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Warning for AFS licensees to lodge overdue accounts

THE Australian Securities and Investments Commission is warning Australian financial services (AFS) licensees to lodge their 2004 annual accounts and auditors reports on time. According to ASIC there are currently 618 licensees with overdue annual accounts. This is seen to be a disturbingly high number, as it means that approximately 15 per cent of the total number of AFS licensees is currently in breach of their obligations. Under the Corporations Act 2001, AFS licensees must prepare a profit and loss statement and balance sheet and lodge these with ASIC, with an auditors report, within three months of the end of their financial year (or within two months for non-body corporate licensees). Licensees must complete ASIC forms FS70 and FS71 and lodge these forms, together with their annual accounts and auditors report, plus the relevant administration fee, and the fee for late lodgement. These forms can be downloaded from the ASIC website and lodged by mail, in person or electronically via the licensees portal at the following website: www.asic.gov.au/fscomplicance

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