Business obligations - stay on top of your ASIC duties
- Nov 08, 2022
- 20 min read
Let’s start with a quick refresh of what ASIC is – Australian Securities and Investments Commission manages and oversees all of Australia’s corporate activities.
Part of ASIC’s duties is to maintain the register of all of Australia’s companies and businesses.
You would have registered your partnership, company or trust with ASIC when you were incorporated. Remember?
Now that your company is registered there are several ongoing obligations your company will need to complete.
These obligations are all included in what ASIC calls its annual review.
ASIC Annual Review
Your annual review with ASIC is usually on the same date your company was registered. You will receive your annual statement and an invoice to renew your registration.
Your business obligations with ASIC include:
- Lodge your annual return
You will need to check your annual review has all the correct details about your company (shareholders, business addresses, owners’ names and addresses) and you will need to make any updates if necessary.
- Pay your annual fee
Pay your ASIC invoice by the due date.
- Pass a solvency resolution
This annual resolution simply states that you, as the director, have reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
- Keep a register
Your company should always maintain a register of all the company’s members, copies of minutes from any general meetings, or directors’ meetings, and any relevant financial records.
- Board Meeting Requirements
There is usually one board meeting per year, (it does not need to be a formal meeting). The decisions of directors can be affected by a written resolution.
That’s a lot to remember, isn’t it?
Aren’t you glad you’ve got Sleek handling all ASIC compliance?
How your Sleek accountant helps with your business obligations
ASIC compliance is part of your Sleek pricing plan and this includes:
- We’ll lodge and check your ASIC annual review has the correct details listed.
- We’ll file any ASIC review changes.
- We’ll prepare your solvency resolution for your director/s.
- We’ll write up all board meeting minutes.
With Sleek, all you will need to do:
Pay the ASIC invoice (and we’ll tell you when to pay in advance, with no last-minute surprises).
Sign and file your solvency resolution and board meeting minutes.
That’s it, nothing more.
We’ve got your back when it comes to your business obligations with ASIC!
Hey Sleek, I’m a sole-trader, do I have any ASIC obligations?
As a sole trader, you do not have any obligations with ASIC, except if you are using a business trading name that is not your own name (you would have registered this name with ASIC).
Let’s refresh your memory. What is a business trading name?
Joe Sleek has become a sole trader but wants to use the business trading name of ‘Sleek Plumbers’. Joe will need to renew his business trading ‘Sleek Plumbers’ with ASIC.
How your Sleek accountant can help with your ASIC business trading name obligations
We’ll register your business trading name for one or three years (it’s up to you), before the expiry date.
With Sleek, all you will need to do is:
- Pay the ASIC business trading name renewal invoice (again, we’ll tell you when to pay in advance, with no last-minute surprises).
Isn’t it reassuring to have someone else preparing the paperwork and obligations for ASIC? You can forget about them until we bring them to your attention!
Sign up now by calling +61 2 9100 0481 or schedule a meeting at your convenience.
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