InFocus October 2018 - Volume 27 Issue 9

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Contents

Financial reports are due soon – lodge online now!

Many companies and AFS licensees must lodge their financial reports by the end of October. We encourage you to start organising your details now to ensure all your information is ready by the end of the month.

Depending on your entity’s structure and type, you’ll need to lodge one or more of the following:

  • Form 388 – Copy of financial statements and reports
  • FS70 - Australian financial services licensee profit and loss statement and balance sheet
  • FS71 – Auditor's report for AFS Licensee

For more information about when you need to lodge financial reports, visit our website.

You can submit all your financial details online by using our online services. If you haven't created an online account yet, select the relevant link below to register:”

Company officeholders - register for online access

AFS licensees - register for online access

Auditors - register for online access

ASIC registered agents - introducing terms and conditions

ASIC is introducing terms and conditions to the registration of ASIC registered agents.  Registered agents will need to confirm they agree to the terms and conditions, which will govern their use of our registry services.

The terms and conditions will describe the rights and responsibilities around being a registered agent, including:

  • eligibility criteria to be a registered agent
  • grounds on which ASIC may cancel a registered agent status
  • requirements around lodging documents and lodging online, and 
  • expectations of registered agents lodging on behalf of a company.

New registered agents will be required to accept the terms and conditions when applying. Existing registered agents will have a transitional period to accept the terms and conditions.

ASIC will provide more information and instructions for registered agents soon.

Don't get caught out - make sure you know the key dates for your business name or company

If you're a business name holder or a company officeholder, it's important to understand your responsibilities with ASIC.

One of the most important things is to be aware of key dates, like the date of your business name renewal or the company’s annual review.

While ASIC will send you a reminder when your renewal or annual review is due, it's important to keep that date in mind. Knowing the date will help you keep your registration current and avoid potential late fees, even if you miss our reminder.

You can check these details by searching your business name or company on ASIC Connect.

Visit our website for more information about renewing your business name or what you need to do with your company annual statement. 

Crowd-sourced funding available for proprietary companies in October

From October 19, proprietary companies will be able to use crowd-sourced funding to raise funds for their business.

As part of the legislative changes:

  • eligible proprietary companies can offer CSF shares to the public through an intermediary
  • proprietary companies with CSF shareholders will have to prepare annual financial and directors’ reports in accordance with accounting standards
  • unlisted public companies will no longer be able to register as a crowd-sourced funding company

Existing unlisted public companies with CSF shares will continue to have access to reduced reporting requirements for up to five years from the date of offer.

More information about crowd-sourced funding will be published on our website in the coming weeks.

Checking your company's account balance

If you have a company and are registered for online access, you can check your company’s account balance online.

Once you've logged into your account, click 'View company details' from the left-hand menu and select 'Debtor details'. This will show you the amount owing (if any).

For more information on checking your account balance, visit our website.

Australian Financial Complaints Authority begins from 1 November 2018

The Treasury Laws Amendment Act 2018 has established a new external dispute resolution (EDR) scheme, the Australian Financial Complaints Authority (AFCA).

AFCA will begin operation from 1 November 2018 and will replace the two existing EDR schemes - the Financial Ombudsman Service, the Credit and Investment Ombudsman and the statutory Superannuation Complaints Tribunal.

New and existing financial firms (Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees) that provide financial services to retail clients were required to join AFCA by 21 September 2018.

Firms that provide services to retail client and have not joined are in breach of the law and must take immediate steps. For more information, please visit the AFCA website.

ASIC has granted transitional relief for financial firms to notify of their AFCA membership details. Under this relief, firms will be able to update their details between 1-30 November 2018. For more information, please visit our website or the relevant legislative instrument.

ASIC in the media

ASIC fee relief and financial counselling for the drought-affected
ASIC is offering assistance for farmers and related businesses suffering financial hardship as result of the current drought

ASICs Corporate Plan 2018-2022
ASIC’s Corporate Plan articulates ASIC’s updated vision, mission, and strategic plan to achieve them

Event – Small Business Forum – 10 October (Bundoora, VIC)

The Government Business Education Network (GBEN), together with the City of Whittlesea, is holding a free forum for businesses to speak directly with government agencies and business advisors. Learn more about the programs, grants and resources that can help your business.
Register now

Event – Bizlink Townsville – 17 October (Townsville, QLD)

Have a particular issue with your business? ASIC and other government regulators are holding a free seminar in Townsville to help you understand how regulations impact your business. The event includes presentations from each regulator and panel discussions.
Register now

Last updated: 12/10/2018 09:07