InFocus July 2023 - Volume 32 Issue 5

• Fee indexation - new fees now apply
• Are you the local agent for a registered foreign company?

• Reminder - New transactions coming to the ASIC Regulatory Portal

• ASIC Annual Forum 2023 – Navigating Disruption

• ASIC Cyber pulse survey
• Is your small business tax time ready?
• NAIDOC week small business webinars

Fee indexation – new fees now apply

As of Saturday 1 July 2023, you will notice some ASIC fees have changed. This is based on the increase in the Consumer Price Index (CPI) announced for the March quarter. 
 
For a list of our current fees, visit fees for commonly lodged documents. 

For more information about fee indexation, visit our website. 

Are you the local agent for a registered foreign company?

If your answer is yes, your role as a local agent is very important. Please remember:

• You are responsible for any obligations the company must meet, and
• You may be liable for any breaches or penalties.    

ASIC conducts a wide range of corporate compliance programs, including non-lodgement of financial statements for registered foreign companies.

As a local agent, you are required to check your registered foreign companies and ensure steps are taken to prepare and lodge the relevant financial statements or annual return with ASIC at least once every calendar year. The time between financial statements cannot be more than 15 months or within one month after the date of its annual general meeting.

Late fees may apply.

Learn more on our website.

Reminder - New transactions coming to the ASIC Regulatory Portal

The following transactions are expected to be added to the ASIC Regulatory Portal early in the 2023-24 financial year:

• Apply for ASIC consent to resign as an auditor of a public company (Legacy Form 342),
• Apply for early destruction of books (Legacy Form 574),
• Submit notification to rely on ASIC Corporations (Business Introduction Services) Instrument 2022/805, and
• Notify ASIC or apply to ASIC about company auditor appointments.

Once made available in the portal, you’ll need to submit these transactions online.

The portal features structured online smart forms with mandatory fields and questions that make it easier for submitters to ensure the information we require is provided upfront.

All relevant ASIC web pages and Regulatory Guides (RGs) will be updated to align with the new lodgement channel for these transactions once they're available in the portal.

If you don’t already use the portal for other transactions, you’ll need to register for portal access. Once you’ve registered and logged in, you can act for yourself or connect to other entities to act on their behalf.

If you need help using the portal, visit our portal help page for step-by-step user guides, FAQs and videos.

ASIC Annual Forum 2023 – Navigating Disruption

The ASIC Annual Forum and Annual Dinner will return to Melbourne for the first time since 2009, on 21–22 November 2023.

This year’s theme, Navigating Disruption, will reflect on how we can respond ambitiously and effectively to disruption drivers such as geo-political and economic change, AI, and cyber? ASIC will host thought leaders and experts to explore strategies for navigating disruption and delivering good outcomes.

Program highlights include:

• global climate disruption and implications for consumers and markets,
• regulating disruptive technology and the influence of social media, and
• ASIC's 2024 Enforcement Priorities.

Find out more about the Annual Forum by:

• Visiting the event website and subscribing to the mailing list.
• Following ASIC on social media for updates: LinkedIn and Twitter.

ASIC Cyber pulse survey

A cyber attack can disrupt your organisation’s operations and result in financial, legal and reputational harm.  

To see how your cyber capability measures up to your peers, we invite you to complete the ASIC Cyber Pulse Survey by logging into the ASIC Regulatory Portal.

The voluntary, multiple-choice survey is suitable for ASIC-regulated entities of all sizes and sectors and is designed to help your organisation assess its ability to: 
govern and manage organisational-wide cyber risks 

• identify and protect information assets that support critical business services
• detect, respond to and recover from cyber security incidents.

On completion of the survey, you can opt in to receive an individual report which will provide insights into how you assess your organisation’s current cyber resilience capability compared to your industry peers.

For more information, visit our website.

Is your small business tax time ready?

With tax time fast approaching, now is a good time to check if there are any tax-deductible items your business may need, or any concessions that can be accessed before 30 June.

You could be eligible for simplified depreciation rules, immediate deductions for pre-paid expenses or temporary full expensing. These can help you reduce your tax bill and some may also save you time!

NAIDOC week small business webinars

National Aborigines and Islanders Day Observance Committee (NAIDOC) week is an opportunity for us to celebrate the history, culture, and achievements of Aboriginal and Torres Strait Islander peoples.

To support NAIDOC Week 2023, the ATO is hosting free webinars for Aboriginal and Torres Strait Islander small business owners. From sharing tips on how to run a successful business to managing your cash flow, these webinars have something for everyone.

Register now!