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The Company Statements module opens all company statements (ASIC Form 480) that your practice has received from ASIC (see Receiving forms from ASIC).

Company statements have the following columns:

  • Corporation

  • Code (from MYOB AE/AO)

  • Review Date (annual date for the review of the corporation’s details)

  • Payment Due Date (due date for payment of the annual invoice, which is within two months of the review date)

  • ASIC Forms in Progress (if there are any forms that have been drafted and awaiting lodgement, as listed in the In Progress list in the ASIC Forms module)

  • Status (as set on the Change Status screen)

  • Date Received (date that the company statement and invoice was downloaded from ASIC).

The Company Statements list has options to filter the list of statements displayed. You can select to view the list by:

  • Date received
    and/or

  • Company statement status.

From the Company Statements screen you can also:

In summary, a company statement is processed as per the table below (see How to view company statements in Corporate Compliance):

 

Task

Status

Due date

See below

1

Receive company statement

(Two months before review date)

Step 1.

2

Compare data in company statement with data in Corporate Compliance

If necessary, advise ASIC of changes

Within 28 days of issue of company statement

Step 2. to Step 10.

3

Make solvency resolution or lodge Form 485 Company Solvency form with ASIC

Within two months of review date

 

4

Pay annual review fee

Within two months of review date

Step 11. to Step 12.

How to process company statements received
  1. Click Company Statements on the Task Bar. All company statements received from ASIC are listed (see Receiving forms from ASIC).
  2. View the company statement you want to see (see Viewing company statements). The Print preview screen opens.
  3. Click  (Print Report). The Windows Print dialog opens.
  4. Click OK to print.
  5. Click Close to display the Company statements screen.
  6. View the company details, as entered in Corporate Compliance. See Viewing corporation details.

  7. Repeat Step 3. to Step 5.
  8. Compare the company statement with the company’s current details (in the corporation detailed report) as they appear in Corporate Compliance. Select one of the following:
    1. If you find differences between the company statement and the company’s data in Corporate Compliance:
      Enter the changes in an ASIC form using one of the workflow wizards (see Workflow wizards). Ensure that you mark the form as being in response to a company statement when you complete the wizard. Print the form from the ASIC Forms module. (Click View form and print it from the Print preview screen).
      Send the following documents to the company:

      1. ASIC form: request that the signed form be returned within 28 days of the company statement’s date of issue

      2. company statement invoice: request that payment be sent to you and that a solvency resolution be made within two months of the review date. If the company is not able to make a resolution in relation to its solvency, or it fails to do so on time, it must lodge ASIC Form 485 (not yet supported in Corporate Compliance).

    2. If you do not find differences between the company statement and the company’s data:

      Send the following documents to the company:

      1. printed company statement: request that the data be confirmed or changed within about 14 days of the date of issue of the company statement. (If corrections need to be made to the company’s data, see Step 10.a.)

      2. company statement invoice: request that payment be sent to you and that a solvency resolution be made within two months of the review date.

      If the company is not able to make a resolution in relation to its solvency, or it fails to do so on time, it must lodge ASIC Form 485 (not yet supported in Corporate Compliance).

  9. Change the status of the company statement to Statement sent to client. See Changing the status of company statements.
  10. Select one of the following:

    • If the client advises that the ASIC data is not correct: Change the status of the company statement to Changes to be notified. Enter the changes into a form using a workflow wizard.Send the form to the client for signing, and advise them that the changes must be lodged with ASIC within 28 days of the company statement issue date. When you receive the signed form, lodge it with ASIC. Change the status of the form to Changes form lodged.

    • If the client confirm that the company statement is correct, proceed to the next step.

      When you receive the annual review fee from the client, forward the payment to ASIC within two months of the review date.

  11. Change the status of the company statement to Invoice paid. See Changing the status of company statements. Processing of the company statement is now complete.

    Payment of the annual review fee indicates that the company has made a solvency resolution within two months of the review date. If the company is not able to make resolution in relation to its solvency, or it fails to do so on time, it must lodge ASIC Form 485.