Based in Sydney, Raja is a law student enrolled in a Bachelor of Laws and Bachelor of Communications (Writing and Publishing) at the University of Technology Sydney. He is passionate about transferring knowledge in relation to businesses, legal advice and marketing direction. Raja has experience working in immigration law and is driven by the writing, editing and publishing process of content.
Introduction
ASIC late fees catch thousands of Australian businesses off guard every year. One missed deadline, one forgotten update, and suddenly you’re facing penalties that could have been easily avoided. If you’re running a company in Australia, understanding ASIC late fees isn’t optional, it’s essential for protecting your business and your bottom line.
This guide explains exactly what ASIC late fees are, why so many businesses get caught out, and most importantly, how to avoid these costly penalties altogether.
Table of Contents
What Are ASIC Late Fees?
ASIC late fees are financial penalties charged by the Australian Securities and Investments Commission when your company fails to meet critical deadlines. These penalties apply in two main situations: when you don’t pay required fees on time, or when you fail to lodge required documents by their due date.
The fees aren’t warnings or reminders, they’re automatic charges that apply immediately after you miss a deadline. Whether you forgot, didn’t receive a notice, or simply ran out of time, ASIC applies these penalties consistently across all Australian companies.
There are two types of ASIC late fees you need to know about:
Late Payment Fees occur when you don’t pay your company’s annual review fee by the due date. Every Australian company receives an annual statement that includes the review fee, which must be paid within two months of issue. Miss that deadline, and late fees apply on top of the original amount.
Late Lodgement Fees are triggered when you fail to notify ASIC of company changes within the required timeframe—usually 28 days. These changes include updates to directors, company addresses, share structures, or other details that must be reported via Form 484 or similar documents.
Why So Many Businesses Get Caught Off Guard
The reality is that ASIC late fees trap even well-run businesses. Here’s why these penalties are so common:
The 28-Day Rule That Everyone Forgets
Most company changes must be reported to ASIC within 28 days. Appoint a new director? You have 28 days to lodge Form 484. Change your registered office address? 28 days. Update share structures? 28 days.
The problem is that this deadline starts from the date of the change—not from when you remember to do it, or when it’s convenient. Businesses often complete internal paperwork, update their own records, and then completely forget that ASIC needs to be notified separately within that tight window.
Directors resign, addresses change, and shares are transferred as part of normal business operations. But in the day-to-day rush of running a company, lodging the ASIC notification often falls to the bottom of the priority list. By the time someone remembers, the 28-day window has closed and late fees have already kicked in.
Missing or Misplaced Annual Statements
Your company’s annual review statement is issued on the anniversary of your company registration. It arrives either by mail or electronically, depending on your nominated preference with ASIC.
The challenge? These statements can easily be overlooked. They might be sent to an old address you forgot to update, buried in an overflowing email inbox, or filed away by a team member who didn’t understand its importance. Some business owners don’t even realise they need to pay an annual fee because no one told them when they registered their company.
Even if you receive the statement, you have just two months to pay. For busy business owners juggling multiple priorities, two months can disappear quickly, especially if the deadline falls during holiday periods or peak trading times.
Outdated Contact Details Create Communication Gaps
One of the most preventable causes of late fees is simply having the wrong contact details on file with ASIC. If your company address changes, or if your registered agent changes, but you don’t update ASIC, you won’t receive important notices.
This creates a vicious cycle. You don’t receive the annual statement because it’s going to the wrong address. You don’t know a payment is due. ASIC applies late fees. You only discover the problem when you receive a final notice or when someone runs a company search and discovers your records are overdue.
Confusion About Responsibility
In many small businesses, nobody clearly owns ASIC compliance. The director thinks the accountant is handling it. The accountant thinks the bookkeeper is on top of it. The bookkeeper assumes the director is managing it directly. Meanwhile, deadlines pass and nobody takes action until a penalty notice arrives.
This is especially common when businesses use multiple service providers or when there’s been a change in who manages company administration. Without clear ownership and accountability, ASIC obligations slip through the cracks.
ASIC Late Fee Schedule: What You’ll Pay
Understanding exactly what late fees cost helps you appreciate why prevention is so important. ASIC updates its fees annually based on the Consumer Price Index, with changes typically taking effect each July 1st.
