Building on the payment tools launched earlier this year – which allows pre-authorised payment collection during client engagement – Annature’s latest feature streamlines how Australian Securities & Investments Commission (ASIC) fees are paid after directors sign their annual statements. The new functionality removes friction, reduces late penalties and simplifies life for both accountants and their clients.

“We’ve built on our existing payments infrastructure to offer accountants a simple way to ensure ASIC fees are paid on time,” says Annature CEO Corey Cacic.

“What used to be a disjointed, manual process is now built directly into the signing flow, fully integrated and seamless.”

A high-risk step now resolved

Every standard proprietary limited company in Australia must pay an annual review fee to ASIC of about A$321 to maintain its registration.

Historically, accountants have managed this process by sending the ASIC annual statement and solvency resolution to the client for signing, then reminding them to pay via BPAY or online banking.

“Clients still need to manually complete the payment through their online banking, a separate process outside the signing workflow,” says Cacic. “Because it’s disconnected, it’s easy to forget or put off and when a late fee is applied by ASIC, it’s often the accountant who ends up fielding the blame.

“With other solutions on the market, signing and payment are often split into two separate actions. This disjointed process increases the risk of one step being missed, which can delay compliance or trigger late fees.”

Signing and paying in one clean workflow

Annature now allows accountants to send the annual statement for signature and, immediately after signing, prompt the client to pay the ASIC fee within the same session. “Instead of separate platforms or emails, everything happens in one unified process,” says Cacic. “The client signs their annual statement, then sees a prompt to pay the fee directly through our platform. They enter their card or bank details, and we immediately forward the payment to ASIC on their behalf. It’s fast, compliant and removes that final point of failure.”

Clients receive a receipt confirming that ASIC has been paid and accountants no longer need to follow up or worry about missed deadlines.

Designed for efficiency – with more to come

The next phase of development will allow accountants to add their own invoice for corporate compliance fees alongside the ASIC payment – making it even easier for clients to settle both obligations in one go.

“This reflects feedback we’ve received from firms, many of whom align their annual compliance fees with the timing of ASIC statements,” says Cacic. 

Find out more

Annature is a CA ANZ Member Benefits Program partner. To learn about the special offers available to members click here, or for more information about Annature Payments, visit Annature