Stop Paying for Companies You Don’t Use
Are you paying ASIC fees each year for companies that no longer trade?
Do you have entities sitting dormant, costing you money and adding to your admin load?
You’re not alone — and you may not need a liquidator or thousands in fees to wind them up.
In a short video, Ross Millen explains how eligible companies can be deregistered quickly.
It’s a simple process when the company:
Has stopped trading
Has no outstanding liabilities
Is up to date with ASIC fees
Has under $1,000 in assets
Has agreement from all members
If you’re thinking about cleaning up your corporate structure, reducing ongoing fees or cutting unnecessary compliance, this may be the easiest place to start.
VIDEO TRANSCRIPT
Ross Millen:
Hi. I wanted to talk to you today. Maybe you've got some companies in your portfolio or your group of companies that the businesses have been shut down, they're redundant. And what are you doing every year? You're paying ASIC fees of now almost $400 a year, plus maybe you even got the accountant to do accounts. And you'd really like to get rid of these companies. Well, what's a really fast, efficient way to get rid of a company that you don't need anymore? Now, if you wanted to liquidate it, you'd have to have a liquidator, and there's all sorts of forms, and liquidators can charge thousands of dollars.
So, a much simpler way to go ahead is to just deregister the company. Now, this is only available if the company's not trading, doesn't have any liabilities, all its ASIC fees are up-to-date, all the members agree, and it's got less than $1,000 of assets. But if you can tick all those boxes, then it's a simple matter of passing a resolution, lodging a form with ASIC, paying about $50, and within 30 to 45 days, the company ceases to exist. So, that is a very fast, efficient way of doing it. If you've got any queries, let us know. We can prepare the forms for you. We can lodge the forms with ASIC. We can guide you through the process.
So, remember, if you're looking at doing a bit of spring cleaning, getting rid of some redundant companies and reducing your overall costs and red tape burden, contact Millens. I'm Ross Millen from Millens. We're here to help. Thanks.