The announcement in the 2022 Budget that ASIC fees are to be removed and others reduced is a much welcomed and long overdue reform!
These fees will be removed from September 2023 when the new modernised business registry services will go live via the Australian Business Registry Services (ABRS) online digital platform.
The budget announcement included:
Removal of fees for company searches conducted on the new registry website;
Removal of late fees associated with company annual review fees;
Reducing the number of fees paid for ad hoc lodgements; and
Providing $300,000 to Treasury to redesign wholesale business register search services, which are facilitated by third-party providers.
Whilst it’s not yet known exactly what information about a company will be publicly available for free, the removal of search fees will be embraced by businesses, investors and financial institutions who have been burdened with unnecessary costs when needing simple information on company ownership, directorships, office addresses and financial results.
CorpSec Services welcomes the reforms. We also welcome reform to simultaneously suppress directors’ personal information such as date and place of birth and residential address. By September 2023, all directors will have a director ID number and will be able to be identified by their number without the need for their personal details to be made public for free.
The removal of the late fees charged for late payment of annual review fees will be rejoiced by business owners Australia wide. ASIC has long been criticised for its barbaric approach to late fees with little scope for waiving late fees incurred. We do wonder however, how those serial late payers will be enticed to pay without the late fees?
We will need to wait and see which lodgements or services will have reduced fees as part of the new modernised registry.
The registry fee reforms are anticipated to save Australians and their businesses $64.9 million in fees over 3 years from 2023-24. The changes are part of the much broader Modernising Business Registers program to make interactions with government simpler and quicker, improve the currency and accuracy of registry information and promote transparency.
CorpSec Services provides ASIC Registered Agent services and also specialist ASIC training for the accounting industry. For more information regarding our eLearning course The Responsible ASIC Registered Agent refer here.
