Manage the ASIC Address Change Process with Ease

One critical yet often overlooked compliance task is updating company and director addresses with ASIC.  Neglecting this responsibility can lead to penalties, missed notifications, and reputational risks. This guide will walk you through why updating your address is essential, how to do it, and the consequences of neglecting this vital responsibility. Included are tips on how to save time and reduce risk.

 

What is the ASIC change of address requirement?

ASIC requires all registered companies and directors to keep their details accurate in the national registry. Changes must be lodged within 28 days of the change to remain compliant.

This includes updates to:

  • Company Address: Covers the registered office, principal place of business, and mailing address.
  • Director Address: Directors must ensure their residential address is always up-to-date.

 

Why updating your address with ASIC matters

Keeping ASIC informed ensures that regulatory bodies can contact you regarding:

  • Legal matters
  • Compliance obligations
  • Official correspondence

Proactively managing these updates safeguards your clients, reduces the risk of non-compliance, and avoids unnecessary penalties.

 

Step-by-step guide to updating ASIC addresses with Prime

Prime Registry clients:

  1. Log in to the Prime Registry portal using your client credentials.
  2. Select the relevant entity or company requiring the update.
  3. For address changes:
    1. Use Form 484 for updates to the registered office or principal place of business.
    2. Use Form 370 for updates to a director’s residential address.
  4. Submit the form directly through the portal.

Prime Compliance clients:

  1. Notify the Prime Compliance team of the required updates.
    1. Specify whether the change involves a company address (Form 484) or a director’s residential address (Form 370).
  2. Provide the necessary details (e.g., the updated address).
  3. The team will prepare and lodge the appropriate forms with ASIC on your behalf.

Double-check for accuracy:

Ensure all details are correct before submission or providing them to the Prime Compliance team.

Keep a record:

Prime will save confirmation records for you to access later, ensuring compliance is well-documented.

 

The risks of managing compliance

Handling ASIC compliance internally may seem manageable but can lead to these challenges:

  • Time-consuming manual processes: For senior accountants juggling multiple clients, the administrative workload can escalate quickly.
  • Risk of human error: Small mistakes, like incorrect forms or missed deadlines, can result in penalties or further complications.
  • Lack of centralised oversight: Without a unified system, tracking compliance tasks across multiple clients can create inefficiencies.
  • Missed deadlines: Relying on manual reminders increases the risk of overlooking critical updates, especially during peak periods.

These challenges detract from your ability to focus on high-value strategic advisory work for your clients.

 

Consequences of not updating your address

Failing to notify ASIC of an address change can have serious repercussions, including:

  • Missed notifications: Important compliance reminders or legal notices may not reach you, potentially leading to penalties or disputes.
  • Penalties: ASIC imposes fines for failing to update information within the required timeframe.
  • Loss of good standing: Non-compliance may harm your company’s reputation and standing with ASIC.
  • Administrative burden: Delayed updates can complicate filing annual reports and meeting other regulatory obligations.

 

Tips for staying compliant

  • Centralise record-keeping: Maintain clear records of all correspondence and updates for easy reference.
  • Seek professional support: The Prime Compliance team provides expert assistance with compliance tasks, ensuring accuracy, saving time, and helping businesses avoid potential penalties.

 

Benefits of using Prime Registry for compliance

  • Streamlined processes: Prime Registry simplifies compliance by automating routine tasks, reducing the workload for your team and ensuring efficiency.
  • Reduced risk: Updates are accurately prepared and submitted on time, minimising errors and ensuring compliance with ASIC requirements.
  • Time savings: Save valuable hours by managing all compliance tasks in one centralised platform, allowing you to focus on strategic client work.
  • Peace of mind: Trusting compliance tasks to professionals lets you focus on growing your practice.

 

Key takeaways

Whether your client is updating details, appointing a new director, or managing more complex compliance matters, we handle the workload so you can focus on delivering core accounting services while maintaining peace of mind that all ASIC obligations are met. Our expertise in ASIC compliance allows us to deliver reliable, professional, and stress-free services to accountants and legal professionals. With expert preparation and lodgment of ad-hoc ASIC compliance forms, Prime Compliance simplifies the process of managing your clients’ compliance needs, including change of address.

Learn more about outsourcing your compliance needs with Prime Compliance or contact Prime to explore how our managed services can elevate your accounting practice.

Total Compliance. No one does it better.