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Being up to date with your company’s paperwork can seem never‐ending and pretty stressful at times. Although this may be the case, keeping your paperwork in order is essential to maintaining your company’s registration and smooth operation. ASIC annual reviews are one of those key yearly procedures you must stay on top of in 2025.
Once you have set up and registered your business, you will need to comply with your ASIC obligations – including the annual review. It’s important that you understand what you must do to prepare and complete your company’s ASIC annual review in the simplest way possible. For additional insights on managing your legal obligations, you might also want to check our guide on legal requirements for starting a business.
What Is An Annual Review?
An annual review is a yearly assessment conducted by ASIC to ensure that the information they hold about your company is accurate and that your company remains financially viable – capable of paying its debts when due. Typically, your company’s annual review is scheduled on the anniversary of your company’s registration.
Your annual review is accompanied by an annual statement, which is usually sent within five working days of your review date.
This statement will typically contain:
- Your company details
- An invoice for your company’s annual review fee
- Your company’s corporate key (the unique 8‐digit number linked to your company)
You must complete your annual statement within two months of your annual review date.
If you’re wondering what it will look like, check out an example here.
What Is The Purpose of An Annual Review?
There are three main reasons why ASIC annual reviews take place:
- For ASIC to verify that it holds the correct and up‐to‐date details of your company
- For the company’s directors to confirm that the business can pay its debts when they’re due by passing a solvency resolution
- For the company to pay the annual fee to ASIC
Steps To Complete An Annual Review
- Check and Update Your Company’s Details
Your annual statement will include all the information that ASIC currently holds on your company. If you notice any incorrect details or changes that have occurred, you must update them via ASIC’s online service. For further clarity on this process, you can read our article on How To Change Your Company Details Via ASIC Online.
- Pass A Solvency Resolution
This step requires the majority of your company’s directors to formally agree that the company will be able to pay its debts when they fall due. The solvency resolution must be passed within two months of your company’s annual review date, and a record of the resolution should subsequently be kept in your company files. For more detailed guidance on director responsibilities, see our article on New Company Director Duties.
- Pay Your Annual Review Fee
When you receive your annual statement, it will include an invoice for the review fee. The fee varies depending on your company’s structure. Click here to see which fees apply to your company.
You must pay this fee within two months of your annual review date. Failure to pay on time may result in additional late fees, with extra charges applied for payments made up to one month late.
Are Annual Review Fees Tax Deductible?
Annual review fees are generally considered an expense associated with the ongoing registration and operation of your company. As such, they are typically tax deductible. Always consult with your accountant for advice specific to your circumstances.
Where Does My Company’s Annual Review Statement Get Sent To?
Once you register for ASIC online services, most of your company’s communications will be conducted electronically via the ASIC online portal. However, if you haven’t opted for electronic communications, your annual review statement may be sent to:
- The registered agent’s address (if an agent is appointed)
- Your nominated mailing address, or
- Your company’s registered office address
What Happens If I Don’t Complete An Annual Review?
Completing your annual review is essential to keep your company registered. If you fail to complete your review and submit your annual statement, you risk incurring late fees, and in more serious cases, ASIC may deregister your company. To avoid such complications, ensure you adhere to all deadlines. For more insights on ongoing company compliance, you can also refer to our comprehensive guide to legal requirements for starting a business.
Additional Tips for a Smooth Annual Review in 2025
As we navigate through 2025, it’s a good idea to regularly review your company’s details and communication preferences with ASIC. Digital innovations mean that most annual review statements are now delivered electronically, so keeping your email addresses and phone numbers up to date is crucial. Additionally, staying informed about any changes to ASIC’s requirements will help you avoid unexpected penalties. For further details on maintaining compliance and optimising your company’s legal framework, explore our articles on Business Set Up and Updating Your Company Details.
Need More Help?
If you have any questions about ASIC annual reviews, we’re here to help! Get in touch with our team at 1800 730 617 or email us at team@sprintlaw.com.au.
We understand that managing your own ASIC compliance can be a hassle and time‐consuming. Sprintlaw can take care of this for you. When you subscribe to our Company Secretary Service, we become your Registered Agent, and a dedicated lawyer will manage all of your company’s ASIC-related paperwork, including annual reviews and statements.
Let us handle it for you so you can focus on maximising your company’s potential. Learn more about our services here.
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