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InFocus June 2024 - Volume 33 Issue 4

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Fee Indexation 2024

On 1 July 2024, some ASIC fees change based on an increase in the Consumer Price Index (CPI). 

Our fees for commonly lodged documents page was recently updated to compare the current fees against the proposed indexed fees. 

For more information about fee indexation, visit our website. 

Coming soon – new ASIC Professional Registers Search beta site

Later this month, ASIC will launch a beta version of the new Professional Registers Search that will be available for you to trial on our website.

This gives you the opportunity to test the new site and provide feedback before the official version is launched. Your feedback will help us make continuous improvements before the official launch.

The beta site will allow you to test the new search functionality across the following professional registers:

  • Australian Financial Services (AFS) licensees,
  • AFS authorised representatives,
  • credit licensees,
  • credit representatives,
  • official liquidators,
  • registered auditors (registered company auditors and authorised audit companies),
  • registered liquidators,
  • registered managed investment schemes, and
  • approved self-managed super funds (SMSF) auditors.

The professional register searches on ASIC Connect will continue to be available during the beta for you to access the most current information.

For more information about this change, visit our website.

Australia Post – Brisbane address validation changes

Recently, an update from Australia Post has affected the validation of addresses for postcode 4000.

As a result, the postcode 4000 for the Brisbane locality, must be input as ‘BRISBANE CITY, 4000’ when submitting ASIC lodgements. Address submissions of ‘BRISBANE, 4000’ will be rejected.

Please ensure all future address entries for the Brisbane locality, are submitted to ASIC as ‘BRISBANE CITY, 4000’ to avoid validation issues.

We apologise for any inconvenience this change may cause.

Missing payments

If you've made a payment and it's missing from your account, it could be for a number of reasons.

If you've paid a fee using a different reference number or paid multiple accounts in the same transaction, send us an online enquiry and include the following details:

  • your reference number (on the invoice), account number or Australian Company Number,
  • the incorrect reference number used,
  • date of payment,
  • amount paid, and
  • attach proof of payment (e.g. bank statement, receipt).

This will allow us to allocate the payment to the correct account, and any late payment fees no longer applicable will be automatically cancelled.

This will allow us to allocate the payment to the correct account, and any late payment fees no longer applicable will be automatically cancelled.

Don't get caught out - know the key dates for your company or business name

If you're running a business or company, it's essential to understand your responsibilities with ASIC.

One of the most important things is to be aware of key dates, like the date of your business name renewal or company annual review.

ASIC will send you a reminder when your renewal or annual review is due. It's good practice to take note of the date, as this will help you keep your registration current and avoid potential late fees, even if you miss our reminder.

For companies, generally, we'll send your annual statement within a few days of your company's annual review date (which is usually the anniversary date of its registration).
The company must pay the annual review fee within 2 months of the annual review date.

For business names we’ll send a renewal notice 30 days before the business name renewal is due. If you receive a business name renewal notice before the 30 days, it is unlikely the email is from ASIC and may be either from a private service provider or a scam email. 

You can check your renewal or review date by searching your business name or company on ASIC Connect.

Visit our website for more information about renewing your business name or what you need to do with your company annual statement.

Fair Work Ombudsman – Small Business Showcase

The Fair Work Ombudsman wants to make it easier for small business operators to access information about their workplace obligations.

Their Small Business Showcase has resources, advice and information tailored for you that cover everything from hiring employees, to calculating pay and resolving issues in the workplace. Visit www.fairwork.gov.au/smallbusiness

Building your small business skills to get it right from the start

The ATO provides free, short online courses to help you develop the skills and knowledge needed for your business to thrive. 

These include self-paced courses designed to assist you meet your FBT and GST requirements, as well as how you claim the deductions you are entitled to.

Get started now with Essentials to strengthen your small business. 

Scam alert: ATO email impersonation scams

The Australian Taxation Office (ATO) is warning the community to stay vigilant as they continue to receive a high number of reports about phishing and ATO impersonation scams.  

In February, ATO branded emails containing links to fake myGov sign in pages were the most commonly reported scam by the community. The links contained in these emails are designed to steal sign in credentials and can be used to commit tax or refund fraud.

Scammers use different phrases to trick recipients into opening these links. Some examples are:  

  • 'You are due to receive an ATO Direct refund' 
  • ‘You have a new message in your myGov inbox – click here to view” 
  • 'You need to update your details to allow your Tax return to be processed' 
  • 'We need to verify your incoming tax deposit' 

The ATO is reminding the community that they won't send an SMS or email with a link to log on to online services. These should be accessed directly by typing ato.gov.au or my.gov.au into your browser.  

Visit www.ato.gov.au/scamalerts to find out more.

Last updated: 07/06/2024 03:46