Query
My client paid the ASIC annual review (renewal) fee, then deregistered the company soon after. There is now a credit sitting on the company's ASIC account. How do we get a refund?
Solution
Refunds are issued by ASIC, not BGL or CAS 360. Whether ASIC will refund the payment depends on why the credit exists.
ASIC only refunds two types of payments
ASIC will only consider refunding a fee that was accidentally overpaid, or a fee for a business name or company application that ASIC rejected.
Step 1: Check whether the payment is refundable
| Situation | Refundable? |
|---|---|
| The annual review fee was due, and the company was still registered on the due date. | No. A company must pay its annual review fee until it is deregistered, even if it is no longer trading. The fee was owed, so it is not an overpayment. |
| The fee was paid twice, or more than the invoiced amount was paid. | Yes. This is an overpayment. Request a refund of the extra amount. |
| The Form 6010 was lodged at least two weeks before the due date, ASIC published the deregistration notice before the due date, and the fee was paid anyway. | Yes. The fee was not payable, so the payment is an overpayment. |
| The annual review fee was prepaid for 10 years. | No. ASIC does not refund advance payments, even if the company closes. |
Step 2: Request the refund
How you request the refund depends on how the fee was paid.
Paid in full by BPAY
Contact the bank or financial institution that made the payment and ask them to reverse it.
Paid partly by BPAY, or by credit card, cheque, money order or Post Billpay
Contact ASIC through its online enquiry form and provide:
- the company name and ACN (or ASIC account number)
- your full name, phone number, postal address and email address
- the payment date
- the refund amount
- proof of payment, such as a BPAY receipt or a bank statement showing the payment
Bank statements
If you provide a bank statement, black out all other transactions. The account name, BSB and account number must still be visible, as ASIC uses these to verify the account for payment by EFT. ASIC cannot refund to a credit card.
ASIC usually processes refunds within 21 days. If the refund has not arrived after 21 days, contact ASIC again through the online enquiry form.
Avoiding this in future
Before lodging a Form 6010
Request a refund of any credit on the company's ASIC account before lodging the Form 6010. Once a company is deregistered it no longer exists, and its bank account should already be closed.
To avoid paying the annual review fee, lodge the Form 6010 at least two weeks before the annual review fee due date.