ASIC Annual Review Fees Explained and How to Avoid Penalties

ASIC annual review fees are a routine but important part of running a company in Australia. Each year, ASIC requires companies to review their details, consider a solvency resolution, and pay an annual review fee to remain registered. If you miss the deadline, late fees apply automatically and ongoing non-payment can create bigger compliance issues.

For many directors, the problem is not the fee itself. The real issue is missing the review date, overlooking the annual statement, or assuming someone else is handling it.

The good news is that ASIC annual reviews are manageable when you understand the timeline and have a simple system in place.

What Is an ASIC Annual Review?

An ASIC annual review is the yearly process ASIC uses to keep a company’s registration current. ASIC issues an annual statement on or around the company’s review date, and the company must review its details and pay the fee by the due date shown on that statement. The payment due date is usually two months after the review date.

This is separate from your ATO tax return. The ASIC annual review is about your company registration and company details, not income tax.

Who Needs to Pay ASIC Annual Review Fees?

If your company is still registered with ASIC, the annual review generally applies. This usually includes:

Proprietary companies
Public companies
Special purpose companies

Even if the company traded very little or is dormant, the annual review usually still applies until the company is deregistered.

Current ASIC Annual Review Fees

• ASIC publishes current annual company fees on its annual review page. The current fee for a proprietary company is $329. ASIC also states that a late annual review payment fee applies if you miss the due date.

ASIC also notes that special purpose companies may qualify for a reduced annual review fee, but you must tell ASIC if your company becomes or stops being a special purpose company before the next review date.

What Happens If You Pay Late?

If you do not pay your annual review fee on time, ASIC adds a late fee automatically. ASIC’s late fee page confirms that:

• a lower late fee applies if payment is made up to one month late
• a higher late fee applies if payment is made more than one month late

Missed annual reviews can also increase the risk of ASIC moving toward deregistration if obligations continue to be ignored.

Why Businesses Miss ASIC Deadlines

Common reasons include:

• ASIC notices going to an old email or registered office
• Directors assuming the accountant or bookkeeper is handling it
• No compliance calendar in place
• Annual statements being opened too late
• Company details not being kept up to date

Most ASIC penalties come from admin issues, not complex legal problems.

How to Avoid ASIC Late Fees

Here are some simple ways to stay on track:

1. Know Your Review Date

Your review date is usually linked to your company’s registration anniversary. Check a prior annual statement or your ASIC company record.

2. Use a Compliance Calendar

Set reminders:

• 30 days before the review date
• On the review date
• Two weeks before payment is due

3. Check the Annual Statement Promptly

Review:

• Registered office
• Principal place of business
• Director details
• Shareholder details
• Share structure

4. Deal With the Solvency Resolution

Directors need to consider whether the company can pay its debts as and when they fall due as part of the annual review process.

5. Pay Before the Due Date

Use the payment details on the ASIC annual statement and save proof of payment in your records.

Can You Pay ASIC Fees in Advance?

Yes. ASIC allows companies to pay annual review fees for a 10-year period in advance at a discounted rate, although annual review obligations like checking company details and handling the solvency resolution still continue each year. ASIC also notes there are no refunds on these advance payments.

Final Thoughts

ASIC annual review fees are one of those obligations that are easy to handle when they are planned for early. The key is to know your review date, check your annual statement promptly, keep company details current, and pay on time.

A missed ASIC fee can quickly turn into an unnecessary penalty, but a simple reminder system usually prevents that.

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