InFocus June 2020 - Volume 29 Issue 5
- Fee Indexation 2020
- Further extension of time to lodge financial reports
- Changes coming to how you apply for relief and lodge documents with us
- COVID-19 related resources and links we like
- Small business resources now available in other languages
As of 1 July 2020, some ASIC fees will vary 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.
ASIC will extend the deadline for both listed and unlisted entities to lodge financial reports by one month for certain balance dates up to, and including, 7 July 2020 balance dates.
The extended deadlines aim to assist those entities whose reporting processes take additional time due to current remote work arrangements, travel restrictions and other impacts of COVID-19.
Unlisted entities will now be able to take one additional month to lodge financial reports for year ends from 31 December 2019 to 7 July 2020. Listed entities will be able to take one additional month to report for full year and half-year financial reports from 21 February 2020 to 7 July 2020 balance dates.
Where possible, entities are encouraged to lodge within the normal statutory deadlines, having regard to the information needs of shareholders, creditors and other users of their financial reports, or to meet borrowing covenants or other obligations.
For more information, including how to lodge online, visit our website.
We are making changes to the way applications for relief and various fundraising and corporate finance documents are submitted to us.
On 27 July 2020, the ASIC Regulatory Portal will replace the current submission channels as the primary method to submit these documents and applications.
While the lodgment channel will change, ASIC's approach to assessing applications for relief and lodged fundraising and corporate finance documents is not changing.
The ASIC Regulatory Portal will become your central access to ASIC's growing suite of regulatory services.
Anyone wanting to use the portal to transact with ASIC is required to register their own account. Selecting the ‘I just want to register’ tile on the registration page is an easy way to set up an account.
Benefits of using the portal include:
- Structured online transactions that make it easier for you to ensure the information ASIC requires is provided upfront.
- Easily attach supporting documentation.
- Track the status of your transactions via your portal account.
- Messaging feature that records correspondence with ASIC about submitted transactions.
- Fee estimates automatically calculated based on the information provided in the transaction.
- Online payment options for some transactions and a record of invoice history.
- Invite others to act on your behalf in the portal.
- Restrict access so only select users can see and access your transactions in the portal.
Changes to OFFERlist
OFFERlist is a public database of fundraising documents lodged with ASIC.
We are updating the database with a cleaner look, feel and faster search. Its name will also change to ‘Offer Notice Board’.
ASIC’s Moneysmart website contains useful information about financial support and making financial decisions if you are affected by COVID-19. It provides information on early access to superannuation, protecting yourself from scams, dealing with cancellations and refunds as well as several other topics. You can also subscribe to a COVID-19 newsletter from the Moneysmart website.
ASIC has published an article regarding the focus of our regulatory efforts in the face of the COVID-19 challenges, which contains a section for small business and links to other sources which may provide assistance to small business owners. If you are experiencing difficulties in meeting your obligations to ASIC in this time, please consider the information available on our website to apply for relief (conditions apply).
If your small business has been impacted by COVID-19, www.business.gov.au has published information regarding financial assistance and support for sole traders, companies and employers as well as other information relating to business and COVID-19.
Other links we like:
- COVID-19 information
- New and updated ASIC regulatory publications since 1 March 2020
- Changes to regulatory work and priorities in response to COVID-19
- ASIC 20-086MR Details of changes to ASIC regulatory work and priorities in light of COVID-19
- ASIC 20-113MR ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs
The new ‘Small business resources in other languages’ section of ASIC’s website is now up and running and includes links to ASIC’s ‘Running a small business in Australia: What you need to know’ e-booklet in English and Chinese and our newly translated Arabic and Vietnamese versions. Hard copies of the booklet can also be ordered via ASIC's Moneysmart publications page.