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| ASIC Changes ? Update |
| Extra detail on an important issue to all businesses. |
Overview
Recently the Government introduced significant changes in relation to lodgement of Annual Returns. The rationale for these changes is unclear and in our opinion (together with many other practitioners) is unnecessary. The previous system for lodging Annual Returns was timely and effective and we can see no benefit in the revised system. Nevertheless, from 1 July 2003 companies will need to implement a number of new processes and lodge a number of new and additional forms with the Australian Securities and Investment Commission (ASIC).
Major Change
The major change that will affect you is in relation to lodgement of Annual Returns. From 1 July 2003 your Annual Return will be completed on the Anniversary of the registration of your company?s date of Incorporation and will now be called a Company Statement. So, where you are involved in more than two or more companies you will no longer have the opportunity of lodging all of your paperwork together (subject to comments below). The revised system is supposedly meant to simplify the lodgement of Annual Returns. We cannot see how this is possible when one form alone (Form 484), is now up to 21 pages in length.
As your agent, ASIC will provide us with your Annual Company Statement each year. We will undertake, on your behalf, a preliminary review of the Company Statement to ensure that it agrees with the information maintained in our database. We will then forward to you the following: -
- Company Statement
- Solvency Resolution
- ASIC Tax Invoice
- Form 484 ? Change to Company Details ? where applicable
- An Invoice where applicable for work we?ve done on your behalf.
We have asked that you complete the necessary documentation and return directly to our office for lodgement within the required timeframe.
Synchronising of Company Statements
Where clients have two or more companies it is possible to synchronise your Company Statements to have a common lodgement date. ASIC will charge a fee of $33 per company (to a maximum of $330) where this occurs. On the basis that you seek to avail yourself of this service, then you should contact our office as soon as possible and we will prepare the appropriate forms for you.
FURTHER CHANGES
No doubt, the revised system will involve a number of teething problems which will need to be overcome. We will attempt to minimise the impact of these changes in relation to your affairs by providing you with all necessary forms for completion and lodgement.
23rd-July-2003 |
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