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InFocus September 2024 - Volume 33 Issue 7

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Multi-factor authentication (MFA) in the ASIC Regulatory Portal – coming soon

Later this year, multi-factor authentication (MFA) will be introduced to the ASIC Regulatory Portal.   

MFA provides an extra layer of security, helping prevent unauthorised access to your account. MFA will be automatically added to your portal account to enable you to receive a one-time code direct to your email address (username), each time you log in.

To ensure a smooth log in, verify that your email address is up to date under ‘My details’. This will enable you to receive the one-time code once MFA is required.

All ASIC Regulatory Portal account users will receive further communications about MFA direct to their email address.

Read more about the ASIC Regulatory Portal: User Agreement.

Requesting a correction to a newly incorporated company

When setting up a new company, we understand errors can be made. However, if an error is made in the company name or the state/territory of origin, the change must be notified within 24 hours via a Form 492 Request for correction, and emailed to ecr.support@asic.gov.au

To support the corrections supporting evidence may be required, for example:

Correction type

Supporting documentation required

Typographical error - missing a letter, letters transposed, word misspelt)

No supporting documentation is required for this correction.

Missing an entire word or a word in the name needs to be changed

A certified true copy of the client’s instructions, signed and dated by the ECR agent.

Whole company name is incorrect

 Lodge a Form 205 Notification of resolution. Do not lodge a Form 492.

For all other corrections, the normal correction process applies.

Pay your annual review fees in advance and save

Companies and schemes can choose to pay their annual review fees 10 years in advance at a discounted rate.

Paying these fees in advance protects a company or scheme from future fee increases. However, no refunds are available if circumstances change.

Although you are not required to pay your annual review fee each year, you must review your annual statement and notify us of any changes within 28 days.

To learn more, visit our website.

Online lodgements for voluntary deregistration - Consider BPAY

When submitting an online application for voluntary deregistration of a company consider using BPAY for your application fee. Making payments via BPAY using the details outlined at the bottom of the invoice, is the easiest payment to reverse if you overpay. Any other forms of payment such as Australia Post, Money Order, Cheque and EFT require proof of payment, verification of bank account and a refund by EFT. 

Applications for deregistration should be made at least two weeks before the due date of the annual review; this gives us enough time to receive the application and publish the notice (gazettal) on our website.

There are instances when annual review fees may not be required to be paid. If the application is approved and a notice is published before the payment due date, the review fees won't have to be paid.  For example: if a company's annual review fee is due on 1 June and the notice is published on 30 May, the review fee does not need to be paid.

If the notice isn't published before the review fee is due, fees will need to be paid before the company can be deregistered.

Read more about voluntary deregistration in our website.

Beyond Blue – supporting Australia’s small business owners

Beyond Blue's NewAccess for Small Business Owners program is a tailored mental health coaching program that can teach you skills, strategies and techniques to help you solve problems, manage challenges and get you back on track.

All mental health coaches are specially trained and have a background in small business, so they understand the challenges small business owners face. For more information, visit Beyond Blue.New Access, developed by Beyond Blue.

Last updated: 04/09/2024 01:00