ASIC annual statements: what you need to know
Each year, ASIC issues an annual statement to every registered company on or shortly after the company’s annual review date. The annual review date is usually the anniversary of the company’s registration. The statement contains the company’s current details as recorded on the ASIC register and an invoice for the annual review fee.
The company must review the annual statement and confirm that the information is correct. Details that have changed should already have been notified to ASIC within 28 days of the change rather than held over to the annual review; where they have not, the relevant form (typically Form 484) must be lodged, and a late lodgement fee will usually apply. Any correction not lodged within 28 days of the statement’s issue date also attracts a late review fee, in addition to the late lodgement fee. The annual review fee is payable within two months of the review date. For a proprietary company the fee is $342 for 2026–27, indexed by ASIC each 1 July.
If the company also has a solvency resolution obligation, the directors must pass a solvency resolution within two months of the annual review date. A solvency resolution is a formal declaration by the directors that the company is able to pay its debts as and when they fall due. This resolution does not need to be lodged with ASIC but must be recorded in the company’s minute book. If the directors pass a negative solvency resolution, or no resolution within the two months, the company must lodge a Form 485 with ASIC within 7 days.
If the annual review fee is not paid within two months, a late fee is imposed: $102 if paid up to one month late, rising to $428 if more than one month late. If the review fee remains unpaid at least 12 months after the due date, ASIC may commence deregistration proceedings. ASIC will send a notice giving the company a final opportunity to pay before deregistration takes effect.
When CoSec Partners acts as ASIC registered agent, we receive the annual statement electronically from ASIC, review the details for accuracy, notify of any discrepancies, prepare the solvency resolution, invoice the client or their referring accountant for the review fee, and ensure payment is made before the due date. This is the core of our registered agent service and is included in the annual fee from $99 per entity per year including GST, for firms placing 20 or more entities; ASIC fees are charged separately.
Frequently asked questions
Does the solvency resolution need to be lodged with ASIC?
Not if it is a positive resolution. It must be passed within two months of the review date and recorded in the company’s minute book, but it is not lodged. If the directors pass a negative resolution, or none within the two months, the company must lodge a Form 485 within 7 days. That is precisely why it is so often missed: there is no lodgement to trigger a reminder, and nothing external prompts the directors to do it.
Can I use the annual statement to update details that have changed?
The annual statement is a prompt to check the register, not a substitute for notifying changes. Changes should already have been lodged within 28 days of occurring. Where they have not, the relevant form has to be lodged and a late fee will usually apply.
What if the details on the annual statement are wrong?
Lodge the relevant change form, typically a Form 484, to correct the register. Do not simply pay the fee and ignore the discrepancy: the register is what third parties, banks, and courts rely on, and inconsistencies surface years later during due diligence or a transaction.
This article is general information only and does not constitute legal, financial, or tax advice. While we endeavour to keep content accurate and current, laws and regulations change frequently. For advice specific to your circumstances, please consult a qualified professional adviser. CoSec Partners Pty Ltd accepts no liability for actions taken based on this content.