33. Key takeaways for Businesses from 2020-21 Federal Budget (Posted On 28-05-2021)

The Federal Budget 2021 has some new insights for tax schemes and various important changes that are crucial to small businesses. There have been various boosts and better policies on the way for various industries such as small breweries, biotech, and video games. Continue Reading ...

32. Lessons Learned from the Recent ASIC Ban of Former Advisors (Posted On 17-05-2021)

Financial advisors are required to meet certain criteria to practice in Australia. However, failing to meet those requirements can lead to license cancellation or a ban from ASIC. We have seen various examples where ASIC has scrutinized advisors for not following the practicing requirements. Continue Reading ...

31. Reforms Commenced to Empower ASIC in Superannuation (Posted On 31-03-2021)

Superannuation is for a safe and financially secure future of Australians, and any sort of misconduct by the trustee would jeopardize the retirement savings. Thus various Government entities such as the Superannuation and Financial Services Industry (Royal Commission) proposed that ASIC has a significant role in governing such concerns of the Superannuation Industry. Continue Reading ...

30. How Businesses should prepare for Emergency (Posted On 16-03-2021)

In Australia, natural disasters such as fire and floods are frequent due to varying climates. Thus, such unforeseen climatic conditions can be disastrous for some businesses especially if they are in the proximity of regions with severe climatic conditions. So, businesses should deploy an emergency plan in case of any vulnerable situations. Continue Reading ...

29. ASIC Introduces New Insolvency Laws for Small Business (Posted On 03-03-2021)

Last year in March 2020, ASIC took some temporary measures for the changes in business insolvency laws due to the Covid-19 pandemic. This year, ASIC has again introduced some changes to the insolvency reforms being effective from January 2021. Continue Reading ...

28. Benefits of Converting Existing Business Name into a Company (Posted On 23-10-2019)

It appears to be a good idea to keep the existing business name for your company due to the various advantages that this has. Cost being the primary factor, there are several advantages to keeping the same name. Continue Reading ...

27. ASIC Fee Changes from July 1 2019 (Posted On 15-07-2019)

ASIC has increased its fee for company registration in line with an increase in Consumer Price Index for 2019. Continue Reading ...

26. SCAM ALERT- ASIC Customers are on Target (Posted On 13-03-2019)

ASIC customers need to be alert from scammers pretending to represent ASIC. They contact ASIC registered customers and ask for valuable information such as your personal information or sometimes to pay some dues or fees pending on behalf of ASIC to renew the company or business name. Continue Reading ...

25. ASIC keys and ASIC Online services (Posted On 14-07-2017)

Company officeholders and ASIC registered agents can register for ASIC online services to view and manage company information and lodge documents from their account. This includes annual statement, current officeholder details and company address details. Continue Reading ...

24. ASIC fee increase from 1 July 2017, however, our prices will remain “unchanged” (Posted On 30-06-2017)

ASIC increases its company lodgement fees every year and has now released their updated fees for commonly lodged documents effective from 1 July 2017. Continue Reading ...

22. Register of members (Posted On 12-09-2016)

In this blog, we will talk about the entities which are required to form a register (a company or a registered scheme), types of registers and the need to keep them updated. Continue Reading ...

21. Company Constitution vs Replaceable Rules (Posted On 01-09-2016)

According to the Corporations Act 2001, a company’s internal management may be governed by the provisions of the act that apply to the constitution or replaceable rules of a combination of both (s135 & 136). Continue Reading ...

20. What is the role of ASIC in misconduct by a company or company directors or officers? (Posted On 08-06-2016)

Company directors and officers must comply with various laws in Australia like laws that are related to workplace relations, work health and safety, environmental issues and taxation. Continue Reading ...

19. What do you need to do when you cease being a registered agent of a company (Posted On 20-05-2016)

A registered agent is a person that acts as an intermediate between ASIC and a company to help the company to fulfil its obligations more easily. Continue Reading ...

18. How is an alternate director appointed? (Posted On 11-05-2016)

A director of a company can with the approval of other directors appoint an individual to act as an alternate director and exercise some or all of the powers of the director for a period of time as specified. Continue Reading ...

