We have recently seen a number of small to medium sized organisations caught out through their company records and corporate registers being non-existent or out of date. In most instances these organisations’ ASIC filings have not been lodged within the required compliance timeframes which has resulted in late fees and fines being issued by ASIC. Many of these organisations have multiple subsidiaries, which have also incurred penalties due to non-compliance.
ASIC encourages ‘high levels of voluntary compliance’ and have made it clear that there are ‘real and tangible risks for those that don’t comply’. To assist our clients mitigate these risks as well as other risks associated with non-compliance, we have developed a new product, ‘Corporate Health Check’, specifically for small to medium sized enterprises with multiple subsidiaries.
We can tailor the service to your specific needs but it typically involves sending one of our team to your office and reviewing the registers for each group company and trust and providing a report identifying any non-compliance issues and recommending remedial action.
For more information on the Corporate Health Check, click here.