Each year on 1 July, ASIC updates some of its fees to correspond with an increase in the Consumer Price Index.
These changes will see fees raised for commonly lodged documents.
So, what documents are affected by ASIC’s fee increase? And what does this mean for your business? We’ve broken down what you need to know.
Increases To Company Fees
As part of its annual fee increase, ASIC will be raising the following company fees from 1 July 2020.
|Company fee||Current fee||Fee from July 1 2020|
|Application for registration as an Australian Company (proprietary company that has share capital)||$495||$506|
|Reserving a company name||$50||$51|
|Late payment fee for up to one month late||$80||$82|
|Late payment fee for more than one month late||$333||$340|
|Application for voluntary deregistration of a company||$41||$42|
|Annual review fee for a proprietary company||$267||$273|
|Annual review fee for a registered scheme or a public company||$1,240||$1,267|
Increases To Business Name Fees
ASIC will also be raising its fees for the registration and renewal of business names, effective 1 July 2020.
|Business name fee||Current fee||Fee from July 1 2020|
|Registration or renewal of a business name for 1 year||$36||$37|
|Registration or renewal of a business name for 3 years||$85||$87|
What Else Do You Need To Know?
Even though these fee increases are, in most cases, fairly minor, it’s still important you’re aware of them as there are penalties for non-compliance.
Additionally, you should note that GST doesn’t apply to ASIC fees.
A more detailed explanation of these fee increases can be found on ASIC’s fee indexation page.
Many of the above ASIC forms can be lodged online, and you can update your company’s details online, too. Check out our guide to using ASIC’s online services for more information.
If you’re confused about what these fee increases mean for your business, feel free to get in touch. Our lawyers can guide you through this process and can lodge the above documents on your behalf — ensuring that you’re totally compliant with ASIC regulations.
We can be reached for a free, no obligations chat on 1800 730 617 or firstname.lastname@example.org.
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