17. Do my company Financial Statements need to be audited? (Posted On 29-01-2016)

Company audits usually aren’t required unless you’re a large company. Corporation law compels certain types of entities to have their financial reports audited by a registered company auditor. Continue Reading ...

16. Who can be appointed Company Director? (Posted On 27-01-2016)

A person may be appointed as Company Director provided they satisfy the general requirements and are not restricted under Corporations Law as a disqualified person Continue Reading ...

15. What are different types of liabilities in relation to Company in Australia? (Posted On 25-09-2015)

Companies in Australia can be classified according to member’s liability Continue Reading ...

14. What is the procedure for convening a Board meeting? (Posted On 04-09-2015)

The constitution of the company may specify the method for convening a Board meeting. A meeting of directors is required to be called by issuing notice to every director of the company. Continue Reading ...

13. What consents are required before forming a company? (Posted On 24-08-2015)

There are certain pre-requisites before registering a company with ASIC. One of them is obtaining consents from the officeholders and members of the proposed company and the occupier of the registered office of the company. Continue Reading ...

12. What is an AUSkey? (Posted On 10-06-2015)

AUSkey is a single key which gives access to different government online services. It reduces the hardship of managing number of usernames and passwords and provides the ease and convenience to deal with various government bodies with a single key. It is a secure login that identifies you when you use participating government online services on behalf of a business. Continue Reading ...

11. What are requirements relating to the company name? (Posted On 09-03-2015)

While registering a company with ASIC, applicant may choose a name for the company and if a name is not chosen and specified in the application for registration of the company, the ACN (Australian Company Number) assigned to the company will be the name of the company. Continue Reading ...

10. Can a company be formed with a single person? (Posted On 19-01-2015)

Only proprietary company can be formed with a single person acting as a director and member of the Company provided that person is resident in Australia. A proprietary company is not required to have a company secretary but if the company wants to appoint a company secretary, said director can also act as a company secretary. Continue Reading ...

9. How to register a Proprietary Company in Australia? (Posted On 15-12-2014)

Setting up a Proprietary company in Australia seems to be a big task especially if you are forming a company for the first time. There are several questions popping up in your mind. Forming a company has several advantages than trading as an individual or partnership. Some of the benefits for forming a company are - limited liability for members, tax structure and separate legal identity of the company. Continue Reading ...

8. What is beneficial ownership of shares of the Company? (Posted On 27-10-2014)

Any person or a legal entity can own shares in a Pty Ltd company. If the owner of the shares is entitled to the direct benefit from the shares, the shares are beneficially held. If the shares of the company are owned for the benefit of someone else, then the shares are not beneficially held. Continue Reading ...

7. How should a director’s meeting be conducted for an Australian company to ensure it complies with the Corporations Law? (Posted On 08-04-2014)

In general terms any director of a company may call a director’s meeting but they should do so by adhering to the governing rules of the company – either its constitution or the Replaceable Rules, as set out in the Corporations Act. Continue Reading ...

6. What types of company can be registered in Australia? (Posted On 06-01-2014)

Several different types of company can be registered within Australia, in accordance with Australian corporate law Continue Reading ...

5. What personal liability do I have as a director or shareholder? (Posted On 04-12-2013)

Can company directors or shareholders be liable for losses incurred by the company? Continue Reading ...

4. How important is it to have properly drafted legal documents when registering a company? (Posted On 22-11-2013)

Company directors in Australia are expected to act in the interests of their company and its members at all times. To ensure a new company gets off to a good start, it is critical to check that the registration process is carried out properly and in full. Continue Reading ...

3. Banks and the ATO expect good records (Posted On 12-11-2013)

Applying for finance and keeping on the right side of the Australian Taxation Office are two good reasons to keep excellent financial records. Continue Reading ...

2. What is a ‘business name’? What is a ‘company name’? (Posted On 02-04-2013)

A ‘business name’ is the name under which an entity has been registered by the Australian Securities and Investments Commission (“ASIC”) in the national Australian Business Names Register. In terms of the Business Names Registration Act 2011, registration of a business name is compulsory: an entity that carries on a business under an unregistered business name commits an offence. Continue Reading ...

1. Who can be member of a Company? (Posted On 15-03-2013)

Generally, the members of a company are the shareholders. As per the provisions of section 231 of the Corporations Act 2001, they are: Continue Reading ...