Payments, Fees, And Invoice
There are certain fees that your businesses are expected to pay annually to regulatory and government agencies. These fees are usually compulsory and require on-time payment to avoid the accompanying sanctions. They include:
ASIC Fees: The Australian Securities & Investment Commission charges companies and other business entities to pay specific fees annually. These fees are not subject to the Goods and Services Tax. They include:
- Lodgement Fees: This is the fee paid when you lodge documents and forms with the commission. Each form has specific fees attached to the lodgement. The first is mostly statutory fees determined by laws such as the Corporation (Fees) Regulation of 2001, the Business Names Registration (Fees) Regulations 2011, the Corporation (Review Fees) 2003, and many others.
- Late Fees: Where you fail to lodge a document that has a given timeframe on time, there is a sanction on such late lodgement in the form of late fees. The late fees for payment or lodgement that is not up to a month late are $82 while the one for payment or lodgement that exceeds one month is $340. This is why company officeholders must be familiar with the timeframe for different documents and form and ensuring compliance with it. Most documents can be lodged online but if you are lodging on paper, ensure that you the time between the date you post it and the delivery date is enough to not fall outside of the time. This is because a document or form is only considered lodged after it has been received and accepted. Failure to pay fees leading to outstanding debts may be cause for closing down your company.
- Annual Review fees: The annual review date is usually the date of registration. Companies and investment scheme receive an annual statement and invoice from ASIC shortly after the date and are required to pay an annual review fee to keep their registration.
ASIC Invoices: For every fee charged, the company or business receives an invoice that outlines the charges and the payment options. The invoice is usually sent it your email or your contact address or that of your registered agent.
For companies and business entities that register for online access, they only receive notification in their email and go online to download it.
- Payment Options: Each invoice usually contains its payment option and the unique reference number that matches each payment description. When you are paying your invoices, it is required for you to pay each invoice alone and not combine everything. The payment must be made in Australian dollars and must not include the exchange rate fees or transaction fees.
Fee Waivers: There are times when late fees can be waived due to faults that could not be attributed to the company or business entity representatives. Such situations include:
- Delays that can be attributed to ASIC
- Damages to records that should be lodged due to flood, fire, or any other disaster.
- Delay caused by the court.
- Natural disaster preventing you from having access to the records.
In such cases, you can apply for a fee waiver.