ASIC: what it does and how it affects your company
The Australian Securities and Investments Commission (ASIC) is the independent Commonwealth Government body that administers the Corporations Act 2001, the Australian Securities and Investments Commission Act 2001, and various other legislation relating to companies, financial services, and markets.
For company directors and their advisers, ASIC’s most relevant functions are maintaining the Australian register of companies, enforcing compliance with the Corporations Act, and processing lodgements relating to company changes (directors, shareholders, addresses, name changes, and structural changes).
Companies must notify ASIC of certain changes within 28 days. These include changes to directors and company secretaries, changes to the registered office or principal place of business, and changes to the share structure or membership. Failure to notify within 28 days can result in late fees and, in serious cases, penalties. ASIC issues an annual statement around the anniversary of the company’s registration, and the review fee must be paid within two months.
ASIC also maintains a public register that anyone can search. Information available on the register includes the company name and ACN, the names and dates of birth of directors and secretaries, the registered office and principal place of business addresses, the share structure, and the details of members (though recent changes have limited the public availability of residential addresses).
CoSec Partners acts as ASIC registered agent for hundreds of companies, managing annual statements, lodging changes, maintaining compliance, and acting as the point of contact for all ASIC correspondence. Our registered agent service costs from $99 per entity per year including GST, for firms placing 20 or more entities; ASIC fees are charged separately. Smaller books and direct clients are quoted.
Frequently asked questions
What changes do I need to tell ASIC about?
Appointments and resignations of directors and secretaries, changes to the registered office or principal place of business, changes to the share structure such as allotments and transfers, and changes to member details. Most are notified on a Form 484 within 28 days of the change.
Is a director’s home address public on the ASIC register?
Director names and dates of birth appear on the public register, and residential addresses have historically been visible. Recent reforms have narrowed public availability of residential address information, and a director with a genuine safety concern can apply to ASIC to have their address suppressed.
What is the difference between ASIC and the ATO for a company?
ASIC regulates the company itself under the Corporations Act: registration, officeholders, share structure, and the annual review. The ATO regulates the company’s tax affairs: ABN, TFN, GST, PAYG, and the income tax return. A company has separate obligations to both, and satisfying one does not satisfy the other.
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.