Updated 22 September 2026
Registering a company with ASIC is only the beginning. Australian companies have ongoing obligations to keep company details accurate, complete their annual review requirements, maintain appropriate records and notify ASIC when certain information changes.
For many small and growing companies, the most common ASIC compliance requirements include checking the annual statement, paying the annual review fee, passing a solvency resolution and notifying ASIC of changes to company details within the required timeframe.
Some companies also have additional financial reporting, audit or governance obligations depending on their size and structure.
Understanding which requirements apply, and when action needs to be taken, can help your company avoid unnecessary late fees and keep its corporate records up to date.
Quick Summary
- ASIC sends registered companies an annual statement, usually shortly after the anniversary of their registration.
- Companies generally need to pay their annual review fee, check the information on the annual statement and pass a solvency resolution.
- Changes to many company details must be notified to ASIC within 28 days.
- Companies need to keep their own company and financial records. Updating ASIC does not replace this responsibility.
- All company directors need a director identification number before being appointed.
- Not every proprietary company needs to lodge annual financial reports with ASIC. All large proprietary companies and some small proprietary companies do.
- Directors remain responsible for ensuring the company meets its legal obligations, even where an accountant or registered agent assists with compliance.
- From 1 July 2027, companies will also be required to provide director IDs to ASIC.
What Is ASIC Compliance?
ASIC is the Australian Securities and Investments Commission. It administers Australia’s company registration system and regulates companies under the Corporations Act 2001.
Once a company is registered, certain information about it is maintained on ASIC’s companies register.
Companies also have ongoing responsibilities under Australian law.
For a typical Australian proprietary company, ASIC compliance can include:
- completing annual review requirements
- keeping company details up to date
- notifying ASIC when certain information changes
- maintaining company registers and records
- keeping appropriate financial records
- meeting director and officeholder obligations
- meeting financial reporting requirements where they apply
The exact obligations depend on the company.
That distinction is important. Not every ASIC requirement applies to every Australian company in exactly the same way.
What Happens During an ASIC Annual Review?
ASIC generally sends a company its annual statement shortly after its annual review date. For most companies, the annual review date is the anniversary of the date the company was registered.
The annual statement contains information ASIC currently holds about the company and an invoice for the annual review fee.
After receiving it, there are three main requirements to address.
1. Pay the annual review fee
The annual review fee needs to be paid by the due date shown on the statement.
The amount depends on the type of company.
Rather than relying on a fee quoted in an article that may become outdated, check the amount shown on the company’s current annual statement or ASIC’s current fee information.
Late payment can result in additional fees.
2. Check the company’s details
The annual statement should be checked carefully against the company’s current information.
This can include:
- registered office
- principal place of business
- officeholders
- share structure
- members or shareholders
If something is incorrect, it may need to be updated with ASIC.
Importantly, the annual review is not the only time company information should be checked.
When relevant company details change during the year, ASIC generally needs to be notified within the required timeframe rather than waiting for the next annual statement.
3. Pass a solvency resolution
Company directors generally need to pass a solvency resolution within two months of the company’s annual review date, unless the company has lodged a financial report with ASIC during the previous 12 months.
The resolution records the directors’ view on whether the company can pay its debts when they become due.
If the directors pass a positive solvency resolution, the company keeps a record of it and generally does not need to notify ASIC.
If the directors pass a negative solvency resolution, the company must notify ASIC within seven days of passing the resolution using Form 485: Statement in relation to company solvency. If the directors do not pass a solvency resolution within two months of the annual review date, the company must also notify ASIC using Form 485 within seven days after that two-month period ends.
Do You Have to Lodge the ASIC Annual Statement?
No. This is an important distinction.
ASIC sends the annual statement to the company.
The company then needs to review the information, pay the annual review fee and meet its other annual review obligations.
This is different from lodging an annual financial report, which only applies to certain companies.
What Company Changes Need to Be Reported to ASIC?
Companies should not wait for their annual review before reporting relevant changes.
ASIC requires many changes to company information to be notified within 28 days of the change occurring.
Depending on the circumstances, this can include changes involving:
- registered office address
- principal place of business
- officeholder details
- appointment or removal of directors or secretaries
- share structure
- share issues
- shareholders or members
- ultimate holding company information
Different requirements can apply depending on the type of change, so it is important to check what needs to be lodged and when.
Missing the required timeframe can result in late fees.
What Happens If a Company Address Changes?
ASIC needs accurate company address information.
A company may have several relevant addresses, including its registered office and principal place of business.
The registered office must be a physical address in Australia where communications can be sent to the company. The principal place of business is the main location where the company conducts business.
If a relevant company address changes, ASIC generally needs to be notified within 28 days.
