ASIC Form 492 Explained: What It Is, When You Need It, and How to Lodge

Introduction

Every Australian company director has been there. You lodge a form with ASIC, only to realise later that there’s a typo in a director’s name, the wrong date on a share transfer, or an incorrect registered office address. It’s frustrating, but it’s also fixable, if you know how to use ASIC Form 492.

Form 492, officially called the “Request for Correction,” is ASIC’s mechanism for fixing errors on the public company register. It’s not a form you’ll need often, but when you do need it, understanding how it works can save you time, penalties, and compliance headaches.

This guide explains what ASIC Form 492 is, when you need to lodge it, what supporting documents are required, and how long the process takes. If you’re a small business owner, company director, or adviser dealing with an ASIC error, this is what you need to know.

What is ASIC Form 492?

ASIC Form 492 is a request to correct information that has been incorrectly recorded on the Australian Securities and Investments Commission’s company register. It’s used when a mistake has been made in a previous lodgement and that mistake needs to be formally corrected.

The errors it addresses are typically administrative, things like misspelled names, wrong dates, incorrect addresses, or share details that were entered incorrectly. These might seem like minor issues, but they can cause significant problems if left uncorrected. Incorrect details on the public register can affect your ability to trade, enter contracts, apply for finance, or comply with other regulatory obligations.

Form 492 is not used to update or change information that was correct at the time of lodgement. For example, if a director changes their residential address, you wouldn’t use Form 492, you’d use ASIC Form 484 to notify ASIC of the change. If you’re unsure about the difference, read more about ASIC Form 484 and changes to company details.

The key distinction is that Form 492 is for correcting errors, not updating current information.

When Do You Need to Lodge ASIC Form 492?

You need to lodge Form 492 when information on ASIC’s register is incorrect due to an error in a previous lodgement. Common situations include:

Misspelled names: A director’s or shareholder’s name was entered incorrectly and now appears wrong on the public register.

Incorrect dates: The wrong date was used for an appointment, resignation, or share transfer.

Wrong address details: The registered office or principal place of business was recorded incorrectly.

Share structure errors: The number of shares issued, the class of shares, or the shareholder details were lodged with mistakes.

Typographical errors in company details: Any other administrative error that affects the accuracy of the public record.

These errors usually come to light when someone searches the company register, applies for a loan, or tries to complete a transaction that requires accurate ASIC records. They can also be picked up during annual reviews or compliance audits.

It’s important to act quickly once you identify an error. While ASIC doesn’t automatically penalise you for lodging a correction, having incorrect information on the register can create legal and commercial problems. For example, a contract might be challenged if the signatory’s details don’t match ASIC records, or a bank might delay a loan application until the register is corrected.

How is Form 492 Different from Other ASIC Forms?

ASIC has dozens of forms, and knowing which one to use can be confusing. Form 492 is specifically for corrections. It’s not used for updates, changes, or new information.

Here’s a quick comparison:

Form 484 (Notification of changes to company details): Used when correct information changes, for example, a director moves house or the registered office relocates. Learn more about changing your company’s address.

Form 370 (Notification of resignation or retirement): Used when a director or secretary formally resigns.

Form 492 (Request for correction): Used to fix errors made in previous lodgements.

If you’re not sure which form to use, it’s worth checking ASIC’s guidance or speaking with an ASIC registered agent who can assess the situation and lodge the correct form on your behalf. Using the wrong form can delay the process and create additional compliance issues.

What Supporting Documents Do You Need?

ASIC doesn’t just accept a Form 492 on its own, you need to provide supporting evidence that proves the original information was incorrect and that your correction is accurate.

The type of supporting documents required depends on what you’re correcting. Common examples include:

For name corrections: Certified copies of identification documents like a passport, driver’s licence, or birth certificate showing the correct spelling.

For date errors: Evidence of the correct date, such as signed meeting minutes, written resolutions, or contracts.

For address errors: Proof of the correct address, such as a lease agreement, rates notice, or official correspondence.

For share structure errors: Share certificates, shareholder agreements, or company records showing the correct share details.

All supporting documents must be clear, legible, and certified if required. ASIC may reject the form if the supporting evidence is insufficient or doesn’t clearly demonstrate the error.