Here’s the current fee structure that applies for the financial year:
| Situation | Late Fee | Projected Fee |
|---|---|---|
| Payment received up to 1 month late | $96 | Approximately $100 |
| Payment received more than 1 month late | $401 | Approximately $420 |
These late fees apply on top of the original fee you owed. For example, the standard annual review fee for a proprietary company is currently $321. If you pay this fee one day late, you’ll owe $321 plus $96 in late fees—a total of $417. Wait more than a month, and you’ll owe $321 plus $401—a total of $722.
The same fee structure applies to late lodgement of documents. Miss the 28-day deadline to notify ASIC of a director change, and you’ll pay $96 if you lodge within the next month, or $401 if you wait longer.
These amounts might seem manageable for a single missed deadline, but they compound quickly. If you have multiple overdue lodgements, for example, a director change, an address update, and a share structure modification you could face separate late fees for each one.
How ASIC Late Fees Escalate and Impact Your Business
Late fees are just the beginning of potential problems. If you continue to ignore ASIC obligations, the consequences become progressively more serious.
If your company doesn’t pay annual review fees or lodge required documents for an extended period, ASIC may issue a notice of intention to deregister your company. This gives you a final opportunity to bring everything up to date, but it also means your company’s non-compliance becomes visible on the public register.
If you still don’t act after receiving deregistration notices, ASIC can proceed with deregistering your company. Once deregistered, your company ceases to legally exist. This means you lose limited liability protection, can’t trade under the company name, and may face significant costs and complexity to reinstate the company if you want to continue operating.
For directors, persistent non-compliance with ASIC obligations can also create personal liability risks and may be considered when assessing whether directors are fit to hold office.
Practical Action Steps to Avoid ASIC Late Fees
Avoiding late fees comes down to systems, awareness, and taking action before deadlines arrive. Here are concrete steps you can implement immediately:
Mark Your Calendar With Critical Dates
Your company’s annual review date never changes, it’s based on the anniversary of your company registration. Find out this date (it’s on your ASIC certificate or any previous annual statement) and set up recurring calendar reminders at least one month before the due date.
Don’t just set one reminder, set multiple alerts. One at 60 days before, one at 30 days before, and one at 7 days before the deadline. This gives you multiple opportunities to take action even if the first reminder gets overlooked.
For the 28-day rule, create a habit of setting a calendar reminder immediately whenever you make any company change. The moment you pass a board resolution appointing a new director or changing the company address, schedule a task to lodge the relevant ASIC form within the next week. Don’t wait until day 27.
Keep Your ASIC Contact Details Current
Log into ASIC’s online portal and verify that your registered office address and the address where your annual statement is sent are both current and monitored. If you’ve recently moved offices or changed service providers, update these details immediately.
Similarly, ensure the email address on file with ASIC is one that’s actively monitored. If ASIC offers electronic delivery of annual statements, make sure those emails won’t be caught by spam filters or sent to an inbox nobody checks.
Register for ASIC Online Services
ASIC’s online portal allows you to view your company details, check your account status, and lodge forms electronically. Having online access means you can check whether you have any outstanding obligations at any time, rather than waiting for paper notices to arrive.
You’ll need your company’s ACN and corporate key to register. Your corporate key appears on your annual statement, keep it somewhere safe and accessible.
Appoint a Responsible Person or Service
Someone in your business needs to clearly own ASIC compliance. This might be the company secretary, the CFO, the bookkeeper, or an external accountant or registered agent.
Whoever takes this responsibility should have calendar reminders, access to the ASIC portal, authority to make payments, and a clear understanding of the 28-day rule for lodging company changes. Document this responsibility in writing so everyone knows who’s accountable.
Many businesses work with registered ASIC agents—professional service providers who monitor deadlines, prepare and lodge forms on behalf of the company, and ensure nothing falls through the cracks. This can be a cost-effective way to eliminate the risk of late fees entirely.
Create a Company Changes Checklist
Develop a simple internal process that triggers ASIC notifications whenever relevant changes occur. For example, if your board passes a resolution appointing a new director, the very next step should be “lodge Form 484 with ASIC within 28 days.”
Build this into your standard operating procedures so that ASIC compliance becomes automatic rather than something you have to remember separately.
