InFocus July 2019 - Volume 28 Issue 6

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Contents

Check to ensure your business name or company details are up-to-date

Use tax time as a reminder to check to ensure your business name or company details are up-to-date. This can include your address and holder details.

You can use our online services to check your details. Remember, you can check and change your business name details through ASIC Connect.

Company changes can be made using our online services.

Fee indexation - new fees now apply

As of 1 July 2019, some ASIC fees have increased based on an increase in the Consumer Price Index (CPI). 

For a list of our current fees, visit Fees for commonly lodged documents. 

For more information about fee indexation, visit our website. 

Financial Reporting thresholds have changed

As of 1 July 2019, the financial reporting thresholds for ‘large’ proprietary companies have increased to help ease the burden on small businesses. 

For the 2019-2020 financial year, a proprietary company will be considered ‘large’ if it meets at least two of the following criteria:

  • the consolidated revenue for the financial year of the company and any entities it controls is $50 million or more;
  • the value of the consolidated gross assets at the end of the financial year of the company and the entities it controls is $25 million or more; and
  • the company, and any entities it controls, have 100 or more employees at the end of the financial year. 

For more information about lodgment financial reports, including who must lodge, visit our website.

AFCA releases complaints resolution guide for Small Business

The Australian Financial Complaints Authority (AFCA) is the dispute resolution scheme for financial services. Their role is to assist consumers and small businesses to reach agreements with financial firms about how to resolve their complaints. AFCA considers complaints about credit, finance and loans, insurance, banking deposits and payments, investments and financial advice and superannuation.

AFCA recently released a new publication ‘How to resolve a small business complaint’ on their website to further support small businesses in resolving their complaints with financial firms.   

AFCA & ASIC

This year ASIC undertook a project to update AFCA and ASIC’s registers to remove licensees that are not currently engaging in credit or providing financial services, or, who have not become compliant with the important obligation of being a member of AFCA.  The AFCA project proactively addressed a potential harm to small businesses who would not have access to an external dispute resolution body if they have complaints against the licensee.

Other resources to help you protect your business

As a small business operator, it is important you protect your interests when you deal with other businesses. See our guide for further information about how to keep your business safe.

Upcoming events

COSBOA Small Business Summit

29-30 August 2019 at the Sofitel, Melbourne On Collins. 

The COSBOA Small Business Summit which brings together industry representatives and senior politicians from across Australia. The key theme for the summit will be 'Collaboration and Communities' building and strengthening partnerships between policy makers and industry leaders with the focus on the future of small business.

Last updated: 02/10/2019 12:39