Easier ways to lodge and pay

ANNUAL returns were abolished for all companies on July 1.

Now the Australian Securities and Investments Commission is sending out annual statement packages on a companies review date – a date usually based on the anniversary of a company’s launch date. It includes a company or scheme statement to review and an invoice statement to pay.

The annual review fee needs to be paid within two months of the review date or late fees will be charged.

If the information contained in the company or scheme statement is correct then no documents need to be lodged with the ASIC, however, the fee still needs to be paid.

If information is incorrect or missing then documents will need to be lodged with ASIC.

Any changes to scheme details need to be placed with ASIC within 28 days of the issue date of the annual statement.

ASIC has already begun issuing annual paper statements. Electronic statements will be issued by September 1.

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