	If you accidentally lodge a form for a company without authority, you are required to report the error to ASIC. This can be done by submitting an online enquiry.  (Clause 10.1)

Is your organisation using the correct reference number when making a payment?

When making a payment to ASIC, each organisation must use a specific biller code and reference number. This ensures payments are allocated to the correct account and helps prevent incurring late fees or having to contact ASIC to re-allocate payments.

Unsure of your organisation’s individual biller code and reference number? You can check this on our website. Simply enter the Australian Company Number (ACN) or Australian Registered Body Number (ABRS), and the reference numbers and methods of payments will display.

Avoid late fees this new year!

The lead-up to the holiday season is often so busy it can be easy to overlook important deadlines. Before the end of the year, make sure all your company details are up to date. Otherwise, your first task in the new year might be dealing with a late fee!

Company officeholders are responsible for making sure the company lodges their documents on time. Most updates need to be made within 28 days of the change. If ASIC is notified outside of this time period, you'll be charged a $87 late fee (if it's up to a month late) or even a $362 late fee (if it's over a month late).

Paper forms are only considered lodged once received by ASIC. If a paper form is due for lodgement before the Christmas closedown, and we don’t receive it before 5:00 PM AEDT 23 December 2022, a late fee will apply.

Read more about lodging documents during Christmas closedown on our website.

For information about the changes you need to let us know about, see Changes to your company.

If you want to check or update your company details, you can do so by logging into your account.

Has your business been impacted by floods?

If your business has been affected, there's a range of support available to get your business up and running again. Visit business.gov.au for more information. 

Free Business Wellbeing online training for small business

Every mind has expanded the Ahead for Business program’s Business Wellbeing online training based on the feedback of small business owners across Australia.

The updated edition of the popular online training now includes a brand-new training pathway tailored for small business employees, and new content for small business owners.

The self-paced online training is made up of four 10-15 minute modules recognising the different roles that owners and employees play in creating a mentally healthy workplace.

To find out more visit Business Wellbeing training - Ahead for Business.