FESAus ASIC Compliance RET160705

Compliance calendar | Corporate file | GST | Membership | Miscellaneous

We are now registered with ASIC as the Formation Evaluation Society of Australia Ltd, and our details are:

  • Name: Formation Evaluation Society of Australia Ltd
  • Status: public company, limited by guarantee.
  • Tax status: special purpose company,
  • Day of commencement of registration: 19th August 2008.  (Certificate of Incorporation here).
  • ABN 74 132 811 726
  • ACN 132811726
  • TFN 887 035 187
  • Industry Code (ANZSIC): 99994
  • Postal Address: P.O. Box 7784, Cloisters Square, Perth, WA 6850, Australia.
  • Registered office: Registered office: Moore Stephens, ‘Exchange tower’ Level 15, 2 The Esplanade, Perth WA
  • Principal place of business: 40 Commercial Road, Shenton Park, WA 6008
  • An ASIC Corporate Key was created for this company: 98508987 (24/12/2015). Previously: 10345761.
  • Public officer: Nariman Nouri.
  • Directors (3/2016): Wesley Emery, Zach John, Nariman Nouri, Callum Rideout, Martin Storey, Mike Walker.  Secretary: Callum Rideout.
  • FESAus Financial Year: from 1 July to 30 June of the following calendar year.
    Updated Mar-2016

Compliance calendar:

Some of the dates in this table are fixed by the law and hefty fees are incurred if we are late or forgetful!

< 21-Jan:Quarter 2 (Oct-Nov-Dec) superannuation due for our employee if not paid monthly.    Treasurer
< 28-Feb:Quarter 2 (Oct-Nov-Dec) Installment Activity Statement due (http://www.ato.gov.au/print.asp?doc=/content/33150.htm) (form will arrive in our POBox)Treasurer
< 28-Apr:Quarter 3 (Jan-Feb-Mar) superannuation due for our employee if not paid monthly.    Treasurer
< 28-Apr:Quarter 3 (Jan-Feb-Mar) activity statement due (http://www.ato.gov.au/print.asp?doc=/content/33150.htm) (form will arrive in our POBox)    Treasurer
< 28-Apr:As of 2012, there is a new obligation to write to ASIC to confirm our status as a small company limited by guarantee – see section 7 below.Directors / Secretary
Early Jun:Present preliminary accounts to our accountant to confirm that they are acceptable (early June is a window of availability for the accountant).Treasurer
30-Jun:(Last day of FESAus financial year)    
(info)
1-Jul:(First day of FESAus financial year)(info)
~1-Jul:Do a tax exemption self-assessment status review    Treasurer
< 28-Jul:Quarter 4 (Apr-May-Jun) superannuation due for our employee if not paid monthly.    Treasurer
< 28-Jul:Quarter 4 (Apr-May-Jun) activity statement due (http://www.ato.gov.au/print.asp?doc=/content/33150.htm)  (form will arrive in our POBox)    Treasurer
< 31-Jul:Give each employee an annual PAYG Payment Summary of the amount withheld from them during the year (formerly “Group certificate”).    Treasurer
< 31-Jul:Provide an annual report to the Tax Office about withheld amounts.  (The date is indicative only, it can be done any time after the end of the FY)    Treasurer
31-Jul-2012Our Public Liability Insurance, now for a 10 million $ coverage, expires.Secretary
< 31-Aug:

Financial Audit: Make contact with auditor to agree on when our audit will be done.  Auditors’ busy period is July-August.  Audit must be completed and filed with ATO by 31-Oct.

Notes:

  • As of 28-Jun-2010, we are not absolutely required to submit to an audit, as our turnover is less than $250,000 for the Financial Year (reference here).  This is because FESAus is a “Small Company Limited by Guarantee”, i.e.
    – it is a company limited by guarantee for the whole of the financial year     
    – it is not a deductible gift recipient at any time during the financial year, and     
    – its revenue (or consolidated revenue if that applies) for the financial year is less than $250,000.
    In that case, our obligations towards ASIC are such that we do not have to, unless directed by a member or ASIC: 
    • prepare a financial report or have it audited 
    • prepare a directors’ report, or 
    • notify members of annual reports.
  • However, it is good practice and accountability to do audits to protect the directors and the society at large, we will have to submit once our turnover exceeds $250,000, and considering that we have been able to get this done pro-bono so far, the Directors wish to continue auditing.
  • As established by Wesley in a call to ASIC on 4-Nov-2014, if FESAus is not required to submit financial statements to ASIC, it is also not required to inform ASIC of any change of auditor.
Treasurer
30-Sep-2009Our Workers’ Compensation insurance expires    Secretary
~1-OctSend out invitation for Company AGMSecretary
<28-Oct:Quarter 1 (Jul-Aug-Sep) superannuation due for our employee if not paid monthly.    Treasurer
<28-Oct:Quarter 1 (Jul-Aug-Sep) activity statement due (http://www.ato.gov.au/print.asp?doc=/content/33150.htm) (form will arrive in our POBox)    Treasurer
<31-Oct:

Form 388 needs to be lodged with ASIC, inc. audited copy of financial statements and reports. (within 4 months after end of FY).  However, as of 2010, we no longer need to do this as long as our turnover is <250K$: we can simply email or fax to ASCI to notify them that we are a small company limited by guarantee – or we can wait to be contacted by them at which point we fill in a form to confirm that we are a small company limited by guarantee (source: P. Bright phone conversation with ASIC, 29-Jul-2011)

