Australian subsidiary of biomedical enterprises
Healy Consultants Group PLC was engaged by an existing client to assist them with their Australian subsidiary deregistration (click link). The client settled the deregistration fee in February 2021.
This deregistration fee includes the services for i) annual nominee director service, ii) Australian Securities Investment Commission (ASIC) annual review fee, iii) annual company secretary and registered office service and iv) annual corporate income tax filing with the Australian Taxation Office (ATO) v) Quarterly Business Activity Statement (BAS) filing and vi) audited financial statements fee.
- Healy Consultants Group PLC emailed our client an engagement summary, outlining i) documents required to move forward ii) the weekly and monthly deliverables and iii) timeline to complete the engagement.
- To proceed with the deregistration, the entity is required to complete all filings and payment obligations with ASIC and ATO before submitting the deregistration application.
- The financial year-end of the Australian subsidiary is 30 June. Therefore, the company has to meet the following deadlines.
Filings Due Date Audit relief application 30 October Financial statement lodgment 30 October Corporate income tax return 16 May BAS Mar’21 28 April BAS June’21 28 July
- As the Australian subsidiary did not file audit relief application (Form 384) for Financial Year End 2020 before the due date which 30 October 2020, the subsidiary was required to prepare and lodge an audited financial statement with ASIC within 4 months from the financial year-end.
- Healy Consultants prepared the draft financial statement for the Financial Year End 2020 and 2021 immediately once we received the bank statements.
- The draft financial statements were sent to the Client for their review and approval after a quality review by Healy Consultants Group PLC management.
- Immediately after securing the Client’s signature, our auditor commenced the audit.
- In March 2021, the Australian subsidiary was required to settle the ASIC annual review fee for 2021. Healy Consultants assisted the Client to settle these fees with ASIC.
- Following that, our team prepared the BAS for March 2021 quarter, obtained the Client’s signature and lodged the same with ATO.
- Thereafter, and once the auditor finalised the audit, our team sent the draft audited financial statement to the Client for their review and signature.
- Immediately after securing the Client’s signature on the audited financial statement, our team lodged the documents with ASIC.
- Our team supplied the draft tax return form for 2020 and 2021 (final return) for the Client’s review and approval.
- Once the Client approved the filing, our team lodged the same with the ATO.
- Thereafter Healy Consultants Group PLC sent the acknowledgement of filing to the Client for their reference.
- In July 2021, our team prepared the BAS for June 2021 quarter, obtained the Client’s signature and lodged the same with ATO.
- Once all the outstanding obligations were completed, our team settled the deregistration fee of AU$42 and lodged Form 6010 (strike-off application) with ASIC.
- In October 2021, ASIC issued a notice to confirm that the deregistration application had been accepted.
- In December 2021, the company was struck off from the registrar.
- Once all of the above was completed, Healy Consultants’ accounting team sent a summary of obligation to the Client, including the i) audited financial statements ii) ASIC annual review payment slip iii) acknowledgement of BAS and tax return filing iv) filed deregistration application and v) renewal paid invoice.
- Thereafter, our IT department collected a professional reference from the Client.