Overview

One of the processes that a Bookkeeper may be requested to assist a client or business owner with from time to time, is the clients Business Name renewal requirement as requested by ASIC – The Australian Securities and Investment Commission.

It is strongly recommendation that Business Name renewals be completed via the ASIC Connect website or via an email that will be sent to the Business Owner, which will include a “Pay Now” option.

Renewal options are for either 1 year (possibly a good option initially for a new business) or 3 years which allows for a discount off the cost of renewal across that span.

Payment can be made via Credit using the “Pay Now” option or alternatively via BPay or at Australia Post, if an invoice is requested instead.

Scams and Other Providers

ASIC and ICB are aware of some emails that have been circulating lately claiming to be from ASIC and demanding payment to renew your business. If you receive one, do not open it. Just delete the email from your inbox.

Ensure that you are confident of the source.

An email is probably a scam and is not from ASIC if it asks you:

• To make a payment over the phone
• To make a payment to receive a refund
• For your credit card or bank details directly by email or phone
• Pay fees that are different to the fees on our website

ASIC notifications will come from the email address ASIC. Transaction.No-reply@asic.gov.au.

It’s sent at least 30 days before your renewal is due and is sent via email in most cases.

Source: The Institute of Certified Bookkeepers, July 2022