Source: ASIC InFocus April 2021 Edition
One of the most common questions asked is ‘what do officeholders need to do before closing their company?’ To keep it simple, here are the three key things:
1. Ensure your company has no ASIC fees outstanding
If your company has any ASIC fees outstanding, they will automatically reject your deregistration application.
2. Ensure your company meets all the criteria for deregistration
Your company must also meet the deregistration criteria which includes, all members agreeing to deregister and the company’s assets totalling less than $1000.
3. Apply for deregistration at least two weeks before your annual review fee due date
Finally, you should apply for deregistration at least two weeks before your annual review date. If you don’t, your annual review fee will be charged and you’ll need to pay it before the company can be deregistered.
If you are planning to deregister your company, we suggest speaking to our office to ensure that the company is no longer required, has no outstanding ASIC fees and meets all the criteria for deregistration.