Firms comply online to avoid fees and fines

Small companies expect to save hundreds of dollars a year by using a new online service provided by SmartCorp.com.au Pty Ltd to comply with the Australian Securities and Investments Commission (ASIC).

SmartCorp says that small-business people, particularly trades and professional people, who own small companies are discovering the benefits of using the automated service to comply with ASIC direct instead of through accountants.

SmartCorp manager Jenny Thomas says, "A typical client of ours will save $200 to $300 a year by not having to pay an accountant to help comply with ASIC.

"With the help of our service, a client can also avoid paying hundreds of dollars in late fees and fines to ASIC," she says.

ASIC charges late fees range up to $270 for each late payment, late review or late lodgement of a compliance form.

Jenny says, "Our clients expect to save money not only by avoiding unnecessary fees and fines but also by reducing the time they spend complying.

"Our easy-to-use internet-based service will save them time and money," she says.

SmartCorp charges each client $75 a year to use its online compliance service.

It acts as an agent for its clients, monitoring each client’s compliance procedures, ensuring that each client receives annual compliance packs on time and reminding each client to revise company information and pay annual fees on time.

SmartCorp, a new company based in Sydney and operating across Australia, has launched its internet service at www.smartcorp.com.au.

The company says it has designed the service mainly for trades and professional people who operate private companies and want to save their time and money by streamlining the way they comply with ASIC.

It say SmartCorp is ideal for professionals like architects, engineers and surveyors, doctors and dentists, trades people like building contractors and subcontractors, small manufacturers and retailers and others who direct small companies.

Using the new service, companies receive information and lodge forms electronically over the internet to comply with the commission.

They use this new company compliance service directly without assistance from their accountants.

SmartCorp says they can use the comprehensive service intuitively without having to be familiar with how ASIC regulates companies and requires them to comply.

Using SmartCorp they can:

• Electronically lodge information about their companies automatically with ASIC without having to complete and lodge paper forms.
• Receive annual statement packs and other correspondence from ASIC electronically.
• View their company records on screen and print them.
• Download company data and debt reports from ASIC.

As this new compliance service is based on the world wide web, they can use it with almost any computer and operating system and without downloading and installing any software, upgrades or fixes.

SmartCorp will store their company information on secure and reliable computer servers and back it up daily.

Constantly updated information from ASIC will be provided to them through the new compliance service.

Companies will pay an annual fee on line by credit card to use the new compliance service and will access the service by user name and password.

SmartCorp acts as a compliance agent for the companies.

It collects each company's annual statement and invoice statement from ASIC and forwards them by email to the company for review.

If the anniversary date of the company's registration passes and the annual statement is not received, SmartCorp will re-request it from ASIC.

During the year, companies will use the SmartCorp web site to comply with the commission by updating their company information about such things as the retirement of a director or the issuing of new shares.

When a company changes its information on the web site, SmartCorp will email documents to the company which are needed to effect those changes for the commission.

SmartCorp will monitor the lodgment of forms with ASIC and remind companies by email when it is time to lodge a form or pay a fee on time to avoid being fined.

Jenny Thomas has had 23 years of experience in ASIC compliance, including more than 13 years experience with ASIC electronic lodgement systems.

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