Australian company renewal in 2023

Since 2003, Healy Consultants Group assists our multi-national Clients to timely, accurately and completely discharge their annual legal, accounting and tax obligations. This web page will help you understand annual renewal process.

• Australian company renewal steps

  • Two months before deadlines, Healy Consultants Group sends a renewal reminder e-mail, along with a renewal invoice and bank account details, to our Client.
  • Healy Consultants Group acknowledges our Client’s funds transfer, and will send an e-mail with a paid invoice and re-engagement letter and engagement details.
  • Immediately thereafter, Healy Consultants Group’s in-house Accounting and Tax Department will timely complete the accounting and tax deliverables for our Client’s company.

• Independent statutory annual audit

  • The following entities must annually prepare audited financial statements:
    • Large proprietary companies.
    • Small proprietary companies controlled by foreign companies.
    • Companies limited by guarantee.
    • Disclosing entities.
    • Registered schemes.
    • Public companies.
  • Where possible, our team will secure an exemption from this administrative burden. For example, large proprietary and small proprietary companies controlled by foreign companies can legally obtain an exemption from the independent statutory annual audit obligation.
  • The audit exemption relief application should be submitted with Australian Securities and Investments Commission (ASIC) within three months prior to the start of the financial year end.
  • Healy Consultants Group will assist in i) applying audit relief and ii) preparing audited financial statements for your Australian company, in compliance with regulations.
  • If required, Healy Consultants Group will assist out multi-national Clients to efficiently and effectively and timely complete this independent statutory annual audit.
  • All the Australia companies required to submit their audited and unaudited financial statement with ASIC within four months of the financial year end.

• Accounting and Tax statutory deadlines

  • Within four months of the financial year-end, a corporate tax return must be lodged with the Australian Taxation Office (ATO).
  • Healy Consultants Group works with our multi-national Clients to legally minimize local and international tax.
  • Goods and services tax (GST) is 10% on most products and services supplied in Australia. GST registered entities are required to report, pay and claim GST by lodging BAS or submitting an annual GST return.
  • Our multi-national Clients’ Australian entities are required register and monthly/quarterly pay withholding tax (PAYG) and superannuation to their employees.
  • Foreign-owned companies that generate an annual global income of AU$1 billion and more will be considered as a Significant Global Entity. This type of entity is obliged to abide by additional filing requirements such as i) Local file ii) Master file and iii) CbC reporting.

• Legal and compliance considerations

  • All proprietary and public company are requiring to settle the ASIC annual fee (click link) within the due date after ASIC issues the annual statement (click link);
  • All foreign registered companies are required to lodge a legal annual return (click link) with ASIC;
  • Within 28 days, and to avoid late fees, our Clients’ Australian entity must notify ASIC of changes to the company details (click link) such as registered office, principal place of business, director, shareholding and business name.
  • Failure to lodge monthly, quarterly and annual filings with the authorities will incur a late lodgment penalty (click link) and general interest charges (click link).

• Australia company renewal fees

  To help our multi-national Clients budget for future costs, the table will help:

  Question	Active entity	Dormant entity	Entity with audit
  Average annual fee?	AU$ 12,280	AU$ 10,930	AU$ 14,030
  Example of renewal invoice?	PDF	PDF	PDF
  Detailed project plan?	(click link)	(click link)	(click link)
  Total engagement period?	6 months	4 months	8-10 months
  Quality GST returns	AU$ 860/quarter	AU$ 550/quarter	AU$ 860/quarter
  Book-keeping services	Kindly refer to our bookkeeping page (click link)	Kindly refer to our bookkeeping page (click link)	Kindly refer to our bookkeeping page (click link)

• Book-keeping services

  Healy Consultants Group will be happy to provide a monthly book-keeping service for your Australian company. Typically, our Accounting & Tax Department (ATD) team will receive a Dropbox of data from our Client and will immediately thereafter timely supply our Client with i) a general ledger ii) trial balance iii) monthly and quarterly management accounts and iv) monthly and quarterly government reporting, including sales tax and payroll.

  For further details of our book keeping service and our fees, visit this page.

Conclusion

To engage our in-house Accounting and Tax Department to timely, accurately and completely discharge your monthly and quarterly accounting and tax obligations, send us an email in the contact box below.