This is easy to overlook when a business moves premises because changing the address with suppliers, banks, the ATO or other organisations does not automatically update the ASIC companies register.
What Records Does an Australian Company Need to Keep?
ASIC compliance is not limited to information held on ASIC’s register.
Companies need to maintain their own records as well.
These can include:
- financial records
- company registers
- member or shareholder records
- minutes of meetings
- directors’ resolutions
- members’ resolutions
- records relating to shares
- other documents required under the Corporations Act
Companies must also keep written financial records that correctly record and explain their transactions and financial position and performance.
Under the Corporations Act, financial records generally need to be kept for at least seven years after the transactions they cover are completed.
This is different from the general ATO five-year record-keeping rule that applies to many tax records.
For more information about tax and business records, read our guide to business record keeping requirements in Australia.
Does Every Company Need to Lodge Financial Reports With ASIC?
No.
This is one of the areas where ASIC compliance is often misunderstood.
All companies need appropriate financial records, but not every company has to prepare and lodge an annual financial report with ASIC.
Companies that generally need to lodge financial reports include:
- public companies
- disclosing entities
- large proprietary companies
- certain small proprietary companies
A proprietary company is currently considered large for financial reporting purposes if it meets at least two of the applicable size criteria.
Small proprietary companies generally do not have the same annual ASIC financial-reporting requirement, although there are circumstances where they may still need to lodge reports.
These can include where ASIC or shareholders direct the company to prepare reports, where the company has certain crowd-sourced funding shareholders, or where it is controlled by a foreign company.
Because financial reporting requirements depend on the company’s circumstances, do not assume that being a proprietary company automatically means no ASIC financial reporting obligations apply.
What Are Directors Responsible for?
Being a director involves more than having your name recorded on the company register.
Directors have legal duties under the Corporations Act and need to take an active role in understanding the company and its financial position.
Among other responsibilities, directors need to take reasonable steps to ensure the company complies with its legal obligations.
That includes matters such as:
- keeping appropriate financial records
- understanding the company’s financial position
- keeping company information up to date
- meeting applicable reporting requirements
- passing solvency resolutions
- preventing the company from trading while insolvent
Using an accountant, bookkeeper or registered agent can help manage compliance processes, but it does not remove a director’s legal responsibilities.
Does Every Director Need a Director ID?
Yes.
All directors of Australian companies need a director identification number, commonly called a director ID.
A director ID is a unique identifier that a person keeps permanently. A director only needs one director ID, even if they are a director of multiple companies.
A person intending to become a director needs to apply for a director ID before being appointed.
Director IDs are administered by Australian Business Registry Services.
Upcoming change from 1 July 2027
There is an important change approaching.
From 1 July 2027, companies will be required to provide their directors’ director IDs to ASIC.
ASIC has advised that this will form part of company reporting processes, including annual reviews and notifications of changes to director details.
This requirement is not yet in effect as at 22 September 2026.
Companies can prepare by ensuring their current director and company information is accurate and that each director has the required director ID.
What Is a Company Register?
A company has its own records and registers that need to be maintained separately from the information appearing on ASIC’s public companies register.
For example, all companies need to keep a register of members.
Depending on the company, its corporate records can include details of:
- members or shareholders
- shares held
- share issues and transfers
- officeholders
- directors’ and members’ resolutions
- meeting minutes
When changes occur, the company’s own records may need to be updated as well as the information reported to ASIC.
Keeping one updated but not the other can leave inconsistencies in the company’s corporate records.
What Happens If You Miss an ASIC Deadline?
The consequences depend on the particular obligation.
For common company changes and annual review requirements, missing deadlines can result in late fees.
Repeated or more serious compliance failures can create larger problems.
For example, failing to pay annual review fees can eventually put a company’s registration at risk.
Other breaches of the Corporations Act may carry different consequences for the company or its officeholders.
The practical lesson is simple: ASIC compliance is much easier to manage when important dates and company changes are dealt with as they occur rather than being reconstructed months later.
What Are Common ASIC Compliance Mistakes?
Waiting until the annual review to update company details
The annual statement is an opportunity to check ASIC’s information, but companies generally need to report relevant changes within 28 days of the change. Waiting for the next annual review may therefore be too late.
Moving premises without updating ASIC
Updating your website, Google profile, bank or ATO details does not automatically change the address ASIC holds for the company.
Forgetting changes to directors or shareholders
Changes involving officeholders, shares or members can create ASIC notification requirements as well as changes to the company’s own records.
Treating the annual review fee as the entire annual review
Paying the invoice is only one part of the process. The company also needs to check its details and deal with the solvency resolution requirement.
Assuming ASIC keeps all company records for you
ASIC maintains the companies register, but companies also have their own record-keeping responsibilities.
Assuming every proprietary company has the same reporting obligations
Company size, ownership and other circumstances can affect whether financial reports need to be prepared, audited or lodged.
