ASIC annual review preparation checklist
The ASIC annual review is a compliance ritual — but missing it triggers late fees, solvency questions on ASIC's view, and, ultimately, deregistration. This checklist covers the 12 steps to close the review cleanly.
This is a 12-step checklist for preparing an Australian company's ASIC annual review. It covers the Company Statement, directors' solvency resolution, officeholder and shareholder updates, and timely payment of the annual review fee to avoid late fees and deregistration risk. Use it around the review date each year.
The checklist
Identify the annual review date
Confirm the company's review date (usually the anniversary of incorporation) and the fee payment deadline (2 months from the review date).
Review the Company Statement
Check the Company Statement issued by ASIC against the current register — registered office, principal place of business, officeholders, shareholders.
Lodge any Form 484 changes
If particulars are out of date, lodge Form 484 to correct before responding to the Company Statement.
Confirm registered office consent
Confirm the registered office occupier consents to the address (particularly if a third party).
Directors' solvency resolution
Directors must pass a solvency resolution within 2 months after the review date — either that the company is solvent or is not solvent.
Lodge Form 485 if not solvent
If directors pass a negative solvency resolution (or no resolution), lodge Form 485 within 7 days.
Verify director IDs
Confirm all directors have a valid Director ID under the Director Identification Number regime.
Review shareholder ledger
Reconcile the shareholder ledger to the Company Statement. Address any transfers, issues, or buy-backs that were not lodged.
Pay the annual review fee
Pay the fee by the due date — 2 months after the review date. Late fees apply thereafter.
Confirm officeholder consents are on file
Confirm written consents from all current directors, company secretaries, and public officers are held.
Update the company register (s 168)
Update the company's internal registers — members, option holders, debenture holders — to mirror the ASIC register.
Diarise the next review cycle
Diarise the next review date and the solvency resolution deadline. For large private companies, diarise financial reporting obligations separately.
When this checklist applies
Use this checklist in the month before the annual review date. Complete the solvency resolution within the 2-month window and lodge any changes before the Company Statement is issued.
Common pitfalls
- Missing the solvency resolution — ongoing compliance breach
- Paying the annual review fee late and incurring multiple tiers of late fees
- Directors without a Director ID
- Company register not matching the ASIC register
- Not lodging Form 485 after a negative or missing solvency resolution
Run this checklist on a real matter
Quillio prepares ASIC annual review packs from the Company Statement, drafts directors' solvency resolutions, and flags any outstanding Form 484 changes. See /practice-areas/commercial-lawyers or start a free trial.
This checklist covers a standard proprietary company annual review. Public companies, large proprietary companies, and registered schemes have additional reporting obligations.
Use this checklist on your matter.
Quillio can run this checklist on a specific NSW conveyancing matter — confirm each item, calculate adjustments, and generate the supporting documents. The free trial requires no credit card.
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