Understanding the ASIC Annual Review Process

An annual review involves separate tasks

ASIC normally sends the company an annual statement around its annual review date. The review requires attention to the fee, company details and a solvency resolution where required. Paying the invoice alone does not complete every annual-review obligation.^[1]

Begin by confirming the registered company name, ACN, review date and where the annual statement is sent. Ensure the responsible officeholder or authorised agent can obtain it and that someone monitors the relevant inbox or postal address.

Read the statement and fee notice

Check the amount and due date on ASIC's actual statement. The annual review fee is generally due two months after the review date. Fees change, so use the current notice and official fee information rather than an old online example.^[1]

Record the payment reference and retain the receipt. Distinguish an official fee notice from an independent provider's offer of administrative help. If you receive an unfamiliar notice, verify its source before paying it.

Check company information promptly

Review addresses, officeholders, share structure and member information shown on the statement. Company-detail changes must generally be notified within 28 days of the change; do not wait for the annual review to report a change that occurred earlier. Check the relevant transaction and deadline for the particular change.^[3]

Create an action list identifying the incorrect detail, supporting record, person responsible and completion evidence. Keep the company's own records consistent with the updates. If ownership or officeholder information is disputed, obtain professional advice instead of treating it as routine data entry.

Address the solvency resolution

The directors generally need to pass a solvency resolution within two months of the annual review date, unless the company lodged a financial report with ASIC in the preceding 12 months. Keep the resolution with the company records. The decision concerns whether debts can be paid when due and must be based on adequate information.^[1][2]

ASIC's Form 485 guidance requires notification within seven days after a negative resolution, or within seven days after the end of the statutory two-month period if a resolution has not been passed. A positive resolution is ordinarily kept by the company rather than notified through that form.^[2]

Administrative support cannot replace the directors' judgment on solvency. If the company may be unable to pay debts, obtain urgent legal and accounting or insolvency advice. Do not sign a positive resolution merely to complete a checklist.

Keep one annual review record

Store the statement, fee notice, payment receipt, detail checks, any update receipts and the resolution or notification record together. Add separate calendar entries for the tasks rather than a single reminder saying annual review done. Record who checked completion and any unresolved question.

Common mistakes

• Treating payment as completion of the entire review.
• Waiting for the annual statement to notify an earlier company change.
• Copying an outdated fee or deadline from another company's file.
• Completing a solvency template without a properly informed directors' decision.

When to obtain professional advice

Get help for disputed ownership, insolvency concerns, threatened deregistration or uncertain reporting requirements. PETERLEX can consider records organisation, calendars and administrative support within an agreed scope. It does not replace directors' statutory responsibilities or provide a guarantee of compliance.

Take the next step

Explore AUSTRALIAN COMPANY SUPPORT for practical help organising your company administration and review calendar.

Frequently asked questions

Official sources

1. ASIC, Company annual review
2. ASIC, Form 485 Statement in relation to company solvency
3. ASIC, Form 484 Change to company details