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ASIC compliance ensures that companies, scheme and various individuals and entities meet their obligations under the Corporations Act 2001 (Cth). Corporate compliance can be monitored by company office holders on their own, or an ASIC agent (ie your tax agent) can assist you in this matter.
KNOWING YOUR LEGAL REQUIREMENTS – COMPANIES
The following are common legal requirements that you will need to meet as a business using a company structure:
- Have a registered office
- Have a principal place of business
- Disclose personal details of directors
- Keep financial and other records
- Pay relevant fees to ASIC
- Notify ASIC of changes
- Check Annual Statements
- Ensure your company is solvent
- Act in the company’s best interests
- Use information appropriately
WHAT BOOKS AND RECORDS SHOULD YOU KEEP
Financial records incude financial statements, general ledger and general journal, asset register, computer back-up, cash records, bank statements, sales/debtor records, work-in-progress records, job/customer files, stock listings, creditors records, correspondence, wages and superannuation records, register of members, minutes of meetings and deeds (where applicable). By law it is important that a company keeps financial records that are:
- Correctly recorded and explain its transactions, financial position and performance
- Enable true and fair financial statements to be prepared and audited
Others areas of compliance include:
- Directors and financial reporting
- Companies that must lodge financial reports with ASIC
- Keeping your company details up to date
- Changing a company type
- Changing a company name
- Ensuring your company is solvent
- Annual statements and late fees
- How to lodge and avoid late fees
- Your obligations as a company director