Overview
ASIC have a recommended set of steps to complete in the processing of your companies annual reviews.
See the ASIC website for more information.
The recommended steps to be completed are as follows:
- Receive Annual Review
- Check and Update Company Details
- Pass Solvency Resolution
- Pay Annual Review Fee
Each year ASIC is required to provide a company with its Annual Statement. This statement must be provided within 14 days of the Annual Review Date. The Annual Review Date is the anniversary of the company registration date, however the review date can be changed under certain circumstances.
ASIC must be contacted within five days after the review date if the annual statements have not been received.
The Annual Company Statement Package comprises of the:
- Annual Company Statement Form 480; and
Annual Fee Invoice.
The Annual Fee must be paid within 2 months of the Annual Review Date.
Can I Download Annual Reviews Before ASIC Issues Them?
CAS 360 does not allow annual reviews to be downloaded in advance. Annual reviews are generated by ASIC after a company’s Annual Review Date and become available electronically only once ASIC issues them.
CAS 360 automatically checks for and downloads annual reviews daily as soon as they are issued. There’s no way to access the annual review before ASIC releases it.
If an annual review has not appeared in CAS 360 after the review date, you can lodge Form RA71 - Request Electronic Data Download to ask ASIC to issue or re-issue the annual review for your company. This ensures CAS 360 receives it, but does not allow you to access it before ASIC generates it.
Receive the Annual Review
CAS 360 will automatically download annual reviews from ASIC every day.
When received, CAS 360 will update your Documents screen to include Form 480 and the Annual Statements will also display in the Annual Reviews screen.
Check and update your company details
Check the company details displayed on the Annual company statement carefully to ensure the information is correct.
If any details are incorrect, lodge the appropriate Company Changes forms. This includes changes to your addresses, share structure, officeholders and members.
CAS 360 has a unique function which can easily compare your CAS 360 data with the information on the Annual Company Statement and advise users of specific inaccuracies.
When an annual review is received, CAS 360 will automatically compare your CAS 360 data with the information on the Annual Company Statement.
If the data matches will display.
If there are any inaccuracies will display.
Click or
to display a comparison report.
ASIC late fee summary
Late review fee
You must lodge changes with ASIC within 28 days of the annual statement issue date, or a further late fee will apply.
See ASIC Website for the latest late fee rates
Late lodgement fee
While you only receive one annual statement each year, changes to your company details must be lodged as they occur, to avoid a late lodgement fee.
See ASIC Website for the latest late fee rates
A company may be charged both a late lodgement fee and a late review fee
Pass a solvency resolution
Company directors must pass and store a solvency resolution within two months of the annual review date.
The solvency resolution may be a:
- Positive solvency resolution - passed when directors are certain the company can pay its debts when they are due.
- Negative solvency resolution - passed when directors believe the company cannot pay its debts when they are due.
CAS 360 will automatically generate a Solvency Resolution document with the company's annual review documents.
Solvency Resolutions cannot be generated for Annual Reviews that were not automatically downloaded into CAS 360.
In the Review screen, simply click Prepare Documents.
Pay your annual company review fee
To keep the company registered, the total amount on the invoice must be paid by the due date.
Depending on the company type, the annual review fee will change:
See ASIC Website for the latest Annual review fee rates
Late payment fee
Late fees apply if the annual review fee is not paid on time:
See ASIC Website for the latest late fee rates