March 11, 2020

Why is it important to keep your address up to date with ASIC?

It is extremely important that Directors and Shareholders keep their residential address up to date with the Australian Securities & Investments Commission (ASIC).

The law requires a company to notify ASIC of any changes to:

  • its registered office or principal place of business address;
  • the personal details (including usual residential address) of directors, alternate directors or company secretaries
  • the addresses of the top 20 members of each share class of a proprietary company (whether they are an individual or a company).

A company is in breach of its obligations if it fails to notify ASIC of any of these address changes within 28 days of the change and there are penalties if notification is not received within 28 days of the change.

The Australian Taxation Office also relies on the ASIC records when sending correspondence direct to a Company Directors residential address. This correspondence could include Director Penalty Notices (DPN). DPN’s and some other ATO correspondence are sent via snail mail and not via your Tax Agent. The importance of this is that if you receive a DPN you only have 21 days to act so it is extremely important that your address details are kept up to date so should you receive such correspondence from the ATO there is no delay.

If you have any queries in relation to the above please do not hesitate to contact Helen of our office on 9387 5637.

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