Treasurer
<30-NovMust have had our AGM (within 5 months after end of FY).    President
<31-DecSend out invitation to renew membership to all members who have not renewed alreadyMembership / Sectretary
Every month:Pay our employees (http://www.ato.gov.au/individuals/content.asp?doc=/content/33277.htm&mnu=44522&mfp=001/004)
Treasurer
Every month:Pay Super contribution for our employees to their respective superannuation fund (http://calculators.ato.gov.au/SGCalculatorWeb/GetSGContribution.aspx)
Send a remittance advice to employees.    
Treasurer
Every month:Reconcile each of the bank accounts and the cash account.     
Treasurer
Every year:Need Workers’ Compensation insurance (if we employ anyone).    President
Every year:Tax exemption self-assessment: http://www.ato.gov.au/nonprofit/content.asp?doc=/content/33868.htmhttp://www.ato.gov.au/nonprofit/content.asp?doc=/content/34269.htm + make an entry in the log of status reviews.    Treasurer
One off:Once the company is incorporated, the old association will needs to be deregistered for its Australian Business Number and lodge a final income tax return with ATO and cancel the Tax File Number once the final income tax return is assessed.    
Treasurer
One off: Formalize “Delegation of Authority” by including it either in Constitution or in Company File (reference in by-laws?).    
Directors
Every changeto company details e.g. for change in address, name of officeholder, shareholding, etc. we need to lodge a Form 484 within 28 days.  Hefty fees apply if we don’t. President
ContinuouslyMaintain an up-to-date Corporate File, including, among other items:

  • register of members and register of Directors, Secretaries, etc
  • Minutes of meetings of directors and Minutes of meetings of members
Treasurer / Secretary

 

Governance

Corporate file

Our Corporate File was originally kept by our accountant, Katherine Kok of Katherine and Associates, but as of early 2012, it is kept by Martin Storey, one of our Committee Members.  For convenient reference, we keep a complete digital copy on the website.  It has the following sections and content:

Sections and blank forms    
Current content  (Y if hard copy is in Corporate file)   * : signed
1. Minutes of Meeting of Directors (form)
Other forms: Resolution of Directors
2. Minutes of Meeting of Members (form)    
3. Register of Directors’ Shareholding.    Nil, not applicable at this time.
4. Register of Directors, Secretaries, etc.
Consent to Act as a Director (form) + resign
Consent to Act as a Secretary (form)+ resign
Register of Directors (form)
Register of Secretaries (form)

5. Register of Members (form) & Applications
6. Register of Charges and Debentures. Forms:
Register of Charges (including mortgages)
Particulars relating to an issue of debentures
Register of debenture holders
 
7. Other Documents    
8. ASIC.
9. Journals: Application, Allotment, Transfer    Nil
10. Statutory returns
11. Share certificates    Nil
12. Constitution    
  

 

Goods and Services Tax registration (GST)

FESAus was registered for GST on 28-Jul-2011 effective that day, by director Pete Bright calling ATO (on 132866, options 2/2/2) and talking to Ms. Kate Foster.  We had planned to register as of 1-Aug-2011, which we had been told was possible, but when it came to doing it, ATO couldn’t do it after all. Our reporting obligations are quarterly, using the cash method (this means we pay our GST after receiving income, rather than paying when we submit an invoice). We will receive a confirmation letter within 5 days.

From the ATO website:

Being registered for GST means that your organisation:
•        must pay the GST it has collected from its sales to the Tax Office
•        can claim GST credits for any GST included in the price of its business purchases, and
•        must complete an activity statement to report the taxable sales and claim GST credits.
If your organisation is not registered for GST, it will need to look at its GST turnover each month to make sure its turnover is not $150,000 or more. Your organisation’s GST turnover is $150,000 or more if its:
•        turnover for the current month and the previous 11 months is $150,000 or more, or
•        turnover for the current month and the next 11 months is likely to be $150,000 or more.
Generally, if your organisation’s turnover is $150,000 or more, it must register for GST within 21 days of the GST turnover meeting the $150,000 GST registration threshold.
To register for GST your organisation needs to complete an application form.
Before your organisation can register for GST it must have an ABN.

Membership

The word “member” is used for two distinct concepts, and the following terminology is proposed to minimize confusion:

  • Member in the ASIC sense, being the people directly acting to steer the Society.  It is proposed to call these “ASIC members”, and that they be the FESAus Committee members.
  • Member in the historical FESAus sense, being the people who joined the Society and are up-to-date with their membership dues.  These could be referred to also as “associates” or “affiliates”, but it is proposed to call them “Society members” or “FESAus members”.
  • In addition, we also have people who are on our mailing list but are neither ASIC nor FESAus members.  It is proposed to call these “friends” or “FESAus friends”.

Miscellaneous notes

Katherine Kok of Katherine & Associates
Chartered Accountant. Registered Tax Agent
Level 1, 544 Hay Street, Perth WA 6000   /  P O Box Z5278, PERTH ST GEORGES TCE WA 6831
Tel:  + 618 9221 2928         Fax: + 618 9221 2939    Mob:  0413 201 886            Email: kathkok@iinet.net.au

_______________

Compiled by Martin Storey on 12-Sep-2008, last updated by Martin Storey on 12-Dec-2012.

 

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