ASIC Compliance Checklist for Australian Companies
Use this as a general starting point rather than a substitute for checking the requirements that apply to your company.
Throughout the year
- Keep ASIC company details current.
- Notify ASIC of relevant changes within the required timeframe.
- Maintain the company’s own registers and corporate records.
- Keep appropriate financial records.
- Record directors’ and members’ resolutions where required.
- Ensure new directors have a director ID before appointment.
- Keep track of relevant ASIC deadlines.
At the annual review
- Check the annual statement carefully.
- Confirm addresses are correct.
- Confirm officeholders are correct.
- Review shareholder and share information.
- Pay the annual review fee by the due date.
- Pass and record the required solvency resolution.
Where applicable
- Prepare and lodge required financial reports.
- Arrange an audit where required.
- Deal with changes to company structure or share capital correctly.
- Notify ASIC of negative or outstanding solvency resolutions where required.
- Seek professional advice where the company’s circumstances create additional obligations.
Can an Accountant or ASIC Agent Manage Company Compliance?
An ASIC registered agent is a person or organisation registered with ASIC to lodge documents and manage certain company transactions on behalf of a company. Companies can appoint an ASIC registered agent to assist with company lodgements and ongoing corporate compliance.
This can be particularly useful where a business owner has multiple entities or simply does not want to personally monitor annual reviews, company changes and lodgement deadlines.
However, appointing an agent does not transfer directors’ legal responsibilities to the agent.
Directors still need to understand their company and ensure its obligations are being met.
At Cotchy, our Corporate Compliance services help Australian companies manage ongoing ASIC requirements alongside their accounting and tax obligations.
This includes support with:
- ASIC annual reviews
- company register updates
- deadline tracking and reminders
- director and shareholder updates
- registered office changes
- corporate register maintenance
- relevant ASIC lodgements
- deregistration assistance where required
Keeping corporate compliance alongside your accounting can also make it easier to identify when a business change affects more than one area.
For example, changes in ownership, company structure or directors can have implications beyond simply updating the ASIC register.
Frequently Asked Questions
What does ASIC compliance mean?
ASIC compliance involves meeting the ongoing legal and administrative requirements that apply to an Australian company. These can include annual reviews, keeping company information current, maintaining records, meeting director obligations and lodging required information with ASIC.
How often does a company have an ASIC annual review?
Companies generally receive an annual statement shortly after their annual review date each year. For most companies, the annual review date is the anniversary of registration.
What do I need to do for an ASIC annual review?
Generally, you need to check the company’s details, pay the annual review fee and pass the required solvency resolution.
What happens if directors pass a negative solvency resolution?
If directors pass a negative solvency resolution, the company must notify ASIC within seven days of passing it using Form 485: Statement in relation to company solvency. If no solvency resolution is passed within two months of the annual review date, ASIC must also be notified using Form 485 within seven days after that period ends.
Do I have to lodge my ASIC annual statement?
No. ASIC sends the annual statement to the company. The company checks the information and completes its annual review obligations. This is different from lodging financial reports with ASIC.
How long do I have to notify ASIC of company changes?
Many changes to company details need to be notified to ASIC within 28 days of the change occurring. Different rules can apply depending on the change.
Does every company need to lodge financial statements with ASIC?
No. All companies need to keep appropriate financial records, but only certain companies are required to lodge annual financial reports with ASIC. These include all large proprietary companies and some small proprietary companies.
Do company directors need a director ID?
Yes. All directors of Australian companies need a director ID, and a person intending to become a director must apply before being appointed.
Can an accountant manage ASIC compliance for my company?
An accountant or ASIC registered agent can assist with company compliance, lodgements and records. Directors still remain responsible for ensuring the company meets its legal obligations.
How long must company financial records be kept?
Under the Corporations Act, company financial records generally need to be kept for at least seven years after the transactions covered by the records are completed.
What happens if I pay my ASIC fee late?
Late payment can result in additional fees. Continued failure to meet ASIC requirements can create further consequences, including the possibility of ASIC taking steps towards deregistration in some circumstances.
Keeping ASIC Compliance Under Control
ASIC compliance is easier when it is treated as an ongoing company responsibility rather than an annual piece of paperwork.
The annual review is important, but so are the changes that happen between annual reviews: a new director, a change of address, a share issue or an ownership change.
Keeping company information current, maintaining the appropriate records and monitoring deadlines helps reduce the risk of late fees and avoids having to reconstruct company changes months after they occurred.
Cotchy provides corporate compliance alongside accounting, bookkeeping and taxation services for Australian businesses.
If you’d rather have your company’s ASIC obligations monitored and managed throughout the year, talk to Cotchy about our Corporate Compliance service.
