Query
I have prepared a Form in CAS 360. The document screen is showing a penalty amount beside this form.
What is this amount and how is it calculated?
Solution
The Penalty column in the Document screen represents the potential late fee penalty that may apply if you lodge the document to ASIC.
This does not represent the penalty that the company currently owes to ASIC.
The penalty is calculated based on if the form is late in addition to the late fees that apply based on how many Annual Reviews for the company that have passed in which this Form should have been already been lodged.
See also, How are the Lodgement Due Dates calculated?
Example:
- Preparing a company change where the date of the change was 12/06/2015.
- The company annual review date is 01/09 (1st September).
- The form will be lodged on 01/12/2021.
Current late fees (as of the 05/10/2023):
Late fees for late documents:
| Lodgement or payment up to one month late | $93 |
| Lodgement or payment over one month late | $387 |
Late fees for every annual review date passed when the change was not lodged
| Change of details lodged up to one month after a change occurred | $93 |
| Change of details lodged more than one month after a change occurred | $387 |
The late fee will be calculated as follows:
The form was late by over a month = $387
The form was not lodged after 7 annual reviews = 7 * 387= $2709
Total penalty = 387+ 2709= $3096