InFocus November 2024 - Volume 33 Issue 9
- Supporting small business
- Multi-factor authentication (MFA) is now live on ASIC Regulatory Portal
- Registered agent obligation reminder – annual statements
- Missing payments
- Four things to do before closing your company
- Our service availability page is here to help
- New tool to help with business registrations
Supporting small business
October was Indigenous Business Month around Australia as well as Small Business Month in New South Wales and the Northern Territory. ASIC’s Companies & Small Business and Registry teams marked the occasion by engaging with small business communities across NSW and NT at a series of expos and events in Sydney, Wollongong, Alice Springs, and Darwin.
These initiatives offer small business owners and their staff members valuable opportunities to network with government agencies, support organisations, and fellow business owners, while gaining knowledge and practical skills to strengthen their operations.
The Sydney and Wollongong events brought together various federal and NSW-based agencies along with small business support organisations to provide resources and expertise. ASIC's booth attracted a steady stream of small business owners, company directors, accountants, and professionals eager to learn more about ASIC's role, the ASIC obligations of small business owners, and the services we provide.
ASIC is proud to support initiatives that foster the growth and wellbeing of the small business sector.
To find out more about ASIC’s work in educating, assisting and protecting SMEs, click on the link to read our small business strategy.
ASIC representatives Deeksha Balaji and Rob Hayes pictured at the Sydney Expo.
Multi-factor authentication (MFA) is now live on ASIC Regulatory Portal
On 28 October 2024, multi-factor authentication (MFA) was enabled on the ASIC Regulatory Portal.
MFA provides an extra layer of security, helping prevent unauthorised access to your account.
When logging into the portal a one-time code will be sent directly to your email address (username) each time you log in.
For more information about MFA you can visit our frequently asked questions.
Registered agent obligation reminder – annual statements
The ASIC Registered Agent Terms and Conditions (T&Cs) outlines the responsibilities of ASIC registered agents.
If you’re 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.
You must ensure the company officeholders receive the statement within enough time to pay the annual review fee by the due date otherwise late payment fees may incur.
To ensure you’re aware of when all annual company statements are due, you can request a 'Company Review Date Report' (RA61) using our online agent portal or your EDGE software.
This report will give you a list of all the review dates for any companies that are linked to you.
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:
- how the payment was made (BPAY, EFT, money order or cheque)
- the reference number or description used
- account name
- date of payment
- amount paid,
- proof of payment (e.g. remittance advice or bank statement), and
- details of the bank account name and Australian Company Number (ACN) where the payment should be allocated to.
This will allow us to allocate the payment to the correct account, and any late payment fees no longer applicable will be automatically cancelled.
Four things to do before closing your company
One of the most common questions we're asked is 'what do officeholders need to do before closing their company?' To keep it simple, here are the four key things:
- Ensure your company has no fees outstanding
If your company has any fees outstanding, we'll automatically reject your deregistration application. You can check your current account balance online. - Ensure your company meets all the criteria for deregistration
Your company must also meet the deregistration criteria which includes all members agreeing to deregister and the company's assets totalling less than $1000. Visit voluntary deregistration for the full list. - Apply for deregistration at least two weeks before your annual review fee due date
You should apply for deregistration at least two weeks before your annual review date. If you don't, your annual review fee will be applicable, and you'll need to pay it before the company can be deregistered. - Ensure you pay your deregistration application fee
It currently costs $49 to apply for voluntary deregistration. Once you've submitted your online application, we'll send you an invoice within 14 days with the payment details. You must pay the fee within 28 days to continue with deregistration.
If you’re lodging a paper form, you must include a cheque payment in your application. If payment is not received, your deregistration application will be delayed or ceased.
If you are planning to deregister your company, we recommend you apply as early as possible.
For more information about closing your company and what you need to do, visit our deregistration page.
Our service availability page is here to help
Our service availability web page has the details of planned or unscheduled outages to our online services.
This page includes a ‘service interruptions’ section, where you can find out if we are currently experiencing any unscheduled service interruptions or issues. This includes details on the affected systems and any other helpful information.
We often plan interruptions to our online services so we can perform routine maintenance and system upgrades. Our log of scheduled service interruptions can help you find out when our services will be unavailable and when they’re expected to be back online.
We aim to ensure that the schedule includes dates and details in advance to help you plan ahead for any scheduled service interruptions.
New tool to help with business registrations
The team at business.gov.au have launched a new tool to help you decide what registrations you need to get up and running and make sure your business is protected.
All you need to do is answer some questions about your business and the tool will generate a list of required and recommended registrations, with links to all the relevant services.
What kind of registrations can it help me with?
Business structure
Answer a few questions about the business owners and assets to see which structure may be right for you – a sole trader, partnership, company or trust – and the costs and registrations associated with each one.
Intellectual property (IP)
It’s important to consider IP rights when starting a business. The tool will let you know what rights you may need to apply for. For example, if you’ve invented something you may need to file for a patent, or if you have a product with a unique design you may need to apply for a design right.
Taxes
The tool also includes a series of questions to determine which taxes you need to register for.
