| ASIC Changes for Companies |
| After 1st July 2003, a number of minor changes will occur for the administration of companies. It is claimed that this will make the administration of companies easier, but it is doubtful that there will be any positive impact. |
Whilst companies will no longer be required to lodge an Annual Return, they will be required to verify the accuracy of an Annual Statement. (Do you remember the abolition of Provisional Tax? ? it was replaced by something worse). If the Annual Statement is correct, the only response is payment of the invoice. Naturally there will be fines for late payment.
The Annual Statements will be received in the month of the anniversary of the incorporation, so you must organise for payment with your prompt payment accounts not your 30 day accounts. Being late now incurs a $260 penalty ? that will be higher on 1st July.
The numbers of the forms have changed and the design modified, but there seems to be almost no difference to your current obligation, except that changes to issued shares must now be advised within 28 days of the change.
25th-June-2003 |
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