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Companies must appoint a company secretary within 6 months from the date of incorporation. This position cannot be left vacant for more than 6 months or the directors may face a penalty of up to $1,000.
All private companies must file their Annual Returns within 7 months after the financial year end. Failing to do so may result in penalties.
With effect from 30 April 2021, companies will be liable for late lodgment penalties as follows:
$300 for late lodgment filed within 3 months after filing due date; or
$600 for late lodgment filed more than 3 months after filing due date.
Yes! All companies are required to maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business for 5 years from the relevant Year of Assessment (YA).