Question
Will changing my review date result in two Annual Reviews for the year?
Answer
There are some cases where you may need to change your Annual Review date (i.e. to align dates across Companies). A request to change a review date will be considered if the Company or Companies have:
- A common Ultimate Holding Company
- A common Officeholder
- A common Responsible Entity
- Exceptional circumstances
ASIC will not change the Annual Review date to assist a Registered Agent in managing their workload (i.e. spread the review dates of the Companies represented evenly across the year).
The logic in NowInfinity Annual Statements:
Changing your review date can result in two Annual Reviews in the first financial year.
The below example has been derived directly from ASIC.
If... |
Then the change applies... |
Example |
|---|---|---|
The original review date is later than the new review date |
Before the next anniversary of the original review date |
If your application is approved in September 2015 and your request is to change the review date from:
|
The original review date is earlier than the new review date |
After the next anniversary of the original review date |
If your application is approved in September 2015 and your request is to change the review date from:
|
The initial Annual Statement issued by ASIC for the original review date will be received via the Annual Statements page. An email notification will be sent on the original review date if you opted to receive email notifications whenever a new Annual Statement is Received in Corporate Messenger.
Notes:
-When NowInfinity receives the Annual Statement, the system automatically shows the Annual Statement in the Annual Statement page with the correct payment deadline and received date.
-Example: For an Annual Statement that is updated to be received from March to July by lodging a Form 488: If the form was lodged before the current review date and before the requested month for the new review date, ASIC will send two Annual Statements for that year. One sent during the current review date and the second sent on the new review date. The difference is the second Annual Statement will have a $0 fee.
To avoid this scenario, it is advised that the Form 488 is lodged after the current review date and after the new review date you intend to change to (in this case July). So in next Financial Year, ASIC will only issue one Annual Statement, which will be next July.
-Find more information regarding changing the review date of a Company here.