If you’re making any changes to your company, it’s essential that you inform ASIC promptly (within 28 days to be exact). To inform ASIC of this change, you need lodge what’s called a ‘changes to company details’ form online.
If you are an owner of a business looking to expand or undergo a rebrand, you may have legal obligations and responsibilities under the Corporations Act 2001 (Corporations Act) to update ASIC of any changes to your company’s details. This is so that ASIC has accurate and up-to-date information about your company. This was formerly through lodging a Form 484, however the paper form is no longer available. In addition, the Form 484 is now simply known as ‘changes to company details’.
You can also use online platforms to change your company’s details with ASIC in a matter of minutes and with the ease of a few clicks. Doing this on an online platform will make the process seamless and allow you to go back to running your business.
What types of company changes do you need to report?
officeholder of the company, in other words, the owner, director or secretary of your business, the common changes that can be made include:
- Change of company address, changing the names of officeholders and ultimate holding company;
- Ceasing or appointing company officeholders;
- Changes to shares or share structures for your company; and
- Appointing or ceasing the registration of members.
Example
Sharon runs a successful merchandise company. Recently, the company has decided to bring on some more shareholders, who are new employees in the business. Sharon has also changed the share structure of the company to allow for this. Sharon has to inform ASIC of the change by submitting a changes to company details document online.
When do I need to notify ASIC by?
If any changes are made to the company details you will be required to submit your document within 28 days otherwise a late fee will apply as follows:
- One month late: $79.00
- More than one month late: $329.00
It’s important that you leave enough time to lodge your forms, or make the change online. Running a company means that you have to comply with ASIC regulations. If you’re unsure of what your obligations are, you should contact a commercial lawyer.
Unsure where to start? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest legal marketplace.
