Each year ASIC increase the Annual Review fee, although there are companies and schemes who choose to pay their fee 10 years in advance at a discounted rate.
Note: Annual Review fees are tax deductible but late fees are not
The table below shows fees as at today’s date:
| Type of company or scheme | Annual Review Fee | Advance payment for 10 years |
| A public company, except a special purpose company or a small transferring financial institution | $1,346 | $10,000 |
| A proprietary company, except a special purpose company | $290 | $2,147 |
| A special purpose company (proprietary) | $59 | $407 |
| A special purpose company (public) | $55 | $402 |
| A registered scheme | $1,346 | $10,000 |
It needs to be noted, refunds for those who cease trading prior to the 10 years are not available.
The advanced payments for annual reviews are recorded separately and do not appear as a credit on the company or schemes account.
The prepayment of these type of fees is exclusively to be used for annual reviews only. The prepayment fee cannot be used toward lodgement fees of alternative forms or other amounts owed to ASIC, these must be paid separately and as they come due.
Despite prepayment of the annual review fee, Directors are still required to review and notify changes within 28 days to ASIC. They must also pass and store a solvency resolution within 2 months of the review date of the company or scheme. If you have an ASIC Registered Agent who already prepares these on your behalf for signature, this process will continue.
If you choose to prepay your annual review fee with ASIC, more information can be found here which includes the remittance advice form. The remittance advice form provides full details on:
- how to pay the amount to ASIC; and
- information you should provide to ensure the amount is assigned to your company or scheme.
If you require any further information or require assistance is organising this for your business, please don’t hesitate to contact your Advisor or our office.
