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When you’re running a company, there’s a number of different tasks you need to keep up with. Often, larger concerns overshadow the smaller details. Matters such as updating the company’s director and officeholder details get put off – however it’s important to avoid making this mistake!
If you wait too long to update your details with the Australian Securities and Investments Commission (ASIC), then you could incur late fees and in serious cases, face legal consequences.
Suddenly, that minor detail becomes a large problem. When it comes to running a company, every task is important.
Keep reading to learn how you can update your company director and officeholder details with ASIC and avoid unnecessary trouble.
What Are Officeholders And Directors?
Officeholders and directors are key figures in the upper management of a company. Even though the two terms are used distinctly, directors are simply one type of officeholder. Company secretaries are typically another kind of officeholder.
Company officeholders play a role in making important decisions for the company. Moreover, they are usually responsible for handling critical company records. The responsibilities of officeholders are set out in the Corporations Act 2001. So, if an officeholder breaches their duties, they’re at risk of breaking the law.
As officeholders play such an important role within the company, it’s imperative their details are correctly recorded with ASIC at all times.
How Do I Change Officeholder Details?
Most officeholder details can be changed online. You will need to update your company details with ASIC if:
- An office holder has changed their name
- The role of an office holder has changed
- An officeholder has moved to a new address
- A new officeholder has been added
- A previous office holder has been removed
When a change occurs, you generally have 28 days from the date of the change to update those details with ASIC.
There’s a few details (such as changing your own name) which will need to be done by contacting ASIC directly.
What’s The Process For Changing Officeholder Details?
To change your details with ASIC, you will need to provide your Australian Company Number (ACN) and your Australian Business Number (ABN). After you prove the correct details, you’ll need to select the lodgement form that is relevant to the changes you wish to record.
ASIC provides a number of forms for updating or changing officeholder details. Here is a list of relevant ASIC forms that companies might use:
- Form 484 (Change to Company Details)
- Form 484C (Change of director’s details)
- Form 370 (Notification by Officeholder of Resignation or Retirement)
- Form 502 (Application to Change the Cessation Date of a Director)
- Form 361 (Notification by a company of the resolution to remove an auditor)
- Form 388 (Copy of financial statements and reports
These forms ensure that ASIC’s records are kept up to date with current information about the directors and other key management personnel involved in a company.
What Happens If I’m Late Changing My Company’s Officeholder Details?
You can still update details after 28 days. However, you will likely have to pay late fees. At the moment, fines of $93 are issued for being late up to one month, while you can end up paying $387 for being more than one month late.
However, financial penalties aren’t the only risk when you don’t update your companies officeholder and director details on time. In certain scenarios, having a director or officeholder listed with your company on ASIC’s register could be detrimental to your company if that individual should no longer be involved with your company. For instance, if that person has been disqualified then you must make the correct lodgements to record their removal as director for your company.
Not doing so could lead to an investigation by ASIC, which could end with your company facing legal consequences. In order to protect your company’s liabilities and ensure it’s always legally compliant, it’s important to make the right changes as soon as possible.
Should I Get Legal Help Updating Company Director And Officeholder Details?
ASIC can be a tricky place to navigate. However, you can’t avoid it – you’re pretty much always going to have to interact with ASIC. We can’t say it gets easier. Many of the forms, requirements and lodgement duties can get a little complicated. To top it off, you want to avoid making mistakes when dealing with ASIC as this could end up making things worse.
Getting a legal expert to help out with managing and updating your ASIC details is the safest (and best) way to go. Legal professionals are well-versed with ASIC and they can ensure everything gets done correctly.
Next Steps
If you’re running a company, then keeping your officeholder and director details updated with ASIC is imperative. Getting a legal expert to help out can make this process much easier. To summarise what we’ve discussed:
- Update officeholder and director details with the Australian Securities and Investments Commission (ASIC) promptly to avoid late fees and legal issues
- Key officeholder changes that need reporting include changes in names, roles, addresses, or the addition/removal of officeholders
- A lodgement of ASIC forms will generally be needed to change details
- You typically have a 28-day window from the date of change to update ASIC without incurring late fees; late updates can lead to fines
- Maintaining current records with ASIC is crucial for legal compliance and can prevent detrimental impacts on your company
- Consider hiring a legal expert to navigate ASIC’s complex requirements and ensure accurate lodgement of details
- Remember, updating company details is not just administrative but essential for the legal and operational integrity of your business
If you would like a consultation on updating officeholder details with ASIC, you can reach us at 1800 730 617 or team@sprintlaw.com.au for a free, no-obligations chat.
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