Late forms can be costly

In the last few months we have noticed a greater vigilance of the Australian Securities & Investments Commission (ASIC) when it comes to issuing fines for late lodgement of forms. If you have a company, forms advising of a new address for an officeholder or of changes in the company's share details must be lodged with ASIC within 28 days of the effective date of the change.

When we prepare the documents on your behalf, the due date will be clearly indicated in the attached correspondence. If a form is lodged more than 28 days late, a late lodgement fee of $65 will apply. However, if another month passes then the fee will increase to $270.

It is also worth noting that even though company annual statements do not need to be lodged with ASIC, a $212 fee is required. A two month period is allowed for payment of the fee but if it is paid late then the above late fees will also apply.

We encourage you to act promptly when receiving correspondence from Saward Dawson in relation to ASIC notifications to avoid unnecessary penalties.

Published : 22 August 2008