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ASIC

all about ASIC

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Arvind Kumar
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9 views

ASIC

all about ASIC

Uploaded by

Arvind Kumar
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ASIC (Australian Securities and Investments Commission) reporting is an

essential part of compliance for companies, registered bodies, and financial


services in Australia. ASIC is responsible for regulating company and financial
services laws to protect consumers, investors, and creditors. Here’s an overview
of ASIC reporting requirements, deadlines, and key instructions:
Key ASIC Reporting Requirements
1. Annual Financial Statements:
o Who Needs to Lodge: All registered companies (public and large
proprietary companies) must prepare and lodge annual financial
statements.
o Deadline: Generally due within 4 months after the end of the
financial year for public companies and 3 months for large
proprietary companies.
o Instructions: Financial statements must comply with Australian
Accounting Standards and may require an audit.
2. Company Annual Review:
o Who Needs to Lodge: All registered companies.

o Deadline: Companies must review their details annually, usually on


the anniversary of their registration.
o Instructions: File an Annual Review Statement, which includes
updated information on directors, registered office address, and
shareholders.
3. Change of Company Details:
o Who Needs to Lodge: Any company that changes its details (e.g.,
name, registered office, directors, or share structure).
o Deadline: Must be lodged within 28 days of the change.

o Instructions: Submit the appropriate forms, such as Form 484, to


notify ASIC of changes.
4. Director and Officer Changes:
o Who Needs to Lodge: Companies with changes in directors or
company secretaries.
o Deadline: Must be lodged within 28 days of the appointment or
resignation.
o Instructions: Use Form 484 to notify ASIC of director or officer
changes.
5. Shareholder Meetings:
o Who Needs to Lodge: Public companies must hold annual general
meetings (AGMs) and lodge certain resolutions.
o Deadline: AGM must be held within 5 months of the end of the
financial year, and notices must be sent to ASIC within prescribed
timelines.
o Instructions: Provide proper notice to shareholders and lodge
resolutions with ASIC as required.
6. Notification of Financial Year-End:
o Who Needs to Lodge: All registered companies.

o Deadline: Must notify ASIC of the financial year-end date if it differs


from the standard date of June 30.
o Instructions: Use Form 388 to notify ASIC.

7. Lodging Financial Reports for Certain Entities:


o Who Needs to Lodge: Certain entities, including registered
schemes and large proprietary companies.
o Deadline: Financial reports are typically due within 4 months after
the financial year-end.
o Instructions: Prepare and lodge reports in compliance with
relevant accounting standards.
General Instructions for ASIC Reporting
1. Prepare Accurate Records: Maintain accurate financial records and
company details to facilitate timely and accurate reporting.
2. Consult ASIC’s Resources: ASIC provides resources, guidelines, and
forms on their website to assist companies with compliance and reporting
requirements.
3. Use Online Lodgement: ASIC offers an online portal for lodgement,
which streamlines the submission process and helps track the status of
lodged documents.
4. Timely Lodgement: Ensure that all reports and documents are lodged by
the deadlines to avoid penalties, late fees, or legal implications.
5. Retain Copies of Lodged Documents: Keep copies of all documents
submitted to ASIC for reference and future audits.
6. Seek Professional Advice: Consider consulting with accountants or legal
professionals who specialize in corporate compliance to navigate complex
requirements effectively.
Conclusion
ASIC reporting is a critical aspect of corporate governance in Australia.
Companies must adhere to various reporting requirements to ensure compliance
with the law and maintain transparency with stakeholders. Regularly reviewing
ASIC's guidelines and seeking professional advice can help ensure that
companies meet their obligations effectively. If you have specific questions or
need detailed information about particular aspects of ASIC reporting, feel free to
ask!

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