Whatever the size of business, an entity incorporated with ASIC needs to be aware of compliance obligations; these are not always given the correct priority. What may need to be reported to ASIC? Change of director’s information, appointment or resignation of a director and/or company secretary, change of address, change to a company constitution, in some instances annual financial statements, the above are some of the list. Reporting to ASIC should occur within the correct timelines and be accompanied by the correct documentation for example a special resolution where the Corporations Act determines this is needed.
Always know who holds the entity’s Corporate Key, the unique identifier for your company lodgements (paper and electronic). For more information on the importance of your company’s Corporate Key visit the ASIC website www.asic.gov.au
Failure to report correctly to ASIC can incur financial penalties and these may increment over time.
Need some assistance with company secretarial administration? Why not give us a call on 1300 602 880?
The Compliance Essentials Team