InFocus July 2024 - Volume 33 Issue 5

Fee indexation – New fees now apply
Directors convicted for failing to have a director ID
Start preparing your financial reports now!
Be prepared for EOFY cyber attacks
Have you checked out the finder tools on business.gov.au?

Fee indexation – New fees now apply

As of Monday 1 July 2024, you will notice some ASIC fees have changed. This is based on the increase in the Consumer Price Index (CPI) announced for the March quarter.

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

For more information about fee indexation, visit our website.

Directors convicted for failing to have a director ID

Two Western Australian directors were recently convicted for failing to have a director ID.

Both directors were fined $5,000 in the Perth Magistrates Court on 3 May 2024, for failing to comply with director identification requirements. The maximum penalty for failure to comply is currently a fine of $18,780.

The Magistrate stated the director ID service had been enacted for a proper public purpose and considerable efforts had been made by government agencies to bring the accused’s attention to the service and comply.

How you can help
All directors are required to verify their identity with the Australian Business Registry Services (ABRS) and apply for their director ID prior to being appointed as a director.

You can help your clients by sharing a copy of the director ID infographic. Please note that directors must apply for their director ID themselves.

The fastest way is to apply online at ABRS.gov.au. If a director is unable to apply online, they can phone ABRS on 13 62 50.

Your continued support to help your clients meet their obligations is helping build a fairer business environment by preventing the use of false and fraudulent director identities.

For more information about who needs a director ID and how to apply, visit ABRS.gov.au.

Start preparing your financial reports now!

For entities with financial year ending 30 June, financial reports are due in September and October - 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
AFS licensees need to provide their financial reports by lodging copies of:

When the report needs to be lodged may depend on who holds the licence.

For more information about financial reporting and your requirements, visit our website .

Be prepared for EOFY cyber attacks

Small businesses can be easy targets for cyber criminals, especially during the busy end of financial year (EOFY) and tax period. Our new EOFY Cyber Security Guide tells you which scams to watch out for and what to do to help protect yourself.

Don’t let EOFY be the end of your small business - download the free guide here.

Have you checked out the finder tools on business.gov.au?

These free, searchable databases help businesses find government grants, events, business advisers, and tools and templates. Start your search today and find what you need to take your business to the next level.

Find out more at business.gov.au.