InFocus April 2023 - Volume 32 Issue 3
- Registered agent Terms and Conditions (T&Cs)
- Registered agents authorised to act as company’s agent: Annual company statement compliance
- Which online system should I use?
- Advance payment of annual review fees
- ASIC’s Indigenous Financial Services Framework
- ATO small business webinars
Registered agent Terms and Conditions (T&Cs)
As a registered agent, you must read and agree to the ASIC Registered Agent Terms and Conditions (T&Cs) which govern use of our registry services.
The T&Cs describe your rights and responsibilities around being a registered agent, including the:
- eligibility criteria to be a registered agent
- grounds on which ASIC may cancel a registered agent status
- requirements around lodging documents and lodging online, and
- expectations of registered agents lodging on behalf of a company.
A reminder that you should contact us through our online enquiry service for matters relating to your registration, lodging documents or acting for or ceasing to act for a registered Australian company.
Read the T&Cs on our website.
Registered agents authorised to act as company’s agent: annual company statement compliance
A reminder to all registered agents of your obligation as companies’ agent in relation to annual company statements.
You must retrieve each company’s annual statement linked to your agent number within 14 days of the company’s annual review date.
You must give the company’s annual statement to the officeholders and facilitate the review of the company details and the payment of the annual review fee on time.
ASIC regularly monitors this activity and from time to time, implements compliance action on registered agents failing in this obligation.
To consistently comply with this obligation, you must regularly request for a ‘Review Date Report’ (Form RA61) through your registered agent online service portal.
The RA61 report lists the review dates of the companies you represent. The report will help you with the 14 days retrieval requirement and will assist with your overall compliance of this obligation.
If you're an officeholder for more than one company, you’ll need to register for online access for each individual company. The usernames and passwords can be the same for each account, just enter the appropriate Australian Company Number (ACN) to log in.
More information is available on our website.
Get your director ID now
All directors of Australian companies must apply for a director ID. Intending directors need to apply before they’re appointed, and existing directors should already have one.
If you missed the director ID deadline, you must apply now. We are taking a reasonable approach to directors who are trying to do the right thing, but it’s important to apply now.
If you are a director of a business and don’t know if you need a director ID, search ABN Lookup using your ABN or business name. If ASIC Registration - ACN or ARBN or ARSN or ARFN is showing against your record, and you are a director, you must apply.
The easiest and fastest way to get your director ID is to apply online. It’s free to apply, and you must do it yourself. Watch this short step-by-step video that shows how to apply online.
Has my payment been received? I didn’t receive a receipt
You will not receive a payment confirmation or receipt.
You’ll need to check your account balance to see whether your payment has been received. The account balance will reflect your payment within 3 business days (depending on the method used).
To check your account balance:
- If you are a company, login to the company officeholders portal.
- If you are a business name, submit an online enquiry, and we will process your request within 5 business days.
Which online system should I use?
The Business Registration Service (BRS) can be used to apply for all of your business and tax related registrations in one transaction.
Once registered, ASIC provides online services to maintain both business names and companies.
Business name holders and authorised lodgers
If you're a business name holder or authorised lodger, you can use ASIC Connect to manage your business name details.
Once you are registered for an ASIC Connect account, you can renew your existing registration or even register a new business name. You can also update your details, including business name holder details and business addresses.
If you have more than one business name, you can manage them all from the same account by linking each business name to your login using the ASIC Key.
Find out more about using ASIC Connect to update your business names.
Company officeholders and registered agents
If you're a company officeholder or registered agent, you can use our online services to manage your company details.
When you register for our online services, you'll be able to lodge documents online and view company information from your account. This includes your annual statement; company addresses and current officeholder details.
If you're an officeholder for more than one company, you’ll need to register for online access for each individual company.
If you manage both a business name and company, you will need to register for an ASIC Connect account as well as our online services for company officeholders or registered agents in order to manage both registrations.
Use the right key to manage your account
Corporate key and ASIC key may sound similar; however, each have a different use.
The corporate key is used to register a company for online access. Once registered, you'll be able to lodge documents online, receive company annual statements and view your company information. You can find your corporate key on the top right-hand corner of your latest company annual statement.
The ASIC key is used to link your business name to your ASIC Connect account. Once linked, you can view and maintain your business name details. The ASIC key is sent to you each time you register a new business name or renew your existing registration. You can find your ASIC key in the middle of your welcome letter or renewal notice.
The corporate key and the ASIC key can't be used interchangeably. If you have a company AND a business name, you'll need to use both at different times.
Advance payment of annual review fees
Companies and schemes can choose to pay their annual review fee 10 years in advance at a discounted rate.
Advance payment protects a company or scheme from future fee increases for the length of the payment.
Learn more on our website.
ASIC’s Indigenous Financial Services Framework
ASIC’s Indigenous Financial Services Framework outlines key learnings which ASIC has developed through extensive consultations with a range of stakeholders on First Nations peoples’ access to and engagement with the financial system.
These learnings have been tested and confirmed by First Nations consumers and communities as important concepts to be acknowledged and understood.
ASIC is also sharing the key learnings through this Framework for other stakeholders to consider and use in their respective roles, to support positive financial outcomes for First Nations peoples.
Learn more about ASIC’s Framework on our website.
ATO small business webinars
Do you need help budgeting and planning for your commitments? Or are you unsure whether you should continue in business? Staying well informed and having the tools and support you need to make decisions about your business are vital.
The ATO has several webinars providing practical help, including:
- Budgeting for your commitments: join this 60-minute session to learn a simple 5-step process to manage your financial commitments and find out how to identify business activities that trigger financial responsibilities.
- Considering your small business viability: in this 45-minute session, you’ll learn how to use our Business Viability Assessment Tool to help you, and your advisers, in your decision making.
Find out more about the ATO’s small business webinars and workshops and remember to register early to secure your spot.