Annual Reviews

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Overview

Each year ASIC is required to provide a company with its Annual Statement. This statement must be provided within 14 days of the Annual Review Date. The Annual Review Date is the anniversary of the company registration date, however, the review date can be changed under certain circumstances.

ASIC must be contacted within five days after the review date if the annual statements have not been received.

The Annual Company Statement Package comprises of the:

  • Annual Company Statement Form 480; and
  • Annual Fee Invoice.

The Annual Fee must be paid within 2 months of the Annual Review Date.

The Annual Review screen in CAS 360 will help users best manage the annual review process:

How will I receive my Annual Statements?

CAS 360 will automatically download annual reviews from ASIC every day.

When received, CAS 360 will update your Documents screen to include Form 480 and the Annual Statements will also display in the Annual Reviews screen.

An RA71 can be used to request an Annual Review from ASIC
 

Annual Review Filters

The Annual Review screen also has a number of filters allowing users to easily sort the annual reviews that need action. These filters include:

Comparison Report Status

Filter Explanation
Comparison Reviews Passed Any reviews where the ASIC database is matching the CAS database
Comparison Reviews Failed

Any reviews where the ASIC database IS NOT matching the CAS database.

These companies will require further processing.

Label Filter

Filter Explanation
Labels Select label(s) to display only companies which have the Label attached

Auto Process?

Turning this option on will automate the Annual Review process even further.

With any annual reviews where the comparison has passed (where the ASIC database is matching the CAS database), CAS 360 will automatically process the annual review and email the Annual Company Statements to the Company's Directors.

See Annual Review Automatic Processing for more information.

Column Headings

Use the column headings to sort the companies in the review screen (company name, company number, invoice amount & comparison result). Simply click on a Column Heading.

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Comparison Review

The Annual Company Statement must be checked for accuracy. If the Annual Company Statement is correct and up to date, there is nothing to lodge. The company simply pays the annual invoice. Any corrections to the Annual Company Statement must be notified to ASIC within 28 days of the Annual Review Date. Corrections are notified on a Change of Company Details Form 484. ASIC late lodgement penalties may apply. See How to rectify incorrect information in a comparison report from the ASIC Database.

CAS 360 has a unique function which can easily compare your CAS 360 data with the information on the Annual Company Statement and advise users of specific inaccuracies.

When an annual review is received, CAS 360 will automatically compare your CAS 360 data with the information on the Annual Company Statement.

If the data matches  will display.

If there are any inaccuracies  will display.

Click   or  to display a comparison report.

The comparison review does not need to be passed in order to prepare documents.

Options

 

Option Explanation
Export Comparison Report Prepare a printable version of the comparison review
View ASIC Annual Statement View the original copy of the annual statement from ASIC
Replace with ASIC's Data

Replace data in CAS 360 with data from the ASIC

BGL recommend you use this option with extreme care as your entire history for this company will be deleted from CAS 360 and will be replaced with the balances from ASIC’s annual statement.

Mark as Document Processed Remove the Annual Statement from the Annual review screen. The Annual Company Statement will be saved in the Document Screen.

Document Production

Select Prepare Documents to generate the following documents.

Document Details
Annual Company Statement The CAS version of the annual company statement which includes a signing line for company officers.
  • Document Date - Input the signing date.
  • Apply this date to all documents? - Updates all other annual review document dates to the date entered above
  • Show Corporate Key - Displays the corporate key onto the Annual Company Statement
  • Registered Agent - Select the agent that will display on the Annual Company Statement.
  • Form Signatory - Select the officer who will be signing the Annual Company Statement.
  • Document Template - Select the template you wish to use. This can be edited under Settings | Document Templates.
  • Export Document to Word
ASIC Annual Statement The original ASIC copy of the annual company statement with the ASIC logo.  
ASIC Invoice The invoice statement from ASIC
  • Registered Agent
  • Document Template
  • Export Document to Word
Solvency Resolution/Minutes

As part of the Annual Review process, the directors of the company are required to pass a Solvency Resolution within 2 months of the Annual Review Date. This solvency resolution does not need to be lodged with ASIC but the directors must sign this document and keep it with company minutes and resolutions.

If the company is insolvent and passes a negative solvency resolution (resolving the company is not solvent), the Statement in Relation to Solvency Form 485 must be lodged with ASIC within 7 days of the negative solvency resolution. If the company is unable to pass a solvency resolution, where the company cannot tell if it is solvent, the company must lodge a Form 485 within 7 days of the original solvency resolution due date (67 days from the annual review date). Form 485 can be lodged electronically.

  • Document Type - Select Minutes to prepare Solvency Minutes instead of a Solvency Resolution.
    If Minutes is selected, you will need to also select the following:
    • Chairperson
    • Address
    • Document Date
  • Export Document to Word
Cover Letter  A letter addressed to the Company Officer outlining the annual review requirements
  • Document Date - Input the signing date.
  • Officer - Select the officer who the cover letter is addressed to.
  • Document Template - Select the template you wish to use. This can be edited under Settings | Document Templates.
  • Export Document to Word

Uploading Documents

Select Upload to attach any additional document(s) if required, for example, an invoice or letter.

You can then download or email these document(s) as part of the document suite.

Reorder Documents

The order of documents can be easily changed.

Simply drag and drop the documents to the desired order.

Track the annual review via the document deadline alert

Toggle Track the annual review via the document deadline alert to create a document deadline alert for the annual review fee payment date in the company screen

Email Options

Select Send All to email the selected documents to the specified email addresses. You can input additional recipients in the box if required.

To use a different email template, select and choose a different email template. Refer to Email Templates for more information on how to create your own email template.

The status of the Annual Company Statement will be updated from Document Received to Sent To Client in the Documents screen.

The Annual Company Statement will then be removed from the Annual Review screen.

Download Option

Select Download All to download the selected documents as a PDF.

The status of the Annual Company Statement will also update in the document screen from Document Received to Document Processed.

The Annual Company Statement will then be removed from the Annual Review screen.

Can I get a listing of my Review Dates?

You can also lodge the RA61 Request Review Date Listing to get a list of the review dates for all the companies for which you are the registered agent.

It is recommended that you lodge an RA61 regularly to ensure that you are aware of any review dates approaching or outstanding. The RA61 can only be lodged electronically, not manually on paper.

You can then prepare a Company Listing Report sorted by Annual Review Date. Refer to Company Listing Report for more details.

Can I make particular documents selected as a default when preparing the annual reviews?

In document production, once Annual Review documents are sent out or downloaded, the documents selected will be automatically saved as the default setting. The next time Annual Review documents will need to be sent to downloaded, the document production screen will have selected the documents that were previously used. This default will be set until it is changed again.

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