Pay Fees Promptly When They Arrive
When your annual review statement arrives, don’t file it away to deal with “later.” Review the details immediately to ensure your company information is correct, and schedule payment for that same week if possible.
ASIC offers multiple payment methods including credit card, BPAY, and direct deposit. Choose whichever method is fastest and most convenient for your business, and always keep proof of payment.
How to Request an ASIC Late Fee Waiver
While prevention is always better than dealing with penalties after the fact, ASIC does have a limited waiver process for late fees in exceptional circumstances. However, it’s important to understand just how rare successful waivers are.
When ASIC May Consider a Waiver
ASIC will only consider waiving late fees if the delay was genuinely beyond the control of both you and any representatives acting on your behalf. The circumstances ASIC may consider include:
Processing delays caused by ASIC itself such as system outages or administrative errors on ASIC’s part that prevented timely lodgement.
Court-related delays where you were waiting for a court to issue a signed order or document required for your ASIC lodgement, and the court delay made it impossible to meet the deadline.
Natural disasters and emergencies including floods, fires, cyclones, or other events that destroyed business records, prevented access to premises, or made it impossible to conduct business operations.
Serious illness or death particularly where a sole director was incapacitated immediately before the deadline and had no backup arrangements in place, or where an immediate family member’s death directly prevented compliance.
Cyberattacks and ransomware that genuinely prevented access to critical business systems and records during the relevant period, with documentary evidence from cybersecurity professionals or law enforcement.
When ASIC Will Not Grant a Waiver
ASIC explicitly will not waive late fees for circumstances that could have been prevented or managed, including:
- Simply forgetting the deadline or overlooking the requirement
- Not receiving the annual statement (you’re responsible for ensuring ASIC has current contact details)
- Cash flow problems or temporary inability to pay
- Staff absences, being on holiday, or being overseas
- Administrative errors by your accountant or other representatives
- Being too busy with other business matters
The fundamental principle is that late fees are only waived for truly exceptional, unforeseeable circumstances that were completely outside your control and couldn’t have been mitigated with reasonable planning.
How to Apply for an ASIC Late Fee Waiver
If you believe you have genuine grounds for a waiver, here’s the process:
Step 1: Pay the Original Fee
Before applying for a waiver, you must first pay the original fee that was overdue (not the late fee itself). ASIC won’t consider waiver applications until the underlying obligation has been met.
Step 2: Gather Strong Supporting Evidence
This is critical. You need documentary proof of the exceptional circumstances. This might include medical certificates with specific dates, statutory declarations, police or fire service reports, photographs of damage, correspondence proving ASIC or court delays, or cybersecurity incident reports.
Vague statements or unsupported claims will be rejected. The evidence must clearly demonstrate that the circumstances were exceptional, affected all relevant people with responsibility for compliance, and directly prevented timely lodgement or payment.
Step 3: Apply Online Through ASIC’s Portal
Lodge your waiver application through ASIC’s online fee waiver system. You’ll need to provide detailed explanations and upload your supporting documents. Be thorough and specific in explaining exactly how the circumstances prevented compliance despite reasonable attempts to meet the deadline.
Step 4: Wait for ASIC’s Decision
ASIC typically responds within 28 days of receiving a complete application. They’ll notify you in writing whether the waiver has been approved or rejected. While your application is being considered, late payment penalties are suspended.
If your waiver is rejected, you must pay the late fee immediately. You do have the right to request a review of the decision if you can provide additional evidence or information, but success rates remain low.
What to Do If You’ve Already Received a Late Fee Notice
If an ASIC late fee notice has landed in your inbox or mailbox, don’t panic—but do act quickly.
First, locate the notice and carefully read all the details. Confirm exactly what fee is overdue, what late fee has been applied, and what the total amount owing is. Check whether multiple late fees have accumulated if you have several overdue obligations.
Second, pay immediately if you don’t have grounds for a waiver. The longer you wait, the higher the fees become once you cross the one-month threshold. You can pay online through ASIC’s portal, which is the fastest method and provides immediate confirmation.
Third, address the underlying compliance issue. If you received a late fee for not paying your annual review, pay both the review fee and the late fee to bring your company back into good standing. If the late fee relates to a document that wasn’t lodged, prepare and lodge that document immediately to prevent further escalation.