This is one reason many businesses choose to engage an ASIC registered agent to lodge Form 492. An experienced agent knows what evidence ASIC expects, how to present it, and how to avoid common pitfalls that delay processing. If you’re considering this option, explore the benefits of using an ASIC registered agent to handle your company compliance.

How to Lodge ASIC Form 492

Form 492 can be lodged online through ASIC’s online portal or by post. Most lodgements are done electronically as it’s faster and allows you to track the status of your request.

Here’s the process:

Identify the error: Determine exactly what needs to be corrected and gather the supporting documents that prove the mistake.

Complete Form 492: Fill out the form with the incorrect information as it currently appears on ASIC’s register, and provide the correct information.

Attach supporting documents: Upload or attach the evidence that supports your correction request.

Lodge the form: Submit the form online or by post, along with any applicable fees.

Wait for processing: ASIC reviews the form and supporting documents. If everything is in order, they update the register and issue a confirmation.

The form itself is straightforward, but the supporting documentation and evidence requirements can be tricky. If ASIC determines that the correction request is unclear or lacks sufficient evidence, they may reject the form or request additional information, which delays the process.

ASIC Form 492 Processing Time

ASIC aims to process Form 492 lodgements within 10 business days, but processing times can vary depending on the complexity of the correction and the quality of the supporting documents.

Simple corrections, like fixing a typo in a name or correcting a date, are usually processed quickly if the supporting evidence is clear. More complex corrections, such as correcting share structures or multiple errors across several lodgements, may take longer.

If ASIC identifies issues with your lodgement, they may contact you for clarification or additional documents, which extends the processing time. This is why getting the lodgement right the first time is so important.

If you need the correction processed urgently, for example, to complete a time-sensitive transaction, you can contact ASIC directly to explain the situation. However, there’s no guaranteed fast-track service for Form 492.

Fees for Lodging Form 492

ASIC does not charge a fee for lodging Form 492. This is one of the few ASIC forms that can be lodged without a cost, which makes sense given that it’s correcting an administrative error rather than making a substantive change to the company’s structure.

However, if you engage a professional service or ASIC registered agent to prepare and lodge the form on your behalf, you’ll pay a service fee. This fee varies depending on the provider and the complexity of the correction, but it typically ranges from a few hundred to several hundred dollars.

For many businesses, this cost is worthwhile. An experienced agent ensures the form is completed correctly, the supporting documents are appropriate, and the lodgement is processed without delays or rejections.

What Happens if You Don’t Correct the Error?

Leaving incorrect information on ASIC’s register can create a range of problems. While ASIC won’t automatically penalise you for an error, the consequences can still be significant.

Contractual issues: If your company’s details don’t match ASIC records, counterparties may question the validity of contracts or agreements.

Finance and banking delays: Banks and lenders often search ASIC records as part of their due diligence. Incorrect details can delay loan approvals or raise red flags.

Compliance risk: Inaccurate records can create confusion during audits, annual reviews, or regulatory inquiries.

Reputational damage: If clients, investors, or partners notice discrepancies between your company’s public records and the information you provide, it can undermine trust.

The longer an error remains uncorrected, the more likely it is to cause problems. Addressing it as soon as you become aware of it is the best approach.

ASIC Late Fees, Penalties, and Disputes

While Form 492 itself doesn’t attract penalties, it’s worth understanding ASIC’s broader penalty framework, especially if errors are connected to late lodgements or compliance failures.

What is the Penalty for Late Payments on ASIC?

If you lodge an ASIC form late, such as a Form 484 or annual review, ASIC imposes late fees on top of the standard lodgement fee. The late fee is calculated based on how late the form is and ranges from a few hundred dollars to over a thousand dollars for significant delays.

Late fees are separate from any penalties ASIC may impose for serious breaches of the Corporations Act, which can include director penalties, infringement notices, or court action.

How to Get Out of ASIC Late Fees?

If you’ve been charged a late fee, you may be able to have it waived or reduced if you can demonstrate that the late lodgement was due to circumstances beyond your control. ASIC considers requests for fee waivers on a case-by-case basis.

Common reasons ASIC may waive or reduce a late fee include:

• Serious illness or family emergency affecting the director or responsible person.
• Natural disasters or events that prevented timely lodgement.
• ASIC system errors or technical issues that delayed the lodgement.

