As a Company Director, you are likely familiar with the annual statement issued by the Australian Securities and Investments Commission (ASIC). This statement is not just a routine piece of paperwork; it is a crucial document that outlines important details about your company and its compliance status. Here’s a breakdown of what you can expect to find in your annual ASIC statement and why it’s important. 

1. Company Details

  • Business Name and ACN: The statement includes your company’s name and Australian Company Number (ACN), ensuring that the correct entity is being referenced.
  • Registered Office Address: It lists your company’s registered office address, which must be kept current as part of your compliance obligations.

2. Officeholders and Members

  • Directors and Secretaries: The statement provides details of current directors and secretaries, including their names and addresses.
  • Shareholder Details: For proprietary companies, it will include information about shareholders, such as their names and shareholdings.

3. Review Date and Compliance

  • Review Date: The statement includes a review date, which is essentially the anniversary of your company’s registration date.
  • Compliance Confirmation: You’re required to confirm that the details in the statement are correct and that your company is complying with its legal obligations under the Corporations Act.

4. Annual Review Fee

  • Fee Notice: The ASIC statement comes with an invoice for the annual review fee. This fee must be paid to keep your company registered and compliant.
  • Payment Due Date: It’s important to note the due date for this payment to avoid late fees or potential deregistration of your company.

5. Updating Company Details

  • Obligation to Update: If any details in the statement are incorrect, you have a legal obligation to update them with ASIC. This might include changes in officeholders, addresses, or share structure.
  • Timeliness of Updates: Timely updates are essential to avoid penalties and ensure that ASIC has the correct information for your company.

6. Solvency Resolution

  • Solvency Statement: Companies are required to pass a solvency resolution after receiving the annual statement. This is a declaration that the company can meet its financial obligations.

7. Historical Information

  • Previous Statements: While the current statement reflects the latest information, keeping historical statements is good practice for understanding changes over time.

Your annual ASIC statement is a vital document that serves as a snapshot of your company’s current details and compliance status. It’s essential not only for meeting your legal obligations but also for ensuring that the public record of your company is accurate and up-to-date. Regular review and timely action on your annual ASIC statement are key responsibilities as a company director or secretary in Australia. If you have any doubts or require assistance, consulting with a professional, such as an accountant or legal advisor, is advisable to ensure compliance and accurate reporting.