Finally, implement systems to prevent future late fees. Use this as a learning opportunity to set up the reminders, processes, and responsibilities described earlier in this guide. One late fee is frustrating, but repeated late fees indicate a systemic problem that needs fixing.
Get Professional Help With ASIC Compliance
Managing ASIC obligations alongside all your other business responsibilities can be overwhelming. Many successful business owners decide that outsourcing ASIC compliance to a professional registered agent is simply good risk management.
A registered ASIC agent monitors your deadlines, prepares and lodges all required forms, ensures your company details are always current, and handles all communication with ASIC on your behalf. This eliminates the risk of late fees entirely and gives you peace of mind that one of your legal obligations is being handled correctly.
Professional agents also provide valuable guidance when complex changes occur—such as restructuring your company, dealing with director disputes, or managing compliance during business transitions. Their expertise helps you avoid mistakes that could create legal complications down the track.
If you’re struggling to keep up with ASIC requirements, or if you’ve already faced late fees and want to prevent future problems, consider speaking with an experienced ASIC compliance specialist.
Key Takeaways: Protecting Your Business From ASIC Late Fees
ASIC late fees are entirely preventable, but they require awareness and active management. Here’s what every Australian business owner needs to remember:
Late fees start at $96 for payments or lodgements up to one month late, and jump to $401 for anything more than one month overdue. These fees apply on top of the original amounts you owed, and they can accumulate quickly if you have multiple compliance issues.
The 28-day rule catches many businesses off guard. Any change to company details must be reported to ASIC within 28 days of occurring, not from when you get around to it. Set immediate reminders whenever you make company changes.
Your annual review date never changes—it’s based on your company registration anniversary. Mark this date prominently in your calendar and set multiple reminders well in advance.
Keeping contact details current with ASIC is crucial. If ASIC doesn’t know where to send notices, you won’t receive them—but you’re still responsible for meeting deadlines.
Fee waivers are extremely rare and only granted for truly exceptional circumstances completely outside your control. Don’t count on getting a waiver—focus on prevention instead.
Professional help is available and often worthwhile. Registered ASIC agents can manage all compliance obligations on your behalf, eliminating the risk of costly late fees and giving you more time to focus on growing your business.
ASIC compliance doesn’t have to be complicated or stressful. With the right systems, clear responsibility, and proactive management, you can easily avoid late fees and keep your company in good standing.
If you believe your employer has miscalculated your pro rata entitlements, contact an experienced employment lawyer for a free consultation.
Frequently Asked Questions
Are ASIC late fees tax deductible?
ASIC late fees are generally not tax deductible. The Australian Taxation Office takes the view that penalties and late fees are not incurred in the ordinary course of earning assessable income, and therefore don’t meet the criteria for tax deductibility. However, the original ASIC fees (such as annual review fees and lodgement fees) are typically tax deductible as they’re ordinary business expenses. Always check with your accountant about your specific situation.
Can I pay ASIC fees in instalments?
No, ASIC does not offer payment plans or instalment arrangements for annual review fees or late fees. The full amount must be paid in one lump sum. If you’re experiencing genuine financial hardship, you may be able to apply for a fee waiver, but this is only considered in very limited exceptional circumstances. Cash flow problems alone are not grounds for a waiver or payment arrangement.
What happens if I don’t pay ASIC late fees at all?
If you continue to ignore ASIC late fees and don’t pay your outstanding obligations, ASIC may take administrative action to deregister your company. Before deregistration occurs, ASIC will send notices giving you opportunities to comply. However, if you remain non-compliant, your company can be struck off the register. Once deregistered, your company ceases to exist as a legal entity, which creates serious complications if you want to continue trading or need to reinstate the company later.
How long does ASIC keep records of late fees?
ASIC maintains comprehensive records of all company payments, lodgements, and compliance history. Late fees and compliance issues become part of your company’s permanent record visible to anyone who conducts a company search through the public register. This history can be relevant during due diligence processes, when applying for financing, or when directors are being assessed for other roles.
Can late fees affect my ability to get business finance?
Yes, potentially. When banks and lenders conduct due diligence on a company seeking finance, they typically run ASIC searches to verify the company is in good standing. A history of late fees, overdue obligations, or compliance issues may raise concerns about the company’s management and financial discipline. While one or two historical late fees might not derail a finance application, a pattern of persistent non-compliance could negatively impact lender confidence.
