AFS licensees - lodging annual accounts and audit report using forms FS70 and FS71

Who needs to lodge?

Each year, Australian financial services (AFS) licensees must lodge form FS70 with ASIC and attach a copy of their complete financial statements, which includes profit and loss statement, balance sheet, note disclosures and audit report. They must also lodge form FS71 Auditor’s report. Form FS70 must be completed and lodged by the licensee. Form FS71 is completed by the licensee’s auditor but lodged by the licensee.

Limited AFS licensees, that do not deal with money to which Division 2 of Part 7.8 of the Corporations Act applies must lodge Form FS76 Annual compliance certificate with Form FS70.

The table below sets out which documents you need to lodge, depending on your situation:

If you are…

You must lodge…

An AFS licensee that is not a limited licensee

Form FS70 with a complete set of financial statements

Form FS71 Auditor’s report

A limited AFS licensee that dealt with client money all or part of the year

Form FS70 with a complete set of financial statements

Form FS71 Auditor’s report

A limited AFS licensee that did not deal with client money

Form FS70 with a complete set of financial statements

Form FS76 Annual compliance certificate

An AFS licensee listed in clause RG166.13 of Regulatory Guide 166 Licensing: Financial requirements

Form FS70 with a complete set of financial statements

Form FS71 Auditor’s report 

An AFS licensee that was not a limited licensee for part of the year, and a limited AFS licensee for the other part of the year

Form FS70 with a complete set of financial statements

Form FS71 Auditor’s report

Form FS76 Annual compliance certificate

Foreign companies

If you are lodging your annual accounts as an AFS licensee that is a foreign company, different lodging requirements apply.

See lodging your annual accounts as a foreign company using Form 405.

When you need to lodge

If the AFS licensee is...

the AFS licensee must lodge its financial report...

a body corporate that is a disclosing entity

within 3 months after the end of its financial year.

For example, if the financial year ends on 30 June, an AFS licensee which is a disclosing entity must   lodge by 30 September.

a body corporate that is not a disclosing entity

within 4 months after the end of its financial year.

For example, if the financial year ends on 30 June, an AFS licensee which is not a disclosing entity must lodge by 31 October.

not a body corporate

 

within 2 months after the end of its financial year.

The financial year of an AFS licensee who is not a body corporate must end on 30 June. and lodge by 31 August.

Under Class Order [CO 03/748], natural person licensees do not have to include in their profit and loss statements any income or expenses that do not relate to their financial services business. Download a copy of Class Order [CO 03/748].

Lodge your accounts online

You can lodge your annual accounts and audit report online via our Licensees portal.

You should complete, sign and retain your signed original form FS70 , FS71 and/or FS76 for your records.

The forms must be lodged together, in accordance with the Corporations Act and Regulations. Follow these steps for correct completion and lodgement:

Step 1

The licensee downloads and prints out copies of the forms FS70 and FS71.

The FS76 can only be completed online.

Step 2

The licensee completes and signs Part 1 of the FS70 (this must happen before the auditor can complete the FS71).

AFS licensees who are exempted from lodging Form FS71, but need to lodge an FS76, should proceed to Step 6.

Step 3

The licensee provides the FS70 (with Part 1 completed and signed) and a copy of their financial statements to the auditor.

Step 4

The auditor completes the audit and signs the FS71.

Step 5

After receiving the FS71 from the auditor, the licensee completes and signs Part 2 of the FS70.

Step 6

The licensee lodges the forms with the financial statements online:

Licensees lodging online with ASIC

The licensee logs into the AFS licensee portal:

  1. Enters the information from the paper FS70,
  2. Attaches a scanned copy of the signed FS71 (if required), and
  3. Attaches electronic copies of the complete financial statements which include the profit and loss statement, balance sheet, notes to the financials and audit report in   RTF, TIF or PDF format
  4. Completes the FS76 (if required)

File attachments must not contain any active or encrypted content and must be less than 10 MB in size. Up to five attachments are allowed.

The licensee must retain the signed original FS70, FS71 and FS76 and the complete financial statements which include the profit and loss statement, balance sheet, notes and audit report and/or annual compliance certificate for their records, as required under the ASIC Electronic Lodgement Protocol.

Licensees or auditors lodging using SBR enabled accounting software

The licensee uses the Standard Business Reporting (SBR) enabled accounting software to:

  1. Enter the information from the paper FS70 into the SBR enabled accounting software
  2. Attach a scanned copy of the signed FS71,
  3. Attach electronic copies of the financial statements which include the   profit and loss statement, balance sheet, notes and audit report and/or annual compliance certificate in PDF format (mandatory attachments).
  4. Attach XBRL copies of the financial statements which include profit and loss statement, balance sheet, notes and audit report (optional attachment)

File attachments must not contain any active or encrypted content. Up to five attachments are allowed and must be less than 10 MB in size. (optional attachment).

The licensee must retain the signed original FS70 and FS71 and the complete financial statements which include the profit and loss statement, balance sheet, notes and audit report and/or annual compliance certificate for their records, as required under the ASIC Electronic Lodgement Protocol.

More information regarding SBR; SBR enabled accounting software and XBRL can be found at www.sbr.gov.au and www.asic.gov.au/sbr.

Information about fees

Go to the AFS licensee portal to lodge online

Step 7

Pays the relevant lodgement fee and any late fees with ASIC

Lodgement fees

Fees to lodge the FS70/FS71/FS76:

There are no fees to lodge the FS70. FS71 or FS76.

Late lodgement fees:

Late lodgement fees may apply

AFS licensees are able to print an invoice that shows the amount owing.

The FS71 and/or FS76 must be lodged together with the FS70. There is no fee to lodge the FS71 and/or FS76.

Here are the ways you can make a payment to ASIC.

Can I ask for an extension of time?

We cannot grant an extension of time if the lodgement date for the FS70 has passed.

We can only consider granting an extension of time (FS72) to lodge your annual accounts if exceptional circumstances that are completely outside your control exist and you have not had sufficient time to accommodate or adjust to the new circumstances. You must have lodged all other required documents with us, unless they are affected by the same circumstances.

To request an extension of time:

  1. write to ASIC requesting an extension of time, outlining the exceptional circumstances that support your application. The letter must include your company license details and be signed by the AFS licensee and the auditor.
  2. send a scanned copy of the letter via email to fs20proofs@asic.gov.au.

Can I ask for an additional extension of time?

Generally, we will not grant an extension of time greater than three months on any single application.

If you want additional time, which would extend the original due date by more than three months, you can submit another application.

Can I correct a previously lodged document?

If you’ve made an error on a lodged FS70 or FS71, you may request a correction by lodging a Form 492 Request for correction. You must provide details of the correction and attach supporting evidence.

If the error was in the FS70, you must attach a copy of the signed FS70 which shows the correct information.

If the error was in the FS71, you must attach a copy of the signed FS71 which shows the correct information.

If the error was in the financial statements, you must attach a complete copy of the amended financial statements.

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Last updated: 20/10/2014 12:00