Changes to Business Details Services in Australia
We offer Changes to Business Details services to registered companies in Australia in need of professional assistance for updating their business details with relevant government agencies. Our business consultants have the right tools and expertise to help you expedite the process with a high level of accuracy and know-how on the best practices to expertly navigate compliance.
Our Changes to Business Details Services
Which Government Agencies Should I Notify When Updating My Business Details?
When you decide to make changes to your business structure, company name, registered office address, or contact details, you must formally inform the relevant government agencies you communicate with for your compliance obligations. The specific amendments will determine which government agencies you need to notify.
For most companies in Australia, the following agencies are at the top of the list for the process of notifying changes (owing to the 28-day deadline they require for reporting changes):
What Changes Can I Make to My Business Details in Australia?
You need to notify ASIC of changes to your business details, including the following:
- change company address/es
- change company name
- appoint or cease company officeholders
- appoint or cease a resident agent
- changes to members register (share structure and details of top 20 shareholders)
- change the name of officeholders and/or shareholders
- transfer shares
- request a correction of business details
You need to keep the following registered business details updated at all times with ATO and ABR:
- postal, email, and principal place of business
- main business activity/ies
- Australian Company Number (ACN) or Australian Registered Body Number (ARBN)
- entity name or business name registered with ASIC
- public officer (must be in writing and include the contact details of the public officer)
- financial institution account information
- details of authorised contact person
ABR will require you to update your Australian Business Number (ABN) if you’ve made changes to your business details.
You can update your ABN details through the following:
- online through the ABR website
- through your resident agent or professional services provider
- calling ABR’s infoline
- lodging a Change of Registration Details form (NAT 2943)
What are the Penalties for Failure to Notify Government Agencies of the Changes?
If you do not notify ASIC of the changes you want to make, you will be charged with late lodgement fees. You will be charged AU$83 when you give notice for up to a month late. You will be charged AU$344 for notices of over one month late.
Companies that fail to lodge on time will be notified by phone or in writing of the penalty, including:
- reason for the penalty
- amount of the penalty
- due date for payment (at least 14 days after notice was provided)
ATO calculates the amount of the penalty based on the size of the company and the period of time since the deadline for submission.
You will be informed in writing of the penalty and specific amount you need to pay. ABR’s process is similar to what ATO imposes.
How Long Does It Take to Update Business Details in Australia?
The timeline for the process will depend on the specific details you want to update. It will also depend on other factors, including:
- how old your company is
- which state/territory your company was incorporated in
- the total number of changes you have made since incorporation
For newly-incorporated companies, the process can be anywhere from 24 hours to 5 business days, depending on the number and complexity of the proposed amendments. For older companies, the process can be longer. You can reach out to our team to request an estimation of the timeline.