With the new tax year on the horizon, it’s little surprise that ASIC have recently published their fees for the year ahead. Taking effect as of July 1st 2020, many of the administrative tasks which ASIC charge for have seen a modest increase in price. Read on for further details on the price rises, as well as some information on how they may affect you and your business. In some cases you may be able to use ASIC’s services this side of the price increase start date: Pherrus Financial Services are happy to advise on how to save you money on your ASIC services if possible. – asic fees can’t be reduced.

ASIC price rises for 2020/21

The price rises apply to both choosing a company name and registering your company. In summary, these cost increases are :

  • Reserving a company name will increase by $1 (from $50 to $51).
  • If you to extend your company name reservation, the fee increases by $1 (from $50 to $51).

Increase in costs associated with company annual fees are :

  • Review fees for a proprietary company increase by $6 (from $267 to $273)
  • Review fees for a special purpose company increase by $1 (from $54 to $55)
  • Late Payment Fee 1 (if payment is received within month after due date) increased by $2 (from $80 to $82)
  • Late Payment Fee 2 (if payment is received more than 1 month after due date increased by $7 (from $333 to $340)

Increase in costs associated with business name registrations are :

  • Registration or renewal for one year increase by $1 (from $36 to $37)
  • Registration or renewal for three years increase by $2 (from $85 to $87)

Particularly for larger organisations, those with a complex structure or those who are looking to evolve over the next few years and need to work out a registration that’s going to be best for their transitional phase, working out which registration to opt for can be a challenge. At Pherrus Financial Services we provide a full suite of accountancy services to help you make the decisions that are right for your business, as well as keep your tax burden to an absolute minimum. Get in touch to find out more.

The Insights published on our website have been written by our professional staff strictly for educational purposes. Please note that the information and views expressed above do not constitute professional advice and are general in nature only.

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