Do I Need An ASIC Registered Agent?
Do I need an ASIC registered agent is a question frequently asked of us. It can seem like an unnecessary fee for a relatively simple process, or is it?
Some of the issues we have seen when people have tried to manage ASIC themselves are:
Annual review goes missing in the mail or forgotten and is paid late as a result. Fines apply from 1 day late (I have never seen an exception). We receive everything electronically from ASIC and have visibility on when someone pays their ASIC renewal fee. Sharon follows up with reminders as the date draws near for the renewal fee payment.
The director/s changes address and doesn't notify ASIC. Paperwork isn't forwarded to the Director's new address and the company ends up deregistered as annual review fees and penalties have gone unpaid.
A director fails to notify ASIC of a change to the company (business address, registered office address, director address, shareholder address, director appointment or resignation, change in shareholder etc) within the 28 day time limit and incurs late penalties.
A director notifies ASIC of one address change and forgets one or more addresses in other companies they are party to. When it is eventually discovered the date on subsequent changes need to match the first date notified. I have seen thousands in penalties paid on this :(
Annual solvency resolutions aren’t prepared leaving the company in contravention of the Corporations Act.
Quite often when we are the registered agent our address is also used as the registered office address. There is no additional fee if we are already the registered agent. This has the added benefit that if something goes terribly wrong in the business, the Sheriff's office knocks on our door, not yours to serve documents.
You can manage ASIC yourself. You just need to remember to do the solvency minute each year. You also need to update ASIC with any changes to your companies. If you are organised, tech savvy and have a good memory, it is a piece of cake. If you aren’t any of those things, disaster looms.
If you would like specific advice tailored to your business and circumstances, Accounting Heart offers affordable service packages where you can work with Sonia one-on-one to help you get your business where you want it to be. Book your FREE Discovery Call to find out more.
Disclaimer: This is general information only and is not advice of any sort. No warranty or representation is provided by Accounting Heart Pty Ltd as to the accuracy, currency or completeness of the information contained in this blog. Readers of this blog should not act or refrain from acting in reliance upon any information contained herein and must always obtain appropriate taxation and / or other advice as may be appropriate having regard to their particular circumstances.