Service

Company set-up and ongoing ASIC and ATO compliance

Registered tax agent · Shepparton North, by appointment · Australia-wide by phone, WhatsApp and video · Updated October 2026

A company is the easiest structure to set up and the easiest to fall behind on. ASIC wants an annual review, a solvency resolution and notice of every change within 28 days; the ATO wants BAS, instalments, STP and a company return. SMT Accounting sets the company up properly on day one and then runs the whole compliance stack on a calendar.

On this page

Set-up: the full stack from day one

  1. Structure first. A company is not always the right answer; sometimes it is a company acting as trustee, sometimes a trust alone. We model the options before anything is registered. See business structures in Australia.
  2. Director ID. Every director must apply for a director identification number through Australian Business Registry Services before being appointed. It is personal, applied for by the director, and kept for life. We walk you through the application.
  3. Registration. Company name, constitution or replaceable rules, registered office and principal place of business (both must be physical Australian street addresses, not PO boxes), officeholders and shareholders, then ABN, TFN and GST. See company and business registration.
  4. Bank, chart of accounts and software. A business bank account in the company's name, a chart of accounts built for your industry, and Xero, MYOB or QuickBooks connected with bank feeds. See software set-up.
  5. Payroll, STP and Payday Super. If the company employs anyone, including a director on wages, we set up payroll with Single Touch Payroll reporting and super paid with each pay run under Payday Super, which applies from 1 July 2026. See payroll and STP.
  6. GST and BAS cycle. GST registration is compulsory once GST turnover reaches $75,000. Most companies report quarterly; monthly is required for GST turnover of $20 million or more and optional below that. We set the cycle and the lodgment method.
  7. PAYG instalments. Once the company earns business income the ATO may enter it into PAYG instalments, generally due 28 days after each quarter. We set the instalment approach and vary it if the year is tracking differently.

Ongoing ASIC obligations

ASIC's own list of what every company must do is short but unforgiving, and late fees apply to each item:

  • Annual statement and review fee. ASIC sends an annual statement soon after the anniversary of registration. The review fee is due by the date on the statement, usually two months after the annual review date. Pay late and a late payment fee applies, rising once payment is more than one month late. A discount is available for paying ten years in advance.
  • Check the details. The statement lists the details ASIC holds. Changes not already notified must be made within 28 days of the review date to avoid a late review fee.
  • Solvency resolution. Directors must pass a solvency resolution within two months of the review date (unless a financial report was lodged with ASIC in the past 12 months), based on good evidence. A positive resolution is recorded, not lodged. A negative resolution, or none at all, must be reported to ASIC within seven days.
  • 28-day change notices. Changes to addresses, officeholders, shares and shareholders must be notified within 28 days of occurring, or a late lodgement fee applies. Do not wait for the annual review.
  • Registered office and registers. The registered office must be a physical street address in Australia and can be your accountant's office with the occupier's written consent. The company must keep its registers, including the register of members, and its minute books.
  • Financial records for seven years. Companies must keep financial records that correctly record and explain their transactions and financial position for at least seven years.
How SMT handles ASIC. We diarise the review date, prepare the solvency resolution and any change forms, minutes and consents, and assist you to lodge through ASIC's online services; if you prefer, we work alongside an ASIC registered agent who lodges on the company's behalf. We do not quote ASIC's fee amounts here because they are indexed each July; the current figures are on your annual statement and on asic.gov.au.

Ongoing ATO obligations

  • Company tax return each year, with the tax reconciliation and schedules the ATO requires. See business and company tax.
  • BAS monthly or quarterly, and PAYG instalments, with ATO accounts reconciled to the books. See BAS, GST and IAS.
  • Division 7A. Money drawn from the company by shareholders or their associates must be repaid, put on a complying loan agreement or treated as a dividend, or the ATO can deem it one. We track director loan accounts through the year, not just at 30 June. See Division 7A loans.
  • Franking account and dividend statements. We maintain the franking account, prepare dividend resolutions and issue distribution statements so shareholders can lodge correctly.
  • FBT where the company provides cars, entertainment or other benefits to directors or staff. See FBT for small business.
  • Record keeping. The ATO's general retention period for business records is five years; because ASIC's seven-year rule also applies to the company, we keep the longer period.

Year-end financial statements, minutes and resolutions

At 30 June we prepare the company's financial statements (profit and loss, balance sheet and notes), the directors' solvency resolution supported by those statements, dividend resolutions and statements, Division 7A loan agreements and minutes, and any resolution needed for trustee companies. The same statements serve a lender if you apply for finance; see finance documents.

What SMT does, and when

MonthlyQuarterlyAnnually
Bank reconciliation and bookkeeping review; payroll and STP each pay run with super under Payday Super; director loan account check; monthly BAS or IAS where applicable; management reports if engaged. Quarterly BAS and PAYG instalments lodged through our agent portal; GST and payroll accounts reconciled to the ATO; quarterly review of profit, tax position and Division 7A exposure. Financial statements and company tax return; solvency resolution and ASIC annual statement check within two months of the review date; dividend and franking records; FBT return if required; register and minute book update; tax planning before 30 June. See tax planning.

Every date sits on the ATO key dates calendar we publish, with the company's own ASIC review date added to your file.

Fees

Set-up is quoted as a fixed fee covering structure advice, registration assistance, software and payroll set-up; government fees for registration are passed through at cost. Ongoing compliance is a fixed annual fee, payable monthly, scoped to the company's size and whether we do the bookkeeping. The first call is free. See our fees page.

General information only. This page describes the obligations ASIC and the ATO publish and the service we provide to meet them; it was checked against the pages under Sources in October 2026. It is not legal advice, and nothing here implies ASIC or ATO endorsement. Your company's obligations depend on its type, size and activities.
Become a client → Book a free call

Frequently asked

Do I need an ASIC registered agent, or can I lodge changes myself?

You can meet your company's ASIC lodgment obligations yourself or appoint a registered agent to lodge on your behalf. SMT prepares the forms, minutes and resolutions and walks you through lodging in ASIC's online services; if you would rather a registered agent lodge for you, we work alongside one. Either way the company's officeholders remain responsible for meeting the obligations.

What happens if I miss the ASIC annual review fee?

ASIC charges a late fee if the annual review fee is not paid by the due date on the annual statement, which is usually two months after the review date, and the late fee increases once the payment is more than a month late. ASIC may also consider deregistering a company that stays unpaid. We diarise the review date so it does not get to that.

What is a solvency resolution and do I have to send it to ASIC?

Within two months of the annual review date the directors must resolve whether, in their opinion, the company can pay its debts as they fall due. A positive resolution is kept in the company's records and is not sent to ASIC. A negative resolution, or no resolution within the two months, must be notified to ASIC within seven days. We prepare the resolution with the year-end accounts so the directors have evidence for their opinion.

I already have a company. Can you take over the compliance?

Yes. We review the ASIC register extract, the ATO accounts and the last lodged financials, fix anything out of date, and move you onto our compliance calendar. Changing accountants is simpler than most people expect; see our switching page.

How long does the company have to keep records?

ASIC requires companies to keep financial records for at least seven years, and the ATO's general retention period for business records is five years. We set the file up so the longer period is met without you thinking about it.

Sources

Starting or running a company?

Tell us where you are up to. We'll set it up properly, or take over what exists, and keep ASIC and the ATO off your back.

Book a free call Become a client