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Australia — Business: Annual Compliance

Registered companies must complete an ASIC annual review each year (on the anniversary of registration), which includes paying an annual review fee of AUD 342 (2026-27) and confirming company details are current; separately, all businesses must lodge an annual income tax return with the ATO. Missing the ASIC deadline triggers late fees (AUD 102 up to one month late, AUD 428 if later) and can eventually lead to deregistration.

VerifiedGovernment / official sourceASIC annual review guidance and ATO tax return lodgment guidanceLast reviewed: 2026-08-31

Why this matters

Relocating business owners should be aware of these requirements to avoid ASIC late fees, potential deregistration, and ATO penalties for late or inaccurate tax lodgment.

Key facts

  • Companies must complete an annual review with ASIC each year on the anniversary of their registration date, paying the annual review fee (AUD 342 for the 2026-27 financial year) and confirming officeholder and registered office details are up to date.
  • All businesses (sole traders, partnerships, and companies) must lodge an annual income tax return with the Australian Taxation Office (ATO); companies lodge a separate company tax return distinct from any individual return.
  • Late payment of the ASIC annual review fee incurs a late fee of AUD 102 (up to one month late) or AUD 428 (more than one month late) for 2026-27, and continued non-payment can lead to deregistration of the company.

Steps

  1. Gather necessary documents — Collect all relevant financial records and tax information for the business's financial year.
  2. Lodge tax return with ATO — Submit the tax return online or by mail, ensuring all required information is accurate and complete.
  3. Complete ASIC annual review and pay the annual review fee — Review and confirm company details (registered office, officeholders, share structure) when ASIC issues the annual statement, and pay the annual review fee (AUD 342 for 2026-27) by the due date.

Costs

  • ASIC annual review fee: AUD 342 (2026-27 financial year, proprietary company)
  • Late payment penalty (ASIC): AUD 102 if up to one month late, AUD 428 if more than one month late (2026-27)
  • Accountant/tax agent fees for tax return preparation: varies by provider — no government-set fee

Timelines

  • Company tax return lodgment deadline (self-lodging): generally 31 October following the end of the financial year, unless using a registered tax agent (later deadlines may apply)
  • ASIC annual review: occurs annually on the anniversary of company registration

Required documents

  • Company/business tax return
  • Financial statements
  • ASIC annual statement (issued automatically) confirming company details

Common mistakes

  • Failing to lodge tax returns on time or accurately
  • Missing the ASIC annual review fee deadline, incurring late fees or risking deregistration

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