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)
New to CAS 360: Bulk Annual Review. Process multiple Annual Review in a single process. See Bulk Annual Review for more information.
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.
Annual Review Screen
|The Annual Review screen in CAS 360 will help users best manage the annual review process.|
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
|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.
|Labels||Select label(s) to display only companies which have the Label attached|
Use the column headings to sort the companies in the review screen (company name, company number, review date, invoice amount & comparison result). Simply click on a Column Heading.
|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.|
Auto Process Annual Reviews
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.
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 that 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.
Select Prepare Documents to generate the following documents:
- Annual Company Statement: The CAS 360 version of the annual company statement which includes a signing line for company officers.
- ASIC Annual Statement: The original ASIC copy of the annual company statement with the ASIC logo.
- ASIC Invoice: The invoice statement from ASIC
- 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, 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).
- Cover Letter: A letter addressed to the Company Officer outlining the annual review requirements.
Select the icon to change any of the document settings. Different options will appear depending on the document type.
For more information on the full set of features within document production, such as uploading documents and re-ordering documents, refer to Document Production.
Track the annual review via the document deadline alert
Toggle Track the annual review via the document deadline alert in Document Production to create a document deadline alert for the annual review fee payment date in the company selection screen
Once the Annual Review documents have been sent to or downloaded, the documents will be removed from the Annual Review screen and will be stored in the Documents screen.
The status of these documents will be updated to either "Sent To Client" or "Document Processed."
To retrieve the documents back to the Annual Review screen, change the status to "Document Received".
The status of the Annual Company Statement will be updated from Document Received to Sent To Client in the Documents screen.
In document production, select YES to send invoice in separate email.
This will enable users to send the ASIC invoice to different recipients, or to the same recipients in a separate email.
For more information, refer to How to send the ASIC invoice in a separate email?
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.
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.