What do I need to do each year to keep my company compliant in Australia?
Each year, you must complete your ASIC annual review, pay the annual review fee, keep company details up to date, maintain accurate financial records, and meet ATO obligations such as lodging tax returns and BAS (if registered).
What deadlines can’t I afford to miss as a company director?
Key deadlines include your ASIC annual review date, tax return lodgement deadlines, BAS lodgement dates (if applicable), and notifying ASIC of any company changes within 28 days.
What records must my company maintain to stay compliant?
Your company must keep financial records, tax records, and company registers, including details of directors, shareholders, and shareholdings. Records must generally be kept for at least 7 years.
What penalties apply if my company fails to meet compliance requirements?
Penalties can include ASIC late fees, financial penalties from the ATO, and in serious cases, director penalties, legal action, or company deregistration. Sleek can help you stay on top of your compliance obligations and avoid these risks.
Can ASIC take action against my company without prior warning?
Yes. ASIC can take regulatory action if your company fails to meet its obligations, including issuing penalties, initiating compliance action, or deregistering the company after due process.
What are the most common compliance mistakes companies make?
Common mistakes include missing ASIC deadlines, failing to update company details, poor record-keeping, not separating finances, and not meeting tax lodgement obligations. Sleek can help you set up the right processes and stay compliant as your business grows.
What is the risk of not managing ASIC compliance?
Failing to lodge your ASIC Annual Review can result in heavy late fees and, eventually, the deregistration of your company. Sleek manages this 12-month compliance cycle to keep your company active.
What governance practices should even small companies follow?
Even small companies should document key decisions, keep records up to date, separate personal and business finances, regularly review financial performance, and ensure directors meet their legal duties.