Is That Ok to Let ASIC Deregister Your Company with Owing Fees?

furic7 on 10/03/2022 - 13:32

Long story short, I registered a pty ltd company in 2019, but couldn't manage to carry out any product/profit due to COVID, the company pretty much was abandoned.

Recently I noticed I'm owing money to ASIC because I haven't done any annual review these years plus late fees.

I didn't know that nor getting a reminder from my accountant, and I thought my company should be already de-registered by ASIC but apparently it's not yet.

Should I just leave it and let ASIC de-register it in future? Will ASIC chase the fee I owed?

Or I have to call them and ask them to de-register it, and hopefully get the fee waived?

Financial

Comments

  • Soluble on 10/03/2022 - 13:42
    +2

    I'd certainly get in contact with them to ask these questions.

  • MrHyde on 10/03/2022 - 13:43
    +1

    I am not 100% sure; but when I had submitted a request to de-register a company a few years ago; I remember the documentation said that ASIC will review the request and if there are any amounts owning; the company will not be de-registered.

    So, you need to clear all the accounts first and likely submit the annual statements before you can walk away from the company.

  • Jimothy Wongingtons on 10/03/2022 - 14:22
    +1

    Should I just leave it and let ASIC de-register it in future? Will ASIC chase the fee I owed?

    That's not going to happen - they'll just keep adding more on.

    Or I have to call them and ask them to de-register it, and hopefully get the fee waived?

    You should just call them in general and get this all sorted. I can't see them waiving the fee, you set up the company, its on you to wrap it up…

  • SmiTTy on 10/03/2022 - 14:57
    +1

    They generally do send u reminders to pay your annual fee. It gets sent to the registered address for the PTY Ltd. Suggest you contact them and explain the situation and hope they will waive the fees. Don't hold your breath though

    • Typical16-bitEnjoyer on 10/03/2022 - 15:55
      +1

      No it doesn't it gets sent to the ASIC contact address. Different thing. Likely OP's accountant. If you accountant isn't passing on mail then sack them. What happens if you/a company of yours ever got sued and he didn't tell you?

  • AustriaBargain on 10/03/2022 - 15:14
    +2

    Why not get back into business and use your Ltd company to do something else.

  • bemybubble on 10/03/2022 - 15:48
    +2

    Don't let it lapse. Can affect credit rating

  • Typical16-bitEnjoyer on 10/03/2022 - 15:56
    +2

    They won't waive the fees, they WILL chase the outstanding fees and you can't simply deregister over the phone. You need to complete the appropriate form and lodge it.

  • jackofspade on 10/03/2022 - 16:08
    +1

    Reasons for an ASIC-initiated deregistration

    There are a few reasons why ASIC may begin deregistering a company, including if:

    the company has not paid its annual review fee within 12 months of the due date

    https://asic.gov.au/for-business/closing-your-company/deregi…

    • CrowReally on 10/03/2022 - 17:09
      +1

      They have the power to do so. They aren't required to however, and will happily keep imposing additional annual and late fees in the meantime.

      Don't sleep on reliance that ASIC will decide to stop charging you money and do your deregistration for you.

  • Benoffie on 10/03/2022 - 23:02
    +1

    Having debt with ASIC isn't good. Not knowing your contact address isn't an excuse in their eyes either.

    They have an excellent team that will come after it and no, they won't waive it.

    You need to call them asap and sort it out.

Login or Join to leave a comment
Login Join