AFS licensees: Lodging your annual accounts and audit report using forms FS70 and FS71
Who lodges?
When to lodge
Paper or online lodgement?
How to lodge
Lodgement fees
Where to lodge
Can I ask for an extension of time?
Can I ask for an additional extension of time?
More information
Who lodges?
Each year, Australian financial services (AFS) licensees must lodge with ASIC their profit and loss statement and balance sheet (together with form FS70) and audit report (together with form FS71). Form FS70 must be completed and lodged by the licensee. Form FS71 is completed by the licensee’s auditor but lodged by the licensee.
Foreign companies
If you are lodging your annual accounts as an AFS licensee that is a foreign company, different lodging requirements apply. Lodging your annual accounts as a foreign company using form 405
When to lodge
An AFS licensee must lodge its financial report within the following periods:
- if the AFS licensee is not a body corporate: within 2 months after the end of its financial year. The financial year of an AFS licensee who is not a body corporate must end on 30 June. This means an AFS licensee who is not a body corporate must lodge by 31 August;
- if the AFS licensee is a body corporate that is a disclosing entity: within 3 months after the end of its financial year. For example, if the financial year ends on 30 June, an AFS licensee which is a disclosing entity must lodge by 30 September; or
- if the AFS licensee is a body corporate that is not a disclosing entity: within 4 months after the end of its financial year. For example, if the financial year ends on 30 June, an AFS licensee which is not a disclosing entity must lodge by 31 October.
Under Class Order [CO 03/748], natural person licensees do not have to include in their profit and loss statements any income or expenses that do not relate to their financial services business. Download a copy of Class Order [CO 03/748] (PDF file, 16KB).
Paper or online lodgement?
You can download and print paper copies of the forms and lodge them by mail or in person. You can also lodge your annual accounts and audit report online via our Licensees portal. However, if you are lodging online, you must still complete, sign and retain your signed original FS70 and FS71 and profit and loss statement, balance sheet and audit report for your records.
How to lodge
The forms must be lodged together, in accordance with the Corporations Act and Regulations. Follow these steps for correct completion and lodgement:
| Step 1 | The licensee downloads and prints out copies of forms FS70 and FS71. |
| Step 2 | The licensee completes and signs Part 1 of FS70 (this must happen before the auditor can complete FS71). |
| Step 3 | The licensee provides form FS70 (with Part 1 completed and signed) and copies of their profit and loss statement and balance sheet to the auditor. |
| Step 4 | The auditor completes the audit and signs form FS71. |
| Step 5 | After receiving the FS71 from the auditor, the licensee completes and signs Part 2 of form FS70. |
| Step 6 | The licensee lodges the forms, annual accounts and the relevant fee with ASIC.
Licensees lodging by mail or in person
Licensees lodging by mail or in person should lodge with ASIC:
- their signed, original FS70 and FS71
- their profit and loss statement, balance sheet and
- the required fee.
Licensees should retain signed copies for their records.
Where to lodge by mail or in person
Licensees lodging online
Licensees lodging online should:
- enter the information from their paper FS70 into our Licensees portal, and
- attach electronic copies of their profit and loss statement, balance sheet and audit report in RTF, TIF or PDF format. File attachments must not contain any active or encrypted content and must be less than 3 MB in size. Up to four attachments are allowed.
Licensees lodging online must retain their signed original FS70 and FS71 and profit and loss statement, balance sheet and audit report for their records, as required under the ASIC Electronic Lodgement Protocol.
Licensees or auditors lodging using SBR enabled accounting software
Licensees or Auditors lodging using Standard Business Reporting (SBR) enabled accounting software should:
- enter the information from the paper FS70 into their SBR enabled accounting software, and
- attach electronic copies of their profit and loss statement, balance sheet and audit report in PDF format (mandatory attachments). File attachments must not contain any active or encrypted content and must be less than 10 MB in size. Up to five attachments are allowed.
- attach XBRL copies of their profit and lost statement (optional attachment)
The licensee must retain the signed original FS70 and FS71 and profit and loss statement, balance sheet and audit report for their records, as required under the ASIC Electronic Lodgement Protocol.
More information regarding SBR; SBR enabled accounting software and XBRL can be found at www.sbr.gov.au and www.asic.gov.au/sbr.
Information about fees
Go to the Licensees portal to lodge online |
Lodgement fees
| Fees to lodge the FS70: | $139 for a natural person
$340 for a company, partnership or non-corporate trustee |
| Late lodgement fees: | Up to 1 month $67
More than 1 month $278 |
The fee can be paid by cheque or money order to the address below, or in person at one of our Service Centres.
Licensees lodging online will be able to print an invoice showing the relevant fee.
The FS71 is lodged with the FS70. There is no fee to lodge the FS71.
Here are the ways you can make a payment to ASIC.
Where to lodge
Lodging by mail
Mail your forms to:
Australian Securities & Investments Commission
PO Box 4000
Gippsland Mail Centre VIC 3841
or send to:
Lodging in person
You can deliver the forms to your local ASIC Service Centre.
Can I ask for an extension of time?
We can only consider granting an extension of time to lodge your annual accounts if exceptional circumstances that are completely outside your control exist and you have not had sufficient time to accommodate or adjust to the new circumstances. You must have lodged all other required documents with us, unless they are affected by the same circumstances.
We are unlikely to grant an extension of time because:
- you or your auditor have unexpected heavy workload requirements
- you are experiencing adverse financial or personal circumstances
- company records are unavailable
- you will be unable to pay any late fee
- you or your auditor are unavailable, e.g. interstate or overseas.
We cannot grant an extension of time if the lodgement date has passed.
Apply to us in writing, making sure that the application reaches us before the date that the FS70 was due to be lodged.
As well as explaining the exceptional circumstances, the application must:
- show whether you are applying as a disclosing entity or non-reporting entity
- be jointly signed by you and your appointed auditor
- specify the date to which you require the extension; and
- include the $34 application fee.
Mail your application to:
Australian Securities & Investments Commission
FSR & Audit Team
PO Box 4000
Gippsland Mail Centre VIC 3841
or send to:
If you are granted an extension, you must still pay the FS70 lodgement fee when you lodge your documents by the extended date. You will not need to pay a late lodgement fee as long as you lodge by the extended date.
Can I ask for an additional extension of time?
Generally, we will not grant an extension of time greater than three months on any single application.
If you want additional time, which would extend the original due date by more than three months, you can apply again to us in writing but you would need to provide even more compelling reasons than those included in your first application.
More information
Phone us on 1300 300 630.
More FS forms
Financial services homepage
ASIC Website: Printed 09/03/2010