To request a waiver, you need to contact ASIC directly, explain the circumstances, and provide supporting evidence. There’s no guarantee the fee will be waived, but ASIC does consider genuine hardship or extenuating circumstances.

Can You Dispute ASIC Late Fees?

Yes, you can dispute an ASIC late fee if you believe it was incorrectly applied or if you have grounds for a waiver. The process involves contacting ASIC, providing a written explanation and supporting evidence, and requesting a review.

If ASIC refuses to waive or reduce the fee and you still believe it’s unjust, you may be able to escalate the matter to ASIC’s internal review process or seek external legal advice. However, disputing fees can be time-consuming, and success is not guaranteed.

The best approach is to avoid late fees in the first place by maintaining a compliance calendar, setting reminders for annual reviews and lodgements, and engaging professional support to manage your ASIC obligations.

Why Use an ASIC Registered Agent?

Dealing with ASIC forms, corrections, and compliance can be complex, especially for small business owners who are already juggling multiple responsibilities. This is where an ASIC registered agent can make a significant difference.

An ASIC registered agent is a professional authorised to lodge forms and manage company compliance on your behalf. They understand ASIC’s requirements, know what supporting documents are needed, and can ensure your lodgements are completed correctly the first time.

For Form 492 specifically, an agent can:

• Assess whether Form 492 is the correct form to use.
• Gather and certify the necessary supporting documents.
• Complete the form accurately and lodge it electronically.
• Follow up with ASIC if issues arise during processing.
• Advise on related compliance matters and prevent future errors.

Using an agent also gives you peace of mind. You know the correction is being handled by someone who deals with ASIC regularly and understands the nuances of company law. This reduces the risk of delays, rejections, or further compliance issues.

If you’re managing multiple ASIC obligations: annual reviews, address changes, director appointments, and more, consider a comprehensive company compliance plan that covers all your needs. Explore Lawpath’s company compliance plan to see how professional support can simplify your compliance obligations and keep your company register accurate and up to date.

Conclusion

ASIC Form 492 is a straightforward tool for correcting errors on the company register, but like most ASIC processes, it requires attention to detail and proper supporting evidence. Whether you’re fixing a misspelled name, an incorrect date, or a share structure error, getting the lodgement right the first time saves you time and prevents further complications.

For small businesses, the administrative burden of managing ASIC compliance can be overwhelming. Engaging an ASIC registered agent or using a compliance service ensures your company records are accurate, your lodgements are timely, and your business stays compliant with Australian law.

If you’ve identified an error on your company register, don’t leave it uncorrected. Lodge Form 492, provide the necessary evidence, and get your records back on track. And if you’d rather have an expert handle it for you, professional support is just a click away.

F.A.Q.s

What is the penalty for late payments on ASIC?

ASIC charges late fees when certain forms or annual review payments are not lodged on time. The amount depends on how late the lodgement is. For most forms, if you are up to one month late, a lower late fee applies. If you are more than one month late, the late fee increases significantly. These late fees are added on top of the original ASIC fee and must be paid before the form or annual review is finalised. Late fees can quickly add up and, if left unpaid, may lead to further compliance action by ASIC.

How to get out of an ASIC late fee?

In limited circumstances, ASIC may agree to waive or reduce a late fee. This is not automatic and is assessed case by case. You must contact ASIC and request a fee waiver, clearly explaining why the lodgement or payment was late. ASIC is more likely to consider a waiver if the delay was caused by factors outside your control, such as serious illness, a family emergency, natural disasters, or an ASIC system or technical issue. Supporting evidence is usually required, and even with valid reasons, ASIC does not guarantee that a waiver will be granted.

Can you dispute ASIC late fees?

Yes, ASIC late fees can be disputed if you believe they were incorrectly applied or if you have valid grounds for a waiver. To dispute a late fee, you need to contact ASIC, provide a written explanation, and include any supporting documents. ASIC will review the request and notify you of the outcome. If the dispute is unsuccessful and you still believe the fee is unjust, you may seek further review through ASIC’s internal processes or obtain legal advice. However, disputing late fees can be time consuming, so preventing late lodgements through reminders or professional support is usually the most effective approach.