After the registration of your company, you have many obligations with which you have to comply under the Corporations Act 2001 (Cth). As a director of the company, it is your duty to make sure that every legal obligation is complied with.
One of the most important obligations you have is to ensure that your company’s details are kept up to date with the Australian Securities and Investments Commission (ASIC).
In general, whenever changes are made to a company, it is the company’s responsibility to inform ASIC promptly within a certain period. Such notice is usually required to be given by following a specified procedure. The Form 484 is one of the most commonly used forms which give notice of updates to company details.
How do I do this?
Traditionally, a Form 484 has been used to inform ASIC of some common changes to a company’s details, including:
- Change of company address;
- Appoint or cease an officeholder;
- Change of name of officeholders or members;
- Change of ultimate holding company (and/ or its details);
- Change to share structure (including issue or cease shares);
- Change to members’ register;
- Change to a special purpose company.
Although these forms have been lodged by post in the past, this is no longer accepted by ASIC and has to be done online. If you are unsure of whether you have to notify ASIC of a particular change that has been made in your company, consult with your business or company lawyer.
When will I need to do this?
You will need to notify ASIC of these changes within 28 days after the change has been made. Otherwise, a late fee will apply as follows:
- $79 for up to one month late
- $329 for over one month late
What do I need to do this?
In order to complete this change, you will need to have the following information ready:
- ABN/ ACN;
- Corporate key;
- Company name;
- Details of the contact person;
- Details of the changes made.
Conclusion
The process to formally change a company’s details is something that every company owner should be familiar with. Further, it should always be kept in mind that it’s the responsibility of the company officeholders to inform ASIC whenever a change does occur. Running a company can seem like a difficult task, but there are platforms available to help make compliance with ASIC’s rules easy to manage.
Need more help? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents, obtaining a fixed-fee quote from Australia’s largest legal marketplace or to get answers to your legal questions.
